Feb
12

Prospectus and Transparency Rules in Case of No-Deal Brexit

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On the 31 January 2019, the European Securities and Markets Authority (ESMA) issued three Q&As regarding the Prospectus Directive (PD) and the Transparency Directive (TD). The purpose of the Q&As is to promote common supervisory approaches and practices in the application of the PD and the TD in case of a no-deal Brexit. The Q&As provide the following clarifications in the event of a no-deal Brexit: 1.When issuers of equity securities and non-equity securities below 1,000 EUR who currently have the UK as their PD home Member State choose a new home Mem...
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Jan
16

News Update: MFSA Announces Establishment of Online Trusts UBO Register

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Following the transposition of the Fourth Anti-Money Laundering Directive (Directive 2015/849/EU) in Malta, the Malta Financial Services Authority (MFSA) established an ultimate beneficial owner (UBO) register for companies, trusts and other organisations. In this regard, the MFSA has announced that it has developed an online platform for the Trusts Ultimate Beneficial Ownership Register (the Register) which facilitates the electronic submission of beneficial ownership information of trusts, as well as providing online access of this information to entitled partie...
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Jan
11

News Update: Increase in Annual Leave and Minimum Wage

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The Organisation of Working Time Regulations have been amended by Legal Notice 444 of 2018. As from the 1st of January 2019, the number of hours of annual leave has increased by another eight hours, bringing the total to 208 hours per year. Also, from the 1st of January 2019, the standard minimum wage has been increased to €175.84. Wages of full-time employees are to increase by €2.33 as a cost of living increase with an additional €1 per week as a mandatory supplement (pro-rata for part-timers).   Disclaimer This document does not purport to give legal, fina...
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Jan
08

News Update: Update to the Circular addressed to Credit Institutions on the imposition of negative interest rates on euro denominated deposits

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On the 3 January 2019, the MFSA issued an update to a circular dated the 18 September 2018 on the Imposition of Negative Interest Rates on Euro denominated Deposits. While reaffirming the contents of the original circular, the MFSA, following consultation with the Central Bank of Malta, reconsidered the definition of "excessively high liquid balances". The deposit threshold, which was previously set at EUR 2.0 million (or the equivalent amount in any other currency), has now been reduced to EUR 1.5 million (or the equivalent amount in any other currency). The circ...
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Dec
18

News Update: Blockchain & its application in Supply Chain Management

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Dr Christina Scicluna's latest publication on the Times of Malta which focuses on the potential use cases of blockchain technology and supply chain management and logistics. Times of Malta Link: https://www.timesofmalta.com/articles/view/20181211/business-news/blockchain-from-concept-to-reality.696450 PDF: https://www.mamotcv.com/PDF/Second-Publication-Times-11-12-2018.pdf Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Mamo TCV Advocates...
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