What is the EU ETS? The European Union Emissions Trading System (“EU ETS”) consists of a “cap and trade” system which caters for the trading of emission allowances in an attempt to combat climate change in an efficient and cost-effective manner. This market-based system sets an absolute cap on the total amount of greenhouse gases […]
The European Union Intellectual Property Office (the “EUIPO”) has implemented ‘The Ideas Powered for Business SME Fund’ (the “Fund”), a European Commission initiative, for the year 2022. The first version of the Fund was launched during 2021. Unlike the previous initiative which only covered the re-imbursement of administrative fees relating to trademark and design registrations […]
On 7 January 2022, the Malta Financial Services Authority issued a circular informing the banking sector that: (a) it has revised Banking Rules BR/01, BR/12, BR/14, BR/15 and BR/21 (hereinafter referred to collectively as the “Rules”); and (b) it has issued a new Banking Rule BR/24. The Rules, except for BR/14, have principally been revised […]
On 31December 2021, the FIAU released an intelligence factsheet on the misuse of corporate vehicles registered in Malta, primarily focusing on the concealment of beneficial ownership (BO)[1]. This factsheet comes as part of a series of guidance documents issued by the FIAU, that seek to address the main findings following the FATF’s grey listing of […]
Following the announcement by the European Security and Markets Authority (“ESMA”) on the 15th July 2021 that it had published a consultation paper in relation to the review of its guidelines on the delay of disclosure of inside information under the Market Abuse Regulation (Regulation (EU) 596/2014) (“MAR”), in particular in relation to the banking […]
Camilleri Preziosi, the respected commercial law firm in Valletta, announced today that it has admitted 3 new partners with effect from 1 January 2022. “It is with great satisfaction that we announce the admission of three new partners in the firm. Training and developing young lawyers in the CP culture and core values to make […]
On the 20th December 2021, the Organisation for Economic Co-operation and Development (the “OECD”) issued a press release and published the Global Anti-Base Erosion Model Rules (Pillar Two) (the “Rules”) in relation to the domestic implementation of a 15% global minimum corporate tax rate. This aim is to mitigate a number of tax challenges which […]
Subject persons are often faced with deciding whether to terminate a business relationship (derisk) or introduce mitigating measures that reduce money laundering/terrorism financing (“ML/FT”) risk and cater for financial inclusion. The FATF refers to de-risking as the phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather […]
By virtue of its decision of 8 November 2021, the Civil Court (First Hall) presided over by Hon. Justice Robert G. Mangion[1], revoked a warrant of prohibitory injunction which was provisionally issued in September 2021. This warrant sought to prevent the defendants (Avmax Aircraft Leasing Inc. and the Bank of Utah) from exercising their rights […]
Promulgated on the 15th of September 2013, the Protection of the Whistleblower Act (Chapter 527 of the Laws of Malta) (the “Act”) will be amended to be brought in line with Directive (EU) 2019/1937 to, amongst others, include protection of persons who report breaches of European Union law in key policy areas (the “Directive”), as […]