It is recognised that the sanctions adopted by the EU and its international partners have not only affected the Russian economy but that these sanctions also take a toll on the European economy and will continue to do so in the coming months. With this in mind, on 23 March 2022, the European Commission adopted […]
The Public Contracts Review Board (the “PCRB”), in Cases 1653[i] and 1656[ii], reaffirmed that in certain circumstances a contracting authority has an obligation to seek clarification from the bidder or a third party (as applicable) in accordance with the principle of proportionality. In Case 1653, Evolve Ltd appealed against the rejection of its offer in […]
On the 14th March 2022, the European Securities and Markets Authority (ESMA) published a statement on the war in Ukraine, in particular in relation to the regulatory response to the ongoing events and their impact on the EU’s financial markets. ESMA is coordinating with national competent authorities and is closely monitoring the impact of the […]
The Russian invasion of sovereign and independent Ukraine is subject to ongoing global condemnation. In response to the attack, the international community has formed a united front and introduced significant, damaging sanctions on the Russian state, its government, members of parliament, banks, oligarchs and other closely associated individuals and entities. On 23rd February 2022, the […]
On the 27 February 2022, the Malta Financial Services Authority issued a circular informing the banking sector that it revised Banking Rule BR/23 on Reporting and Disclosure of Exposures subject to Measures applied in response to the COVID-19 Crisis (the “Rule”). The Rule has been revised to fully align its proportionality measures with those stipulated […]
On the 25th January 2022, the Malta Financial Services Authority (the “MFSA”) issued new Crowdfunding Rules in terms of the Malta Financial Services Authority Act (European Crowdfunding Service Providers for Business) Regulations (Subsidiary Legislation 330.15). The Crowdfunding Rules implement the requirements of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 […]
On the 25th of January 2022, MONEYVAL released a typologies report entitled ‘AML/CTF supervision in times of crisis and challenging external factors’[1]. The report provides best practice measures for effective supervision during crises, aimed at addressesing anti-money laundering and counter terrorist financing (AML/CTF) risks and difficulties triggered by the pandemic, including operational limitations, notably limited […]
Camilleri Preziosi contributed to the Malta Stock Exchange Business Review, through two seperate pieces on exchange traded funds and banking regulation. The full text of the article can be accessed here https://online.fliphtml5.com/ktvc/vtrn/#p=1
On 12 January 2022, the First Hall of the Civil Court of Malta delivered two judgements in relation to proceedings instituted in Malta by Starbucks Corporation (“Starbucks” or the “Plaintiff”) against Strabuono Coffee International Limited (“Strabuono” or the “Defendant”). The first of the two cases (case 932/2017 – the “Trademark Infringement Case”) was brought before […]
Assigning appropriate retention periods to categories of personal data is one of the fundamental principles of the General Data Protection Regulation (Regulation (EU) 2016/679) (the “GDPR”). The requirement to designate clear retention periods emanates from the aptly named ‘storage limitation principle’ found within Article 5 of the GDPR. This principle requires data controllers to deidentify […]