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Financial Services

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ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR) Banking & Finance

ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR)

On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the "ESAs") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation ("SFDR"). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors. In their joint statement, the ESAs recommend that during the interim period between 10th March, 2021 (the date upon which most of the provisions on sustainability-related disclosures laid down under the SFDR will apply) to the application date…
Simon Pullicino
1st March 2021
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Applying for a Virtual Financial Asset Licence in order to Operate a Crypto-Exchange FinTech

Applying for a Virtual Financial Asset Licence in order to Operate a Crypto-Exchange

Malta is the first country in the world to create and implement a fully comprehensive legal and regulatory framework for cryptocurrency and blockchain technology. The stable system and forward approach that Malta offers creates the ideal setting to attract further investment. In fact, Malta has attracted some of the world's largest cryptocurrency exchanges who have relocated or set up offices on the island. The Maltese legal framework consists of three main pieces of legislation, namely:i. The Virtual Financial Assets Act (the "Act");ii. The Malta Digital Innovation Authority Act; &iii. The Innovative Technology Arrangements and Services Act.The most important and relevant…
MamoTCV
11th December 2019
EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. Insurance & Reinsurance

EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.

On the 31st October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued the responses provided by the competent authorities of each individual member state in relation to the 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union' which EIOPA had published on the 19th February 2019 ("the EIOPA Recommendations"). In its response to EIOPA Recommendations, the Maltese financial services regulator, the Malta Financial Services Authority (MFSA), has indicated that it complies or will comply with the recommendations included in the EIOPA Recommendations. In particular, in its response, MFSA indicated that a…
Edmond Zammit Laferla
27th November 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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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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European Parliament adopts the 5th Anti-Money Laundering Directive Investment Services & Funds

European Parliament adopts the 5th Anti-Money Laundering Directive

Barely a year following the implementation of the 4th Anti-Money Laundering Directive, the European Parliament has adopted a new directive which aims to add further layers to the European anti-money laundering framework. The 5th Anti-Money Laundering Directive ("5AMLD") was adopted on the 19th of April 2018, and should be fully implemented into national law by the various Member States from eighteen months to the date in which it is published in the Official Journal. The 5AMLD contains several key amendments to the existing directives, mainly:1. Register of Beneficial OwnersThe 4th Anti-Money Laundering Directive brought about the obligation for EU Member…
Luke Mizzi
24th April 2018