Feb
21

EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the EU without a withdrawal agreement.

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On the 19 February, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations addressed to the National Competent Authorities (NCAs) providing guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU after the withdrawal of the UK from the EU without a withdrawal agreement. The Recommendations will apply as of the date following that on which the European Union's acquis ceases to apply to and in the United Kingdom. In principle, insurance contracts concluded before that d...
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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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