Tag

ESMA

Beyond Sustainability Promises: ESMA Clarifies Impact and Climate Transition Claims Financial Services Regulatory & Fintech

Beyond Sustainability Promises: ESMA Clarifies Impact and Climate Transition Claims

An investment fund may hold shares in a renewable energy company without necessarily contributing to the environmental benefits that company generates. Similarly, a fund may report a lower portfolio carbon footprint even when emissions from its investee companies have not fallen. These distinctions matter when sustainability-related claims are communicated to investors. On 27 October 2026, the Malta Financial Services Authority (“MFSA”) issued a circular drawing attention to two thematic notes published by the European Securities and Markets Authority (“ESMA”) on 12 October 2026. The notes address impact claims and climate transition claims made in non-regulatory communications, including marketing materials and…
Rachel Gauci
4th November 2026
ESMA Publishes Its 2025 Corporate Reporting Enforcement And Regulatory Activities Report Capital Markets

ESMA Publishes Its 2025 Corporate Reporting Enforcement And Regulatory Activities Report

On 27 May 2026, the Malta Financial Services Authority ("MFSA") issued a circular drawing the attention of market participants to the publication by the European Securities and Markets Authority ("ESMA") of its 2025 Corporate Reporting Enforcement and Regulatory Activities Report (the "Report"). The Report sets out the findings of European enforcers' examination of listed companies' annual financial reports and identifies the common enforcement priorities that national competent authorities across the European Union and the European Economic Area will focus on in their supervisory activities. ESMA's enforcement programme is designed to promote the consistent application of International Financial Reporting Standards ("IFRS")…
Mamo TCV Advocates
29th May 2026
Euro symbol on banknote
ESMA Supports MFSA’s MiCA Approach FinTech

ESMA Supports MFSA’s MiCA Approach

On the 10th of July 2025, the European Securities and Markets Authority (ESMA) published the results of its first peer review of a Crypto-Asset Service Provider (CASP) authorisation under the Markets in Crypto-Assets Regulation (MiCA). The review, focused on Malta, marks an important milestone in the EU’s transition to a harmonised regulatory framework for crypto-assets. The review can be accessed on this link. Malta, which had already established a structured national framework through its Virtual Financial Assets (VFA) regime in 2018, was among the first jurisdictions to operationalise MiCA. The peer review confirms that the Malta Financial Services Authority (MFSA)…
Mamo TCV Advocates
10th July 2025
Tokenisation of Funds
Fintech Insights #11 –
Tokenising Fund Units FinTechInvestment Services & Funds

Fintech Insights #11 –
Tokenising Fund Units

Malta has uniquely positioned itself at the crossroads of EU legislative initiatives of investment funds and digital assets. The island has steadily built a forward-thinking fintech ecosystem whilst at the same time maintained an investment fund framework which is comparable to those with the EU’s largest jurisdictions by assets-under-management (“AUM”).  This makes Malta the ideal EU jurisdiction to set up a tokenised investment fund. In June 2025, the Malta Financial Services Authority (“MFSA”) published a detailed ‘Position Paper on Tokenisation of Fund Units’ (the “Position Paper”), reflecting Malta’s ongoing pioneering approach to digital finance and asset management. The paper emphasises…
Katya Tua and Mario Mizzi
18th June 2025
High rise in Malta
Fintech Insights #10 –
Raising Funds Through Tokenisation FinTech

Fintech Insights #10 –
Raising Funds Through Tokenisation

The EU’s process towards further harmonisation of its Capital Markets Union (“CMU”) provides a timely context for the implementation of tokenisation. The CMU aims to create a single, integrated financial market across the EU, fostering cross-border investments, mobilising citizens’ personal savings and reducing the reliance on bank-driven financing. The implementation of tokenisation within capital markets can help achieve these objectives by enabling frictionless trading and unlocking access to new pools of capital whilst increasing liquidity. As discussed in the previous insight on tokenisation in Malta, tokenisation reimagines asset representation by embedding ownership and legal rights into programmable tokens recorded on…
Mario Mizzi
17th April 2025
Triangular Patterns
MFSA Issues Two Circulars on ICT Risk DORAFinTechTelecoms, Media & Technology

MFSA Issues Two Circulars on ICT Risk

On the 16th of January 2025, the MFSA published a circular on the register of information-reporting-timelines for MFSA-authorised persons. Subsequently, on the 17th of January 2025, the MFSA published another circular outlining several resources uploaded to its website to assist compliance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (“DORA”). The circular issued on 16th of January 2025 focuses on the Register of Information required under Article 28(3) of DORA. This register mandates financial entities to document all contractual arrangements with ICT Third-Party Service Providers (“ICT TPPs”), ensuring transparency in…
Mamo TCV Advocates
20th January 2025