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Insights

New Horizontal Block Exemptions and Guidelines Adopted Antitrust, Competition and Trade

New Horizontal Block Exemptions and Guidelines Adopted

The European Commission has adopted revised Horizontal Block Exemption Regulations on research and development agreements and specialisation agreements, as well as revised Horizontal Guidelines. This follows a thorough review of the existent rules. The aim is to provide businesses, as well as their advisors, with clearer and updated guidance in order to assist with the self-assessment of horizontal agreements – that is agreements with competitors – with the competition rules. The Block Exemptions will enter into force on 1 July 2023. The revised Guidelines notably contain reference to recent case law as well as take into account current business and…
Annalies Muscat
12th July 2023
MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations
Industrial Tribunal Orders Airmalta plc to Pay Ex-Employee €20,000 in a Case of Unfair Dismissal Employment and Industrial Relations

Industrial Tribunal Orders Airmalta plc to Pay Ex-Employee €20,000 in a Case of Unfair Dismissal

In the case 3389/MF, the applicant argued that his redundancy from Airmalta plc was not genuine and consequently, that he should be compensated for unfair dismissal. On the other hand, Airmalta claimed that the marketing business had changed throughout the years and through a restructuring process, it had been decided that the role of marketing manager was no longer needed. In its summary of the case, the Tribunal noted that marketing work had been outsourced to an ex-employee and, that the work carried out was similar in nature to the work which the applicant used to carry out. The Tribunal…
Christine Calleja
10th July 2023
Civil Court (Commercial Section) on whether a #retrial of #liquidationproceedings is possible
Industrial Tribunal Decision on Constructive Dismissal and Discrimination Employment and Industrial Relations

Industrial Tribunal Decision on Constructive Dismissal and Discrimination

In Industrial Tribunal case number 3642/CCG, the applicant claimed that he had been subjected to discrimination, lack of equal pay, a breach of the grievance procedure under the collective agreement, lack of payment of a performance bonus and constructive dismissal. Firstly considering discrimination, the applicant argued that he was not allowed to avail himself of a career break to work with a company operating in the financial services industry. The reason for this was that there was a specific exclusion in the same collective agreement. The Tribunal stated that such a career break was within the absolute discretion of the…
Christine Calleja
5th July 2023
#PEPs are a common topic of discussion in the world of #AML. In this article, the notion of PEPs and the risks involved when dealing with PEPs are considered.
AML Insights 1 – Politically Exposed Persons Corporate and M&A

AML Insights 1 – Politically Exposed Persons

Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function. Regulation 2 of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) (Legal Notice 372 of 2017, as subsequently amended) includes a number of examples of roles which fall within the ambit of “prominent public function” which include heads of state, heads of government, ministers, parliamentary secretaries and members of parliaments. The definition provided in Regulation 2 of the PMLFTR also allows for the definition to be widened to include any person entrusted with a…
Zachary Galea
4th July 2023
Legal Update
Corporate Legal Update for the Months of April and May 2023 Corporate and M&ALegal Updates

Corporate Legal Update for the Months of April and May 2023

On the 21st of April, Bill number 53 entitled the Arbiter for Financial Services (Amendment) Act (Chapter 555 of the Laws of Malta) was published among the Government Notices in the Supplement to the Government Gazette. This Bill has reached First Reading stage in Parliament and aims to amend the definitions of “customer” and “eligible customer” so as to enable consumer associations to file complaints before the Arbiter for Financial Services and to bring the Act in line with the provisions of Directive (EU) 2016/97. A subsequent Bill numbered 54 and entitled the Representative Actions (Consumers) Act was published in…
Mamo TCV Advocates
22nd June 2023
AI & Funds #6 –
Conflicts of Interest Investment Services & Funds

AI & Funds #6 –
Conflicts of Interest

The purpose of disclosing conflicts of interest in the investment services industry is to ensure maximum transparency for the investor. A common conflict of interest is the situation when the fund’s investment manager owns voting shares in the fund and appoints a director who is already heavily involved in the investment manager’s structure. Consequently, the appointed director might be conflicted if one is required to take a decision against the investment manager. To mitigate this conflict of interest, the fund would apply its existent policy on conflicts of interest which would stipulate that the conflict be disclosed during board meetings…
Mario Mizzi
15th June 2023