Insights

European Commission Proposal on Digital Platform Workers

Platform work entails the use of an online platform, serving as an intermediary between the clients and the workers for the performance of particular services or to carry out particular jobs in return for payment. In this way, division of work into specific jobs is favoured over a long-standing employment relationship. One can distinguish between online labour platforms where the tasks are carried out regardless of the location and can thus be performed remotely, and on-location labour platforms, like the transport of people or food, the latter gaining increasing popularity throughout the COVID-19 pandemic. The European Commission while recognising the…

Christine Calleja and Klara Cachia25th August 2022

Insurance & Reinsurance Legal Updates

MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier

On the 8th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on Adopting the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) Revised Guidelines on the Legal Entity Identifier (hereinafter referred to as “the Guidelines”) which became applicable on the 1st July 2022 and which repealed the Guidelines on the use of the Legal Entity Identifier. The Legal Entity Identifier (hereinafter referred to as “LEI”) is a 20-character, alpha-numeric, code which is unique to each legal entity participating in financial transactions. Each LEI code contains information about an entity’s…

Mamo TCV Advocates24th August 2022

Insurance & Reinsurance Legal Updates

MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation

On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations. These amendments are being carried out to ensure that the MFSA adheres to the EU Notice on the adaptation in line with inflation of the amounts laid down in the Solvency II Directive which was published on the 19th October 2021 (hereinafter referred to as “the Notice”) and the Revised Guidelines on the Valuation of Technical Provisions and the Revised Guidelines…

Mamo TCV Advocates23rd August 2022

FinTech

Agreement Reached on Markets in Crypto-Assets Regulation (MiCA)

On 30 June 2022, the Council of the European Union (EU) announced1 that the Council presidency and the European Parliament reached a provisional agreement on the proposed markets in crypto-assets regulation (MiCA). More details here. The aim behind the proposed regulatory framework is to bring legal and regulatory certainty for crypto-asset operators across the EU.MiCA forms part of the Digital Finance Package proposed by the European Commission (EC) to fulfil its Digital Finance Strategy, which aims at developing a holistic approach across the EU to foster innovation, whilst ensuring financial stability and consumer protection. The Digital Finance Strategy sets out…

Martha Chetcuti11th August 2022

Corporate and M&A Tessa Borg Bartolo

MFSA Publishes Corporate Governance Code for Regulated Entities

The Feedback Statement on the final Corporate Governance Code (hereinafter referred to as the “CGC” or the “Code”), accompanying the publication of the final CGC dated 5th August 2022 outlines the feedback received from stakeholders and provides the MFSA’s way forward in response to the feedback it received. The CGC is a code issued by the MFSA intended to enhance the governance, culture and conduct of MFSA Authorised Entities . The CGC is intended to apply to all Authorised Entities , regardless of their size, apart from Listed Entities. The CGC outlines principles of good corporate governance in the following…

Petra Attard10th August 2022

Investment Services & Funds News and Publications Regulatory Compliance

Regulatory Compliance Quarterly Update | Q2 2022

We are pleased to introduce our Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management. Our first Regulatory Compliance Quarterly Update can be found here. The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory, financial or tax advice. Should you require further information or assistance, please do not hesitate to contact Katya Tua.

Mamo TCV Advocates2nd August 2022