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ESMA Publishes Notice Recommending Particular Action by Financial Market Participants for COVID-19 Impact COVID19 MeasuresLegal Updates

ESMA Publishes Notice Recommending Particular Action by Financial Market Participants for COVID-19 Impact

In light of the COVID-19 pandemic, the European Securities and Markets Authority ("ESMA") issued a notice on 13th March 2020, urging financial market participants to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality.ESMA together with National Competent Authorities ("NCAs"), including the Malta Financial Services Authority ("MFSA"), have been closely monitoring the impact which this pandemic has had on the financial markets within the European Union ("EU"). The recommendations put forward by ESMA are in relation to the following areas: i.Business Continuity Planning ii.Market Disclosure iii.Financial Reporting iv.Fund…
MamoTCV Advocates
23rd March 2020
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COVID-19 Update – State Aid and the COVID-19 Pandemic Antitrust, Competition and TradeCOVID19 Measures

COVID-19 Update – State Aid and the COVID-19 Pandemic

This article was written by Dr Annalies Muscat and Dr Laura Spiteri"State aid" is a form of an advantage given to an undertaking by a national public authority. State aid is generally prohibited by EU State Aid rules, save in certain limited circumstances. One of the exceptions to the general prohibition with respect to granting of aid by States is contained in Article 107(3)(b) of the Treaty on the Functioning of the European Union ("TFEU") which provides that State aid to remedy a serious disturbance in the EU's economy is aid that may be considered compatible with the internal market. To this…
Annalies Muscat
23rd March 2020
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European Court of Human Rights is Taking Exceptional Measures COVID19 MeasuresLitigation & Dispute Resolution

European Court of Human Rights is Taking Exceptional Measures

 The Registrar of the Court has issued a press release dated 16 March 2020 announcing exceptional measures that the Court has put in place. The Press Release states:"The European Court of Human Rights is taking a number of exceptional measures to respond to the unprecedented global health crisis, having regard to the recent decisions of the French authorities and the Council of Europe. The Court's essential activities will in principle be maintained and especially the handling of priority cases. For that purpose, teleworking has been put in place within the Court as a general rule, to ensure the continuity of…
MamoTCV Advocates
23rd March 2020
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FIAU issues circular extending REQ submission deadline Banking & FinanceCOVID19 MeasuresInsurance & ReinsuranceInvestment Services & FundsLegal Updates

FIAU issues circular extending REQ submission deadline

 The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…
MamoTCV Advocates
18th March 2020
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Court Closure and Suspension of Legal Terms COVID19 MeasuresLitigation & Dispute Resolution

Court Closure and Suspension of Legal Terms

On the 13th of March 2020, as a precautionary measure against the spread of the COVID-19 virus, the Superintendent of Public Health, being the person legally responsible for public health in Malta, has, through the publication of Legal Notice 65 of 2020, ordered the closure of the Courts of Malta as well as the Court Registry for an indefinite term commencing on the 16th of March 2020. In an attempt to limit the possibly hazardous and unnecessary gathering of large groups of persons, this order establishes the closure of all courts, regardless of their competence and jurisdiction, as well as…
Kirk Brincau
18th March 2020
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COVID-19 Update: Extension of Legal Times COVID19 MeasuresLegal UpdatesNews

COVID-19 Update: Extension of Legal Times

Due to the COVID-19 outbreak, the Superintendent of Public Health has issued Legal Notice 75 of 2020 entitled 'Suspension of Legal Times relating to Promise of Sale Agreements, Notarial and other related matters (Epidemics and Infectious Diseases) Order, 2020' on 17 March 2020.The Superintendent of Public Health has ordered the closure of all courts. Through this Legal Notice, the Superintendent of Public Health has also suspended the running of all the legal terms imposed on notaries public by law with regard to the registering of any deed, will, act or private writing, or any period within which notaries public have…
MamoTCV Advocates
18th March 2020