The European Union has taken a major step towards strengthening its rules on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). On 18 January 2024, the Council and the Parliament reached a provisional agreement on two main elements of the package:a new regulation (“AMLR”) on AML/CFT that will harmonise rules for all obliged entities; […]
The National Coordinating Committee (“NCC”), in close collaboration with the relevant government authorities involved in the fight against financial crime and representatives from private sector bodies, has issued an updated edition of Malta’s National Risk Assessment 2023 (“NRA”). The NRA represents the latest phase in Malta’s ongoing process to identify and assess vulnerabilities and threats related […]
In recent years, the realm of Financial Crime Compliance (“FCC”) has evolved significantly, creating a more robust framework aimed at safeguarding the integrity of the financial services sector. While the necessity of compliance measures is evident, the associated costs have led to ongoing debates within corporate circles. Many businesses perceive compliance as a burdensome obligation, […]
The highly anticipated framework for Notified Professional Investor Funds (“NPIFs”) has been published by the Malta Financial Services Authority (the “MFSA”). NPIFs will complement the suite of fund products available in Malta and we expect this new regime to be a key tool for fund launches by sub-threshold managers.Similar to Notified AIFs, NPIFs are not […]
The Council of the European Union has recently published the final text of the political agreement reached in relation to the revised Alternative Investment Fund Managers Directive (“AIFMD”), also known as AIFMD II. This update aims to adapt regulatory measures in light of evolving market trends, to bring regulation in line with modern corporate realities […]
Embracing ESG reporting in the Gaming Industry The global growing change of consciousness towards sustainability and the need for companies to integrate Environmental, Social and Governance (ESG) considerations into their business practices, presents a golden opportunity for gaming operators to transform the industry into one that is more transparent and sustainable.The forward-looking and proactive approach […]
Ron Galea Cavallazzi, Rya Gatt and Iana Said have contributed to a succinct Q&A on the regulation of electricity generation and distribution in Malta. The Q&A considers the specific electricity regulatory regime adopted in Malta, which is on the most part influenced by the geophysical restrictions of the country – where it considers amongst others […]
On 30 October 2023, the Malta Financial Services Authority (“MFSA”) issued an updated version of its Corporate Governance Manual for Directors of Collective Investment Schemes (the “Manual”), in pursuit of its ultimate strategic goal of strengthening corporate governance, culture, and conduct in the financial services sector.The Manual supplements the MFSA’s Corporate Governance Code (the “Code”) […]
“What is your most valued possession in life?” – was the headline used by a company attempting to advertise its new smartphone on the market, that for some reason, was quick to grab my attention. I naturally stood there thinking to myself, “what is, indeed my most valued possession in life?” and it seems like […]
On Monday evening, Minister of Finance Clyde Caruana presented Malta’s budget to Parliament. Keeping in mind the current turmoil posed by the Russia-Ukraine war as well as the economic pressures being experienced by several EU member states, the Maltese government has maintained a firm priority to counteract ever-increasing inflation rates with the implementation of a […]