On the 29th of March 2022, the Malta Financial Services Authority (“MFSA“) issued a circular to the industry in which several amendments to the Investment Services Rulebooks were detailed. Such amendments cover the following: amendments to the Transparency provisions in the Investment Services Rulebooks to elaborate on the suitable channels Licence Holders may use to disclose […]
The Institute of Financial Services Practitioners will be holding its Annual Conference with the theme Revitalising Financial Services in Malta, on 7 April 2022. Malcolm Falzon will be participating in a panel discussion on the proposal for a Corporate Governance Code for MFSA-licensed a entities, whereas Kirsten Debono Huskinson will be part of a panel addressing […]
The Public Contracts Review Board (the “PCRB”), in Cases 1653[i] and 1656[ii], reaffirmed that in certain circumstances a contracting authority has an obligation to seek clarification from the bidder or a third party (as applicable) in accordance with the principle of proportionality. In Case 1653, Evolve Ltd appealed against the rejection of its offer in response […]
The Russian invasion of sovereign and independent Ukraine is subject to ongoing global condemnation. In response to the attack, the international community has formed a united front and introduced significant, damaging sanctions on the Russian state, its government, members of parliament, banks, oligarchs and other closely associated individuals and entities. On 23rd February 2022, the Council […]
On the 27 February 2022, the Malta Financial Services Authority issued a circular informing the banking sector that it revised Banking Rule BR/23 on Reporting and Disclosure of Exposures subject to Measures applied in response to the COVID-19 Crisis (the “Rule”). The Rule has been revised to fully align its proportionality measures with those stipulated […]
On the 25th January 2022, the Malta Financial Services Authority (the “MFSA”) issued new Crowdfunding Rules in terms of the Malta Financial Services Authority Act (European Crowdfunding Service Providers for Business) Regulations (Subsidiary Legislation 330.15). The Crowdfunding Rules implement the requirements of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European Crowdfunding […]
On the 25th of January 2022, MONEYVAL released a typologies report entitled ‘AML/CTF supervision in times of crisis and challenging external factors’[1]. The report provides best practice measures for effective supervision during crises, aimed at addressesing anti-money laundering and counter terrorist financing (AML/CTF) risks and difficulties triggered by the pandemic, including operational limitations, notably limited human resources […]
Camilleri Preziosi contributed to the Malta Stock Exchange Business Review, through two seperate pieces on exchange traded funds and banking regulation. The full text of the article can be accessed here https://online.fliphtml5.com/ktvc/vtrn/#p=1
Promulgated on the 15th of September 2013, the Protection of the Whistleblower Act (Chapter 527 of the Laws of Malta) (the “Act”) will be amended to be brought in line with Directive (EU) 2019/1937 to, amongst others, include protection of persons who report breaches of European Union law in key policy areas (the “Directive”), as adopted by the […]
On the 30th of November 2021, as part of its commitment to effectively fight tax crimes, the FIAU released a factsheet on typologies and red flag indicators related to tax evasion and money laundering. One of the shortcomings identified by the FATF in their mutual evaluation of Malta concerned tax crimes and the lack of intelligence […]