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Antitrust Investigations are not Criminal in Nature Antitrust, Competition and Trade

Antitrust Investigations are not Criminal in Nature

On the 12 July 2019, the Constitutional Court handed down judgment in Falzon Group Holdings Limited et v Director General (Competition). Plaintiffs were seeking to have competition proceedings struck out on the basis that the investigation conducted by the Director General (Competition) under the dispositions of the Competition Act (Cap 379 of the laws of Malta and hereinafter the 'Act') breached their right to a fair hearing under article 39(1) of the Constitution and article 6 of the European Convention on Human Rights. This case was filed in the wake of Federation of Estate Agents v Director General (Competition), by…
Annalies Muscat
21st August 2019
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Towards Trustworthy AI: Malta’s Ethical AI Framework Open for Public Consultation Telecoms, Media & Technology

Towards Trustworthy AI: Malta’s Ethical AI Framework Open for Public Consultation

In a bid to establish Malta as the "Ultimate AI Launchpad," the Malta.AI Taskforce has released a public consultation document on its intended ethical framework for Artificial Intelligence technology.The title of the document is self-explanatory: "Towards Trustworthy AI". This reflects the Maltese government's intentions of establishing a stable ground for the future development of disruptive technologies.Building on its National AI Strategy  the government intends to base the future of Malta's AI development on four objectives:A human-centric approachRespect for applicable laws, regulations, human rights and democratic valuesMaximising the benefits of AI systems while reducing risksAligning with international standards and norms. Following…
Michael Camilleri
13th August 2019
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The Companies Act (Register of Beneficial Owners) Regulations and Recent Amendments Investment Services & Funds

The Companies Act (Register of Beneficial Owners) Regulations and Recent Amendments

The Companies Act (Register of Beneficial Owners) Regulations (the "Regulations") introduced the obligation on all companies constituted under the Companies Act, to submit to the Registrar a declaration containing information on all the beneficial owners of the company. This information submitted to the Registrar is used to compile an electronic register of all the beneficial owners of Maltese companies. The Regulations exempt certain entities from the obligations established by the Regulations. Exempted entities are companies listed on a regulated market which are subject to disclosure requirements consistent with EU law, or any equivalent international standards which ensure adequate transparency. Moreover,…
Anna Grech
13th August 2019
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Mamo TCV (VFA) Ltd registered as VFA Agent Legal Updates

Mamo TCV (VFA) Ltd registered as VFA Agent

We are pleased to announce that our subsidiary company, Mamo TCV (VFA) Ltd, has been set up and officially registered as a VFA Agent with the Malta Financial Services Authority, in terms of Article 14 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) (the "Act"). Mamo TCV (VFA) Ltd is now eligible to assist Virtual Financial Assets ("VFA") Service Providers to apply for a licence under the Act and support VFA Service Providers in any ancillary matters permitted by the VFA legal framework. Disclaimer This document does not purport to give legal, financial or tax…
MamoTCV Advocates
1st August 2019
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FIAU Publishes Revised AML/CFT Implementing Procedures Corporate and M&A

FIAU Publishes Revised AML/CFT Implementing Procedures

The Financial Intelligence Analysis Unit (the FIAU) has published an amended version of the Implementing Procedures Part 1, with changes taking effect from the 19th July 2019 (the Amendments). The FIAU has announced that the Amendments intend to provide Subject Persons with more in-depth qualitative guidance to assist them in better fulfilling their Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) obligations.This follows recent amendments to the Prevention of Money Laundering Act, Chapter 373 of the Laws of Malta (the PMLA) and the Prevention of Money Laundering and Funding of TerrorismRegulations, Subsidiary Legislation 373.01 of the Laws of Malta (the…
Joshua Chircop
31st July 2019
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Amendments to the Competition Act and Consumer Affairs Act are now in force Legal Updates

Amendments to the Competition Act and Consumer Affairs Act are now in force

On 29 July 2019, Legal Notice 179 of 2019 brought the Competition Act and Consumer Affairs Act and other Laws (Amendment) Act ("the Amendment Act") into force. The Act introduced extensive amendments to the Competition Act (read more here) and the Consumer Affairs Act (read more here). These amendments are a welcome change intended to ensure that the procedure adopted by the relevant administrative authorities in competition and consumer cases comply with the right to a fair hearing enshrined in the Constitution of Malta. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require…
MamoTCV Advocates
31st July 2019