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Equity Release Scheme Legal Updates

Equity Release Scheme

On Friday, 5 April 2019, the MFSA issued a set of questions and answers ('Q&As') about the Home Equity Release product announced earlier on by the Ministry of Finance.These Q&As are intended to provide the consumers with information to enable them to make an informed decision when they are considering taking up this product.The Regulations about the equity release product will come into force on the 1st September 2019, following which, credit institutions and financial institutions need to be authorised, to be able to offer such product.The Q&As may be accessed on: https://www.mfsa.com.mt/wp-content/uploads/2019/04/Equity-Release-PR.pdf Disclaimer This document does not purport to…
MamoTCV Advocates
8th April 2019
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Cartel Leniency and Non-Cartel Cooperation Tool Taken Online Antitrust, Competition and Trade

Cartel Leniency and Non-Cartel Cooperation Tool Taken Online

On the 19 March 2019, the European Commission (the 'Commission') took its leniency proceedings online by launching "eLeniency".  With this new tool, companies can submit any documents relevant to leniency proceedings, as well as non-cartel cooperation cases, online.Leniency in the case of cartel proceedings is defined as the "granting of immunity from penalties or the reduction of penalties for antitrust violations in exchange for cooperation with the antitrust enforcement authorities". It is a process by which the Commission encourages a company which is aware of cartel behaviour on the market to come forward and share the information it holds, i.e.…
Laura Spiteri
6th April 2019
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Mamo TCV Delivers GDPR talk at Society Education Event Telecoms, Media & Technology

Mamo TCV Delivers GDPR talk at Society Education Event

At the invitation of Society Education, on 21st March 2019 Mamo TCV Advocates delivered a talk regarding the General Data Protection Regulation ('GDPR'). The event took place at 'the Landmark' in Qormi, Malta. On behalf of Mamo TCV Advocates, Dr Claude Micallef-Grimaud and Dr Warren Ciantar delivered their three-hour presentation titled: 'The General Data Protection Regulation (GDPR): An Overview of its Most Salient Aspects'. The presentation was split into two parts, with the first examining certain key features of the GDPR including the legal grounds for processing personal data, the new fines that may be imposed, new information requirements to…
MamoTCV Advocates
31st March 2019
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MFSA issues Circular on a proposed Temporary Permission Regime (‘TPR’) for UK Investment Funds, Asset Managers and Investment Firms passporting into Malta in relation to a No-Deal Brexit Scenario Legal Updates

MFSA issues Circular on a proposed Temporary Permission Regime (‘TPR’) for UK Investment Funds, Asset Managers and Investment Firms passporting into Malta in relation to a No-Deal Brexit Scenario

With a no-deal Brexit scenario looming, the Malta Financial Services Authority ('MFSA') has issued a circular which provides a well-needed update to investment funds, investment firms and asset managers licenced in the UK (collectively referred to as "UK entities") passporting into Malta. The intention of the MFSA is to grant temporary permission to UK entities that already passport their services and activities into Malta. Therefore, only existing clients/contracts would be able to benefit from the Temporary Permission Regime (the "TPR"), and such regime will only apply if the UK leaves the European Union without a deal by the relevant date.…
MamoTCV Advocates
29th March 2019
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MFSA & FIAU launch Consultation on Guidance to Credit and Financial Institutions opening accounts for FinTechs Legal Updates

MFSA & FIAU launch Consultation on Guidance to Credit and Financial Institutions opening accounts for FinTechs

The MFSA and the FIAU have jointly issued a consultation document on Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs. The scope of these Guidelines is to assist institutions in assessing their risks when opening accounts for FinTechs particularly those accepting DLT assets as a means of payment, DLT exchanges, issuers of DLT assets and VFA service providers.Stakeholders are invited to send their feedback by the 30 April 2019.The consultation document may be accessed at:https://www.mfsa.com.mt/fintech/virtual-financial-assets/consultations/  Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or…
MamoTCV Advocates
29th March 2019
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Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act Legal Updates

Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act

In August 2018, the Government of Malta launched a public consultation procedure regarding proposed amendments to the Competition Act (Cap 379 of the laws of Malta), the Consumer Affairs Act (Cap 378 of the laws of Malta), and other related legislation. A draft bill had also been published (you can read about this here.The proposed changes were a reaction to the principles that emerged from the Constitutional Court judgement in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of the 3 May 2016 (you can read our article on the judgment here. Following the public consultation process, and the…
MamoTCV Advocates
29th March 2019