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The Online Presence of UCITS Management Companies and Reverse Solicitation Investment Services & Funds

The Online Presence of UCITS Management Companies and Reverse Solicitation

Recently, the Malta Financial Services Authority ("MFSA") issued two circulars related to updates on Undertakings for Collective Investment in Transferable Securities ("UCITS") Management Companies, and a clarification note on the disclosures in the financial return reporting and other essential regulatory clarifications. In this article, a brief overview of the salient features emanating from these two circulars shall be given to ensure that subject persons comply with the below updates and clarifications. The first circular dated the 6th of April 2022 relates to the online and social media presence of UCITS Management Companies. The MFSA is requesting UCITS Management Companies to…
Anthea Sammut​
18th April 2022
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The EU-US Privacy Shield: Third Time’s a Charm? Telecoms, Media & Technology

The EU-US Privacy Shield: Third Time’s a Charm?

In a joint press release issued on 25 March 2022, it was announced that the European Commission and the U.S. Government have agreed on a Trans-Atlantic Data Privacy Framework (the 'Framework') which would succeed the EU-US Privacy Shield (which had, in turn, succeeded the previous 'Safe Harbour' mechanism). This Framework is already being referred to by some as the 'EU-US Privacy Shield 2.0' but it is actually the third attempt at regulating Trans-Atlantic transfers of personal data. The Framework would comply with and relieve uncertainty which has been caused by the decision taken by the CJEU in Data Protection Commissioner…
MamoTCV Advocates
13th April 2022
Right to compensation on termination of a directorship Employment and Industrial Relations

Right to compensation on termination of a directorship

In a judgment delivered on the 4th of April 2022 (case number 108/2019), the Civil Court, First Hall, was required to delve into issues of company law, employment law and contract. The focal point of this judgment was the Director's Service Agreement entered into by the plaintiff, a natural person, and the defendant companies by which agreement the plaintiff was entrusted with the management of the defendant companies as director, head of the institution and chief financial officer. The issue that arose related to the interpretation of the contractual clauses which provided for the termination of the contractual relationship. The…
Christine Calleja
12th April 2022
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Bona fide disputes and defining a creditor for the purposes of liquidation proceedings Legal Updates

Bona fide disputes and defining a creditor for the purposes of liquidation proceedings

In a decision delivered on the 13th March 2022, case no. 246/2018 ISB, the Civil Court (Commercial Section) placed the defendant company into liquidation on the ground that it was unable to pay its debts, after considering and concluding that the circumstances that had previously led the Court in the same case to determine the existence of a bona fide dispute and consequently suspend the hearing of the liquidation proceedings, no longer existed. The circumstances referred to consisted of proceedings instituted by defendant company in The Netherlands against the company demanding its liquidation in Malta ('the applicant company') as well…
Mamo TCV Advocates
5th April 2022
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Professional Investor Funds – amended application Legal UpdatesNews

Professional Investor Funds – amended application

In a circular dated the 18th of March 2022, the Malta Financial Services Authority ("MFSA") issued a circular titled: Publication of a Revised Application Form for Professional Investor Funds ("PIFs").In its circular issued earlier in 2021, the MFSA outlined that the new application form is part of a wider update to consolidate the licensing processes of various Collective Investment Schemes authorised by the MFSA. Although PIFs do not have passporting rights, this type of fund remains the most efficient investment vehicle for hedge fund managers who are targeting professional investors with a higher risk tolerance through a more dynamic regulatory approach.The…
MamoTCV Advocates
28th March 2022
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The importance of disciplinary proceedings prior to dismissal Employment and Industrial Relations

The importance of disciplinary proceedings prior to dismissal

In a decision delivered on the 23rd of March 2022, case number 3833/CC, the Industrial Tribunal emphasised the importance of disciplinary proceedings in termination of employment cases. The employee had been dismissed on the spot following an argument with one of the company's directors. The Tribunal stated that in cases where the accusations against the employee will lead to the termination of employment, the principle of 'audi alteram parte' should always be respected and that thereby the employee should be given an opportunity to defend his position. There may be cases where an immediate dismissal, without there being any proceedings,…
Christine Calleja
24th March 2022