We are pleased to issue our fifth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services and asset management, company service providers, insurance undertakings, and insurance intermediaries ...
The Financial Conduct Authority (FCA) published a letter to Cryptoasset firms on the 4 July confirming that qualifying cryptoassets will now fall within the scope of the financial promotions regime. From the 8 October 2023, all firms marketing cryptoassets to UK consumers, including firms based overseas, must comply with the financial promotions regime. What is a Financial Promotion? A financial promotion is a broadly defined term, with no technological boundaries ...
Please be informed of the adoption of a number of legislative and regulatory acts that impose restrictions on the use of foreign programs and products in the government and financial sectors ...
On the 12th of June 2023, an Act to amend the Gaming Act (Chapter 583 of the Laws of Malta) was passed by the House of Representatives, which introduced article 56A to the Gaming Act in order to encourage the establishment of gaming operators in Malta who offer local and cross-border supply of services. On the 16th of June 2023, the MFSA published a Feedback Statement on the new Publication Policy, together with the Policy ...
On the 1st of December 2022, the MFSA published a Consultation Document on the New Publication Policy regarding Administrative Measures and Penalties thereby commencing a consultation period which closed on the 15th of January 2023. A subsequent Feedback Document containing the new Publication Policy was issued on the 16th of June 2023 (hereinafter referred to as the ‘Publication Policy’), following feedback received from the market ...
Many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Whilst there is no doubt that this is a nascent space, and these assets still represent a tiny percentage of the funds industry, we expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of "traditional" financial assets (e.g ...
Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law") ...
We would like to inform you that the Extract1 from the decision of the Sub-Commission No. 171/5 as of July 07, 2023 was published on July 12, 2023 ...
In a defining moment for the digital economy, Vodafone Germany has recently announced its partnership with Cardano, a public blockchain platform, to launch one of the world’s largest NFT collections. This move by Vodafone demonstrates the growing interest of global telecommunications corporations in embracing blockchain technology and digital assets ...
As the latest signal in the priority of the Duty to Report in Ohio, the State Medical Board has updated its Duty to Report video.[1] The video is offered by the Board for physicians to fulfill the mandatory continuing medical education (CME) component of the license renewal process in Ohio. Introduced in a new regulation on May 31, 2021,[2] the Board began mandating one hour of CME on the topic of the legal duty to report misconduct ...
In Industrial Tribunal case number 3642/CCG, the applicant claimed that he had been subjected to discrimination, lack of equal pay, a breach of the grievance procedure under the collective agreement, lack of payment of a performance bonus and constructive dismissal. Firstly considering discrimination, the applicant argued that he was not allowed to avail himself of a career break to work with a company operating in the financial services industry ...
Background FK Construction Limited (“FK”) was sub-contractor to ISG Retail Limited (“ISG”) for works involving roofing and cladding in relation to ISG’s Project Barberry. FK issued an application for payment of £1,691,679.94. ISG failed to issue a payment notice, submitting a pay less notice instead. The sum sought by FK was not paid, and FK referred the dispute to adjudication ...
‘Flexibility becomes the norm as businesses look to build resilience in their real estate portfolio and workplace strategy.’ That is the key takeaway from Colliers’ recently released Global Occupier Outlook 2023 report, which found that two-thirds of corporate occupiers active in EMEA anticipate that up to 20% of their commercial real estate portfolio will move from traditional leases to flex leases within the next five years ...
The economic landscape continues to place mortgage customers under significant pressure. Following discussions between the Financial Conduct Authority (FCA) and some of the largest mortgage lenders in the UK, the Mortgage Charter was signed to address measures aimed at helping customers who may be struggling to meet their mortgage repayments amid the cost-of-living crisis ...
While it may be arguable whether the announcement of the next phase of the UK’s open banking programme was as highly anticipated as the grand finale to HBO’s Succession, for the payment services industry a clear route to the future is much needed ...
Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function ...
Introduction The sphere of asset tracing and recovery, particularly the extent of tools available around the world, is rightly attracting more attention in cross-border fraud and investigations. This includes projects at the international level, such as UNCITRAL's ongoing efforts (for which the author acts as an expert), as well as attention being given in national legislatures around the world ...
On Monday, June 26, 2023, the International Sustainability Standards Board (ISSB) issued the first two global sustainability standards: IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures. These standards are intended to improve confidence in the sustainability disclosures made by companies to guide investment decisions ...
On September 17, 2022, Exempt Decree No. 63 of the Ministry of Health was published in the Official Gazette, approving Technical Standard No. 226 of the Ministry of Health, which set forth the obligation to implement a data registration system that allows the traceability of medical devices when they are received by institutional healthcare providers ...
When scoping a new development, sewerage and drainage may not be the first thing to spark everyone’s interest, but they are an essential component. Effective drainage is key to the functionality and success of any development. This article examines the legal position and regulations around drainage, with the aim of demystifying common queries and misconceptions ...
SEC Issues Regulations to Implement Financial Consumer Protection Act On 25 April 2023, the Securities and Exchange Commission ("SEC") issued Memorandum Circular No. 5, series of 2023 and adopted the SEC Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022 ("SEC FCPA IRR") to implement Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act ("FCPA") ...
As the Building Safety Act 2022 slowly comes into force, the government has been required to publish various amendment Regulations that make clarifications and changes. It is no secret that the Building Safety Act 2022 (BSA) and its provisions are often difficult to untangle and interpret ...
On 28 June 2023, Parliament adopted a new law on non-profit organisations and foundations (the “Law”). The Law aims to simplify and modernise the legal framework created by the century-old law of 21 April 1928, by replacing its outdated provisions. The main changes introduced by the Law are as follows: Significant simplification of the administrative procedures for incorporating and managing non-profit organisations ...
