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MFSA publishes Guidance Document on “Fit & Proper” Assessments Legal Updates

MFSA publishes Guidance Document on “Fit & Proper” Assessments

The MFSA (the "Authority") has issued a guidance document on the fitness and properness assessment which is currently applied by the Authority. This document outlines the high-level principles that must be adhered to in order to safeguard and ensure the integrity of the financial services sector.In assessing the fitness and properness of individuals proposed for, or holding, approved positions, the Authority assesses the following four criteria:i. Competence;ii. Reputation;iii. Conflicts of Interest and Independence of Mind; andiv. Time Commitment. It is important to note that this assessment is an on-going requirement and thus, even when individuals are approved, they will still…
MamoTCV Advocates
10th July 2019
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MFSA publishes Guidance Document on “Fit & Proper” Assessments Legal Updates

MFSA publishes Guidance Document on “Fit & Proper” Assessments

The MFSA (the "Authority") has issued a guidance document on the fitness and properness assessment which is currently applied by the Authority. This document outlines the high-level principles that must be adhered to in order to safeguard and ensure the integrity of the financial services sector.In assessing the fitness and properness of individuals proposed for, or holding, approved positions, the Authority assesses the following four criteria:i. Competence;ii. Reputation;iii. Conflicts of Interest and Independence of Mind; andiv. Time Commitment. It is important to note that this assessment is an on-going requirement and thus, even when individuals are approved, they will still…
MamoTCV Advocates
10th July 2019
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Amendments to the Consumer Affairs Act – new procedural safeguards for traders in public enforcement proceedings Corporate and M&A

Amendments to the Consumer Affairs Act – new procedural safeguards for traders in public enforcement proceedings

This article was written by Dr Annalies Muscat and Dr Laura SpiteriOn the 31 May 2019, Parliament enacted the Competition Act and Consumer Affairs Act and other Laws (Amendment) Act ("the Amendment Act").As the name implies, the Amendment Act amends not only the Competition Act (read more here), but also the Consumer Affairs Act ("the Act"). It is clear that following the Constitutional Court judgments in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of 3 May 2016 and Thake et vs Electoral Commission of 8 October 2018 the need to amend the Consumer Affairs Act was felt. These…
Annalies Muscat
9th July 2019
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Amendments to the Consumer Affairs Act – new procedural safeguards for traders in public enforcement proceedings Corporate and M&A

Amendments to the Consumer Affairs Act – new procedural safeguards for traders in public enforcement proceedings

This article was written by Dr Annalies Muscat and Dr Laura SpiteriOn the 31 May 2019, Parliament enacted the Competition Act and Consumer Affairs Act and other Laws (Amendment) Act ("the Amendment Act").As the name implies, the Amendment Act amends not only the Competition Act (read more here), but also the Consumer Affairs Act ("the Act"). It is clear that following the Constitutional Court judgments in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of 3 May 2016 and Thake et vs Electoral Commission of 8 October 2018 the need to amend the Consumer Affairs Act was felt. These…
Annalies Muscat
9th July 2019
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Circular Economy: Directive on Single-use Plastics comes into force Corporate and M&A

Circular Economy: Directive on Single-use Plastics comes into force

This article was written by Dr Annalies Muscat and Dr Laura SpiteriOn 2 July 2019, Directive 2019/904 on the reduction of the impact of plastic products on the environment (the 'Directive') came into force. The Directive aims to prevent and reduce the impact of certain plastic products on the environment (1) and, in so doing, promotes the transition to a circular economy that seeks to give priority to sustainable and non-toxic re-usable products and re-use systems as opposed to single-use plastic products. (2) Single-use plastic products are those products manufactured wholly or partly from plastic that is not designed or placed on…
Annalies Muscat
4th July 2019
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Circular Economy: Directive on Single-use Plastics comes into force Corporate and M&A

Circular Economy: Directive on Single-use Plastics comes into force

This article was written by Dr Annalies Muscat and Dr Laura SpiteriOn 2 July 2019, Directive 2019/904 on the reduction of the impact of plastic products on the environment (the 'Directive') came into force. The Directive aims to prevent and reduce the impact of certain plastic products on the environment (1) and, in so doing, promotes the transition to a circular economy that seeks to give priority to sustainable and non-toxic re-usable products and re-use systems as opposed to single-use plastic products. (2) Single-use plastic products are those products manufactured wholly or partly from plastic that is not designed or placed on…
Annalies Muscat
4th July 2019