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.” […]
The global shift towards sustainability has highlighted the importance of adhering to ESG obligations, not only for the purposes of solving the evident and imminent climate issues but to increase profitability and remain competitive in the market in which companies operate by taking advantage of the new business opportunities that this presents.With sustainability on the […]
Two major changes with regard to crossings of the external borders of Schengen States by third-country nationals (‘TCNs’), namely the Entry/Exit System (‘EES’) and the European Travel Information and Authorisation System (‘ETIAS’), are expected to become operational by 2024.[1] These changes shall complement the Schengen acquis for external border checks and short-stay visas, by:monitoring and […]
The Financial Intelligence Analysis Unit (“FIAU”) has announced that the 2023 Risk Evaluation Questionnaire (“REQ”) is now available for completion only through the Compliance and Supervision Platform for Assessing Risk (“CASPAR”) portal. Subject persons who are not yet registered on the CASPAR portal are reminded of their obligation to do so without further delay. […]
The world is changing fast, as are markets, trends, opportunities, and threats for both employers and employees, albeit in different ways.The pinch of a perceived protracted labour shortage across several sectors has led some employers, particularly those overzealous to protect their own resources, to veer away from the straight and narrow, by engaging in unlawful […]