Category: News

ESMA publishes a Final Report on Guidelines on MIFID II product governance requirements

On 27th March 2023, the European Securities and Markets Authority (“ESMA”) published its Final Report on the Guidelines on Markets in Financial Instruments Directive (“MIFID II”) product governance requirements. The Final Report is mainly aimed at investment firms and credit institutions performing investment services and activities, especially firms which manufacture financial instruments or structured deposits […]

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FIAU Guidance Note: Transaction Monitoring Obligations

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 […]

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Contracting Authorities and tenderers granted revolutionary tools for their procurement activities – Public Procurement Data Space and Big Buyers Initiative

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 […]

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CP assists Phoenix Payments in Landmark Constitutional Judgement

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 […]

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Camilleri Preziosi contributed to OneTrust DataGuidance: Cybersecurity

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 […]

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FATF Updates – 2023

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 […]

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MFSA Findings and Observations identified during the ESMA Common Supervisory Action on Valuation of UCITS and Open-Ended AIFs

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 […]

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Council and Parliament give green light to strengthening energy efficiency rules

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 […]

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