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 […]
On 17 March 2023, the MFSA issued a circular on the transposition of Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision (the “Covered Bonds Directive”).Covered bonds are debt obligations issued by credit institutions, which have specific structural […]
Following the fifth trilogue negotiations between the European Commission, the European Parliament and the Council of the European Union, on 28 February 2023 EU lawmakers announced that a provisional agreement had been reached on the European Green Bond Standards (“EUGBS”).BackgroundBack in December 2019, the European Green Deal underlined the need to scale up capital flows […]
Camilleri Preziosi is pleased to have contributed to the Corporate Tax 2023 Malta chapter, being a Chambers Global Practice Guide Publication. This global practice guide contains input from 39 jurisdictions around the world, including Malta. Our commentary on the tax sector in Malta, which takes the form of a Q&A, provides detailed insight on the […]
On 8th March 2023, the Malta Financial Services Authority (the “MFSA”) issued a circular addressed to company service providers authorised in Malta (“CSPs”) informing of, inter alia, certain changes which have been made relating to their obligation to submit the Annual Compliance Report (“ACR”). Some of these changes include:ACR submissions covering the reporting period 2022 […]
The European Commission has adopted a new framework setting out guidance on State aid to foster support measures in sectors which can significantly contribute to the net-zero economy transition – a framework which Executive Vice-President Vestager described as giving Member States “the option to give State aid in a fast, clear and predictable way.” […]