Apr
08

Equity Release Scheme

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On Friday, 5 April 2019, the MFSA issued a set of questions and answers ('Q&As') about the Home Equity Release product announced earlier on by the Ministry of Finance. These Q&As are intended to provide the consumers with information to enable them to make an informed decision when they are considering taking up this product. The Regulations about the equity release product will come into force on the 1 st September 2019, following which, credit institutions and financial institutions need to be authorised, to be able to offer such product . The Q&As m...
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Mar
29

MFSA issues Circular on a proposed Temporary Permission Regime (‘TPR’) for UK Investment Funds, Asset Managers and Investment Firms passporting into Malta in relation to a No-Deal Brexit Scenario

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With a no-deal Brexit scenario looming, the Malta Financial Services Authority ('MFSA') has issued a circular which provides a well-needed update to investment funds, investment firms and asset managers licenced in the UK (collectively referred to as "UK entities") passporting into Malta. The intention of the MFSA is to grant temporary permission to UK entities that already passport their services and activities into Malta. Therefore, only existing clients/contracts would be able to benefit from the Temporary Permission Regime (the "TPR"), and such regime will onl...
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Mar
29

MFSA & FIAU launch Consultation on Guidance to Credit and Financial Institutions opening accounts for FinTechs

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The MFSA and the FIAU have jointly issued a consultation document on Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs. The scope of these Guidelines is to assist institutions in assessing their risks when opening accounts for FinTechs particularly those accepting DLT assets as a means of payment, DLT exchanges, issuers of DLT assets and VFA service providers. Stakeholders are invited to send their feedback by the 30 April 2019. The consultation document may be accessed at: https://www.mfsa.com.m...
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Mar
29

Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act

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In August 2018, the Government of Malta launched a public consultation procedure regarding proposed amendments to the Competition Act (Cap 379 of the laws of Malta), the Consumer Affairs Act (Cap 378 of the laws of Malta), and other related legislation. A draft bill had also been published (you can read about this here . The proposed changes were a reaction to the principles that emerged from the Constitutional Court judgement in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of the 3 May 2016 (you can read our article on the judgment here . Fo...
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Mar
25

Equity Release Scheme

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During a press conference on the 22 March 2019, the Minister for Finance, Edward Scicluna, announced that regulations on equity release financial products have been drafted and will soon be issued. The regulations cover equity release financial products to be provided by credit or financial institutions who are licensed by the MFSA. In a nutshell, the equity release financial product will be aimed at pension-age citizens who can take out a loan which will be repaid from the future sale of the borrower's residence. The voluntary scheme will enable pensioners to mak...
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