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MFSA issues Circular on Market Infrastructure Matters in relation to Brexit Legal Updates

MFSA issues Circular on Market Infrastructure Matters in relation to Brexit

Following the United Kingdom's ("UK") withdrawal from the European Union ("EU"), the Malta Financial Services Authority ('MFSA') has issued a circular which provides an update on governance and reporting obligations.This update is relevant and applicable to all market participants, specifically those entities which fall within the ambit of the following securities markets' regulations:1.The Markets in Financial Instruments Directive ("MiFID II") and The Markets in Financial Instruments Regulation ("MiFIR II"); 2.The European Markets Infrastructure Regulation ("EMIR"); 3.The Central Securities Depositary Regulation ("CSDR"); 4.The Alternative Investment Fund Managers Directive ("AIFMD"); & 5.The Money Market Funds Regulation ("MMFR"). The UK's withdrawal agreement states…
MamoTCV Advocates
7th February 2020
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The FIAU issues sector specific Implementing Procedures applicable to the VFA sector. Legal Updates

The FIAU issues sector specific Implementing Procedures applicable to the VFA sector.

The Financial Intelligence Analysis Unit has issued sector specific Implementing Procedures which apply to Virtual Financial Assets ("VFA") Agents, VFA Service Providers, anyone conducting VFA offerings to the public and anyone who has notified the Malta Financial Services Authority of their intention to submit a licence application in terms of the VFA Act. The Implementing Procedures set out the manner in which these subject persons within the VFA sector must comply with AML/CFT obligations arising from the Prevention of Money Laundering and Funding of Terrorism Regulations ("PMLFTR").These sector specific Implementing Procedures are the result of the extended application, by means…
MamoTCV Advocates
7th February 2020
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Registrar of Legal Persons moving to MBR Legal Updates

Registrar of Legal Persons moving to MBR

The Identity Malta Agency and the Malta Business Registry have announced that as from the 3rd February, 2020:-(1) All new applications pertaining to registration of foundations and association as legal persons in terms of the Second Schedule of the Civil Code; and(2) The submission of information pertaining to the Register of Beneficial Owners in terms of the Civil Code (Second Schedule) (Register of Beneficial Owners - Associations) Regulations and Civil Code (Second Schedule) (Register of Beneficial Owners - Foundations) Regulations; Shall be delivered to the Malta Business Registry, AM Business Centre Triq il-Labour Zejtun, ZTN 2401, Malta.Mamo TCV AdvocatesMamo TCV…
MamoTCV Advocates
23rd January 2020
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Regulations under the Private Residential Leases Act Real Estate & Construction

Regulations under the Private Residential Leases Act

On the 31st December 2019, a set of regulations were introduced for the purpose of registering private residential leases with the Housing Authority and in order to regulate the procedures to be followed before the Adjudicating Panel for Private Residential Leases in the event of disputes relating to said private residential leases.Private residential leases can now be registered here:https://rentregistration.mt/. A. Registration of Private Residential Leases Contracts Regulations, 2019 • Overview and scopeThe Registration of Private Residential Leases Contracts Regulations, 2019 (Subsidiary Legislation 604.02) have been enacted by virtue of L.N. 355 of 2019, hereinafter referred to as "the Regulations". The…
Veronica Grixti
20th January 2020
Mamo TCV Appoints Two New Partners News

Mamo TCV Appoints Two New Partners

Mamo TCV Advocates have announced the appointment of Claude Micallef-Grimaud and Simon Pullicino as partners with the firm with effect from 1st January 2020. Dr Micallef-Grimaud joined the firm in 2008 as an associate and currently forms part of the firm's Technology, Media & Telecommunications (TMT) and Intellectual Property (IP) departments. Dr Micallef-Grimaud's main practice area is privacy law with a focus on data protection, where he is widely considered as one of the leading practitioners in the field. He also represents local and international clients in general civil and commercial matters and is a visiting lecturer and examiner at…
MamoTCV Advocates
16th January 2020
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Consumer Legislation: Revamp of Consumer Law Directives Corporate and M&A

Consumer Legislation: Revamp of Consumer Law Directives

This article was written by​ Dr Annalies Muscat and Dr Laura SpiteriOn the 7 January 2020, Directive 2019/2161 of the European Parliament and of the Council as regards the better enforcement and modernisation of Union consumer protection rules (the 'Directive') came into force. It amends various Directives related to consumer law in the light of the various technological developments that have taken place on the online marketplace. This article lists the salient amendments which will be brought about by the Directive.Unfair Terms Directive1The Directive amends the Unfair Terms Directive, which now requires Member States to lay down rules on penalties…
Annalies Muscat
9th January 2020