Category: News

NEW QUESTIONS AND ANSWERS ON THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE, DLT PILOT REGIME AND THE EUROPEAN CROWDFUNDING SERVICE PROVIDERS’ BUSINESS REGULATION

On 16th December 2022, the European Securities and Markets Authority (“ESMA”), the EU’s securities markets regulator issued new and updated Questions and Answers (“Q&A”) on the Alternative Investment Fund Managers Directive (“AIFMD”), the DLT Pilot Regime and the European crowdfunding service providers for Business Regulation.The Q&A mechanism is a practical convergence tool used to promote […]

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Status Update: EU AML Legislative Package – Political Agreement reached on the AMLR and AMLD6

A political agreement has been reached at EU Council level on the proposed Anti-Money Laundering Regulation (“AMLR”) and the new 6th Anti-Money Laundering Directive (“AMLD6”), and negotiations with the European Parliament for the eventual agreement and adoption of the final version of these texts, should now commence.Some noteworthy, proposed changes include the following:Persons trading in […]

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Introduction of Malta’s Civil Aviation Policy 2023-2030

The Government of Malta affirmed its commitment to the sustainability and growth of the local aviation sector through the launch of Malta’s Civil Aviation Policy 2023-2030 (the “Policy”), which was introduced to stakeholders during the National Aviation Conference 2023, held on 18 January 2023. The Policy focuses on five pillars aimed at providing strategic direction […]

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NEW CORPORATE SUSTAINABILITY RULES FOR LARGE AND LISTED COMPANIES ENTER INTO FORCE

On 5 January, 2023, the Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464) (“CSRD”) entered into force, after having been formally adopted by the European Parliament and Council of the European Union in November, 2022, and published in the Official Journal of the European Union on 16 December, 2022.The CSRD seeks to promote a coherent flow […]

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Two Year Countdown to DORA Applicability Begins Today

Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (“DORA”) and Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 (the “Amending Directive”), came into force yesterday 16 January 2023 and will become applicable on […]

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Issue of FIAU Implementing Procedures – Part II addressed to Accountants and Auditors

On 20 December 2022, the Financial Intelligence Analysis Unit (FIAU) published a new set of Implementing Procedures – Part II, aimed at accountants and auditors. The guidelines, which will become effective on 1 April 2023, provide additional guidance on AML/CFT obligations arising from the Prevention of Money Laundering Act, the Prevention of the Money Laundering […]

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FinCrime Regulatory Recap – FIAU 2022

In November 2022, the Financial Intelligence Analysis Unit (“FIAU”) published its Strategy for 2023 – 2026 which sets out, inter alia, its commitment to protecting the Maltese financial system and community from financial crime by combatting Money Laundering and Funding of Terrorism (“ML/FT”), through the generation and dissemination of useful intelligence and the application of […]

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European Commission publishes its updated Supranational Risk Assessment

On 27 October 2022, the European Commission (the “Commission”) updated its Supranational Risk Assessment (“SRNA”) following a comprehensive assessment of specific Money Laundering and Terrorism Financing (“ML/TF”) risks affecting the EU’s internal market and relating to cross-border activities. Accordingly, the third edition of the SNRA focuses on ML/TF risks associated with products and services which […]

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Banking Rule BR/26 on the Stress Testing Requirements of Credit Institutions licensed under the Banking Act

On 19 October 2022, the Malta Financial Services Authority (the “MFSA”) issued a circular informing the banking sector that it has issued a new Banking Rule BR/26 on the Stress Testing Requirements of Credit Institutions Licensed under the Banking Act (the “Rule”), repealing BR/12 Annex 2D – Principles on Stress Testing. The Rule is applicable […]

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