The European Parliament has adopted the provisional text on the Directive on the date of application of Member States’ transposition measurers under the Insurance Distribution Directive (IDD). The Directive sets out that the IDD shall apply from 1 July 2018 and Member States must apply the relevant measures by 1 October 2018. The full text […]
The Camilleri Preziosi half-day conference on anti-money laundering and data protection will be held on the 9 March 2018 between 14:00 and 18:00, followed by networking drinks. The Conference will focus on how subject persons can manage and balance the conflicting objectives of the anti-money laundering and data privacy regimes, in the course of navigating […]
On 19th December 2017 the EU Commission (“Commission”) issued its decision in relation to the tonnage tax regime applicable in Malta, conditionally approving the compatibility of the said regime with EU State aid rules for a period of ten years. Commissioner Margrethe Vestager, in charge of competition policy, said: “Tonnage tax systems are meant to […]
The Government of Malta proposes three legislative steps intended to achieve Malta’s vision of becoming the ‘Blockchain Island’. The three steps are summarized below: 1. The Digital Innovation Authority (Authority) An Authority will be set up which will be responsible for promoting governmental policies which support the development of Malta in establishing itself as a […]
Although the terms falsified and counterfeit are commonly used interchangeably in everyday language, these terms have diverging definitions in terms of pharmaceutical law. Although the two types of medicines are not mutually exclusive, there are subtle differences between them which trigger the applicability of different European Union (“EU”) and local laws. Both types of medicines, […]
On 14 February 2018, EU ambassadors confirmed, on behalf of the Council, an agreement to delay the transposition deadline and application of new rules on insurance distribution. The Insurance Distribution Directive (Directive 2016/97, “IDD”) is aimed at improving consumer protection for insurance products. It is currently due to apply from 23 February 2018, and Member […]
Camilleri Preziosi is organising a half day conference on anti-money laundering and data protection – UNLOCKING NEW AML AND GDPR OBLIGATIONS: FRIENDS OR FOES? – on the 9th of March 2018 between 14:00 and 18:00. Networking drinks will follow. The Conference will focus on how subject persons can manage and balance the conflicting objectives of […]
On 20th December 2017, four legal notices were published to transpose the 4AMLD requirements in connection with the establishment and maintenance of beneficial ownership registers. These legal notices set out the obligations incumbent upon companies and commercial partnerships, foundations, associations, and trusts, and came into effect as of 1 January 2018. Camilleri Preziosi have prepared […]
On 24 January 2018, the Malta Financial Services Authority (MFSA) launched a consultation process in respect of amendments being proposed to the Banking Act and Financial Institutions Act. The proposed amendments purport to transpose the Second Payment Services Directive (Directive 2015/2366) as well as provide the Minister responsible for Financial Services with the possibility to […]
The Malta Financial Services Authority (“MFSA”) has released a circular on the Supplementary Conditions applicable to Professional Investor Funds (“PIFs”) investing in Virtual Currencies (the “Conditions”). The publication of the Conditions follows the release of the Consultation on the Proposed Regulation of Collective Investment Schemes investing in Virtual Currencies and the Feedback Statement on the […]