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Malta

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Cell Companies in Shipping and Aviation Business AviationShipping, Yachting and Transport

Cell Companies in Shipping and Aviation Business

This article was written by Dr Nicholas Valenzia and Dr Joshua Chircop.Amendments have been made to the Companies Act allowing for the introduction of regulations regarding Cell Companies carrying on or engaged in Shipping or Aviation Business (the "Regulations").The RegulationsThe amendments have introduced a new article to the Companies Act, which gives the authority to the Minister responsible for the registration of commercial partnerships (the "Minister") to make the Regulations. The Regulations are expected to be promulgated under Maltese law imminently.The Regulations are expected to provide for the formation, constitution, authorisation and regulation of Cell Companies carrying on or engaged…
Nicholas Valenzia
15th May 2020
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Duties of Directors of Financially Distressed Companies Corporate and M&ANews

Duties of Directors of Financially Distressed Companies

Professor Andrew Muscat, who heads the Corporate Law Department at the Firm, has published a series of articles in the Times of Malta dealing with the duties and liabilities of directors of a company experiencing financial difficulties. This subject is particularly relevant these days when several companies are finding themselves in a difficult position as a result of the Covid-19 worldwide pandemic. The first article in the series introduced the subject of directors' duties and the notion of insolvency (https://timesofmalta.com/articles/view/duties-and-liabilities-of-directors-of-companies-in-financial.786188 )The second article explored the statutory duties of directors, including those duties which, if breached, may constitute a criminal offence…
Andrew Muscat
22nd April 2020
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Recent Amendments to the Maltese Subsidiary Legislation Regulating the Processing of data in the Insurance Sector Legal UpdatesTelecoms, Media & Technology

Recent Amendments to the Maltese Subsidiary Legislation Regulating the Processing of data in the Insurance Sector

Legal Notice 107 of 2020 (the 'Legal Notice') has recently introduced important changes and clarifications to the Maltese 'Processing of Data Concerning Health for Insurance Purposes Regulations' (S.L. 586.10), which, in parallel with the EU General Data Protection Regulation (GDPR) and the Maltese Data Protection Act (Chapter 586 of the Laws of Malta), regulate the processing of health data in the insurance sector.S.L. 586.10 primarily sought to set out a lawful basis for entities involved in the "business of insurance" to process data concerning health. Particularly, Regulation 4 thereof had previously set out a number of requirements for the processing…
MamoTCV Advocates
31st March 2020
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Recent Amendments to the Maltese Special Rules of Processing of Personal Data by Public Authorities in Relation to Criminal Offences Legal UpdatesTelecoms, Media & Technology

Recent Amendments to the Maltese Special Rules of Processing of Personal Data by Public Authorities in Relation to Criminal Offences

The Maltese subsidiary legislation regulating the Processing of Personal Data by Competent Authorities for the Purposes of the Prevention, Investigation, Detection or Prosecution of Criminal Offences or the Execution of Criminal Penalties (S.L. 586.08), implementing EU Directive 2016/680, came into force on the same day as and in parallel with the EU General Data Protection Regulation (GDPR).The said S.L. 586.08 has recently been amended by virtue of the similarly named Data Protection (Processing of Personal Data by Competent Authorities for the Purposes of the Prevention, Investigation, Detection or Prosecution of Criminal Offences or the Execution of Criminal Penalties) (Amendment) Regulations,…
MamoTCV Advocates
30th March 2020
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Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations Trusts, Foundations and Wealth Management

Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations

Amendments have been made to the beneficial ownership regulations relating to trusts, foundations and associations together with other amendments to the principal AML/CFT regulations. The purpose of the majority of these amendments is to transpose Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 and other amending Directives that might be applicable.Amendments to TrustsIn exercise of the…
Joshua Chircop
24th February 2020
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Malta Foundations Legal UpdatesNewsTrusts, Foundations and Wealth Management

Malta Foundations

INTRODUCTIONMaltese law allows for the establishment of various types of foundations, whether for a social or private purpose or for the benefit of named beneficiaries or a class thereof. DEFINITION OF FOUNDATIONA foundation is an organisation consisting of a universality of things constituted in writing, including by means of a will, by a founder or founders whereby assets are destined either:(a) for the fulfillment of a specified purpose; and/or(b) for the benefit of a named person or class of persons,and which are entrusted to the administration of a designated person or persons.TYPES OF FOUNDATIONS1. Purpose foundations(a) Public benefit foundationsA public…
MamoTCV Advocates
21st February 2020