On 11 April 2023, the Financial Intelligence Analysis Unit (the “FIAU”) published a comprehensive guidance note on the transaction monitoring obligations of subject persons, specifically aimed at institutions that process payments and similar transactions on behalf of customers, including banks, electronic money (e-money) institutions, payment service providers (PSPs), and merchant acquiring companies.The guidance note provides […]
Just a few days ago, the European Commission published its communication titled ‘Public Procurement: A data space to improve public spending, boost data-driven policy-making and improve access to tenders for SMEs’ (2023/C 98 I/01), officially launching the Public Procurement Data Space.The Commission notes that every year in the EU, over 250,000 public authorities spend €2 […]
Camilleri Preziosi is proud to announce that the firm is once again sponsoring the Customer Focus Award as part of JA Malta’s StartUp Program. As a law firm whose primary focus is to provide support and assist businesses in growing and achieving their goals, we wholly support JA Malta’s vision to improve young people’s understanding […]
In a landmark judgement handed down by the First Hall, Civil Court, presided by the Hon. Justice Audrey Demicoli, earlier today the court found that the law granting the Financial Intelligence Analysis Unit (“FIAU”) the right to investigate and impose hefty administrative fines on subject persons as a result of certain regulatory breaches violate the […]
Camilleri Preziosi contributed the Malta Cybersecurity Note (the ‘Note’) on OneTrust’s DataGuidance platform.OneTrust’s DataGuidance platform provides in-depth and up-to-date regulatory research on privacy and security regulations around the world.The Note provides an overview of the legal framework governing cybersecurity in Malta, and can be downloaded by clicking on the link hereunder. It explores key aspects […]
During the first quarter of 2023, the Financial Action Task Force (“FATF”) published new documents aimed at assisting countries and subject persons. Here are some highlights of the guidance provided in these documents:Guidance on Beneficial Ownership for Legal PersonsThe Guidance on Beneficial Ownership for Legal Persons document aims to help countries and individuals prevent the […]
On 24th March, the Malta Financial Services Authority (the “MFSA”) issued its findings and observations identified during the European Securities and Market Authority (“ESMA”) Common Supervisory Action (“CSA”) on Valuation of Undertakings for the Collective Investment in Transferable Securities (“UCITS”) and open-ended Alternative Investment Funds (“AIFs”). In particular, the CSA focused on UCITS and open-ended […]
The European Parliament and the Council presidency have reached a provisional agreement to reduce final energy consumption at EU level by 11.7% in 2030, exceeding the Commission’s original ‘Fit for 55′ proposal of 9%. It requires EU Member States to collectively ensure an additional reduction of final and primary energy consumption, compared with energy consumption forecasts […]
It is common knowledge that the transfer of an undertaking falling within the definition of the law would automatically trigger the transfer of employees, together with their conditions of employment. The lesser-known implication of transfer of business regulations, however, is that they also apply in the case of a change in the provision of a […]
On the 20th of March 2023, the Central Bank of Malta (the “CBM”) published a new directive in terms of its powers under article 34(5) of the Central Bank of Malta Act (Chapter 204 of the laws of Malta). The new directive (numbered 6) will enter into force with immediate effect, and participants to TARGET-Malta […]