On 18 September 2020, the Malta Financial Services Authority (the “MFSA”) issued a guidance note aimed to assist individuals who are requested by the MFSA to provide Source of Wealth (“SOW”) and Source of Funds (“SOF”) declarations, which sets out the MFSA’s expectations with respect to the contents of these declarations and supporting evidence thereof. […]
The Companies Act (Suspension of Filing for Dissolution and Winding Up) Regulations, 2020 (the “Regulations”) were published on the 15th of September 2020 with a view of regulating the suspension of rights relating to the filing of winding up applications as well as the suspension of the applicable provisions on wrongful trading arising under the […]
The Government of Malta is, thus far, set on opening schools come September. The debate on appropriate safety protocols is ongoing, and questions on how best to deliver lessons abound. Online or in-class lessons, or a mix of both with part of a class at home and the other following from home? The implications on […]
On the 15th September 2020, the FIAU issued a revised version of Part I of the Implementing Procedures. The amendments primarily concern one of the main issues highlighted in Malta’s Mutual Evaluation Report namely that the timeframe for subject persons to submit Suspicious Transaction Reports (“STRs”) to the FIAU did not provide for the prompt […]
On 11 June 2020, the Court of Justice of the EU issued a preliminary ruling concerning C-833/18 – Brompton Bicycle v. Chedech/Get2Get, where it provided that copyright protection may also subsist in designs which are shaped to attain a particular technical result provided certain conditions are met. In other words, the CJEU allowed the overlap of […]
Introduction The 3rd of July 2020 marked Parliament’s ratification of Act No. XXXII of 2020, referred to as, Real Estate Agents, Property Brokers and Property Consultants Act, 2020, which Act provides for the licensing of the branch manager, real estate agent, property consultant and property brokerage professions. The overarching intention of the new law is […]
Following an announcement by the Commissioner for Revenue (“CfR”) on the 10th of August 2020, taxpayers have been notified that the FSS forms have been updated to align such with the changes brought about by the Tax on Overtime Rules and the Covid19 Wage Supplement. Tax on Overtime By way of background, qualifying overtime income […]
Malta has implemented the extended DAC 6 reporting deadlines, following the Commissioner for Revenue’s announcement back on the 2nd July 2020 to defer the first reporting deadlines arising as a result of the DAC 6 applicable legislation, namely, the Cooperation with other Jurisdictions on Tax Matters Regulations (SL 123.127). The six-month reporting deferrals, have now […]
On 15 July 2020 the Malta Financial Services Authority (the “MFSA”) issued a circular addressed to all licenced entities regarding their obligations in relation to record keeping. The MFSA expects that licenced entities retain accurate documentation and records relating to their governance and oversight of regulated activity and their interaction with customers, in order to […]
On the 28th July 2020 the Malta Financial Services Authority (“MFSA”) issued a circular in order to adopt the recommendation of the European Systemic Risk Board (“ESRB”) of 27 May 2020 on restriction of distributions during the COVID-19 pandemic. Such recommendation stems from the economic crisis that developed following the coronavirus pandemic which has a […]