Following the budget speech delivered by the Minister of Finance on the 11 October 2021, Bill No. 247 was published before Parliament to implement some of the Budget Measures for the Financial Year 2022 and other administrative measures. Principal Amendments to the Income Tax Act The exemption from tax on transfers of securities listed on […]
On the 1 December, 2021, the Ministry for Energy, Enterprise and Sustainable Development and Malta Enterprise announced the launch of Malta’s ESG (Environmental, Social and Governance) portal, through which the general public will have access to, and be able to evaluate, the ESG credentials of selected companies partaking in this initiative. Camilleri Preziosi’s Sustainable Finance […]
On the 30th of November 2021, as part of its commitment to effectively fight tax crimes, the FIAU released a factsheet on typologies and red flag indicators related to tax evasion and money laundering. One of the shortcomings identified by the FATF in their mutual evaluation of Malta concerned tax crimes and the lack of […]
On 16 November 2021, the Malta Financial Services Authority issued a circular informing the investments and insurance sectors that the Conduct of Business Rulebook (“COBR”) has been revised to implement Directive (EU) 2021/338 amending Directive 2014/65/EU (“MiFID II”) as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards […]
On the 11th of November 2021, the Commissioner for Revenue (“CfR”) announced the deadline for the submission of the annual notification due by non-disclosing intermediaries in terms of regulation 13(7)(e) of the Cooperation with Other Jurisdictions on Tax Matters Regulations, which regulations transpose the provisions of Council Directive 2018/822 (“DAC 6”) into Maltese legislation. In […]
On the 26th October 2021, Act LX of 2021 (the ‘’Amendment Act’’) was enacted, introducing a number of amendments to the Companies Act (Chapter 386 of the Laws of Malta) (the “Companies Act”). The salient features of the main amendments introduced by means of the Amendment Act are set out below. Information to be included […]
On the 18th October 2021, the FIAU issued the revised version of the Implementing Procedures Part I, which finalizes the consultation document released back in March 2021. Some notable additions from the Proposed Amendments to the Implementing Procedure Part I are as follows: Adverse Media Where the information derived from adverse media gives rise to […]
The Budget for the 2022 legislature was presented to the Parliament of Malta on 11 October 2021. While the majority of initiatives are clearly targeted at safeguarding the wellbeing of those members of society who are most vulnerable and who suffered the strongest negative impact as a result of the pandemic, such as pensioners and […]
On 15th July 2021, the European Security and Markets Authority (“ESMA”) announced 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 sector (ESMA70-156-3934). By way […]
On the 2 July 2021, the Malta Financial Services Authority (the “MFSA”) issued a notice aimed particularly at those CSPs registered before the amendments were introduced by Act L of 2020 and the updated CSP rules, both of which came into force on 16 March 2021. All existing CSPs are required to comply with the […]