There were several important legislative changes which were published over the course of March 2025. Below is an overview of the key updates across different areas.
From an environmental perspective, on the 11th of March 2025, the Environmental Permitting (Procedure for Applications and their Determination) Regulations, 2025 were published. These regulations provide a clear framework for environmental permits, laying down the thresholds and procedures applicable in this regard. Further to this, they serve as guidance for the Environment and Resources Authority to authorise and regulate any activity, operation, or intervention that may have an effect on the environment.
Several legal notices were issued that impact investment services and financial regulations. The Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations, 2025, published on the 18th of March 2025, transpose Article 33(2)(a) of Directive 2011/61/EU on Alternative Investment Fund Managers. Amongst other things, the Investment Services Act (Fees) (Amendment) Regulations, 2025 published on the 28th of March 2025 include a revised fee structure, with a 25% reduction for certain application modifications, and an increase in supervisory fees from €6,500 to €7,600 for the first €250,000 in net revenue. Also published on the 28th of March 2025, the Insurance Distribution Act (Fees) (Amendment) Regulations, 2025 modified the fee structures in the insurance sector relating to registration, annual supervisory fees, and enrolments, aligning with the annual supervisory fee schedule rather than the calendar year.
Additionally, on the 28th of March 2025, the Retirement Pensions Act (Fees) (Amendment) Regulations, 2025 were published, mandating that licensed retirement funds are to be subject to an application fee for the creation of sub-funds. Meanwhile, the amendments incorporated through the publication of the Financial Markets (Fees) (Amendment) Regulations, 2025 on the 28th of March 2025 established fee reductions for multiple authorisations.
Two bills are currently in progress in addition to the previous bills mentioned in our previous legal update for February 2025. The Various Laws relating to Cannabis Activities (Amendment) Bill (Bill 128 of 2024) aims to regulate matters related to the organisations registered by the Authority on the Responsible Use of Cannabis. It introduces added safeguards for minors under the age of 18 in relation to the operations and cannabis distributed by the said registered organisations, reallocates jurisdiction for related offences to the Court of Magistrates rather than a Commissioner for Justice, as well as provides a clearer definition of cannabis. The Security Stewards in Sports Venues Bill (Bill 129 of 2024) establishes a regulatory framework for security stewards in sports venues. It provides for the licensing of security stewards agencies and security stewards by the Commissioner of Police, outlines criteria for disqualification, and details the duties and obligations pertaining to both agencies and security stewards, along with other related provisions.
At the European level, the European Securities and Markets Authority (ESMA) published a Peer Review Report assessing how national authorities supervise compliance with the criteria for Simple, Transparent, and Standardised (STS) securitisations. Meanwhile, the European Commission launched a Sanctions Helpdesk to support EU SMEs in navigating complex compliance requirements. The Helpdesk will manage a dedicated website featuring sanctions-related information, country-specific guidance, events, tips, lessons learned, and more.
The EU Platform on Sustainable Finance published a report advising financial market participants on evaluating corporate transition plans for sustainability. Europol’s latest SOCTA report provides insights into serious and organised crime in Europe, detailing trends in cybercrime, fraud, and illicit trade.
On the 11th of March 2025, the Council reached a political agreement on DAC9, a new EU directive that enhances tax transparency and cooperation by simplifying reporting obligations for multinational and large domestic groups under Pillar 2 of the G20/OECD global tax agreement. It introduces a standardised filing format and strengthens information exchange between tax authorities to ensure a minimum corporate tax rate of 15% for companies with an annual turnover of at least €750 million.
Locally, the Malta Tax and Customs Administration published updated guidelines on Mutual Assistance Procedures available under Double Taxation Agreements and the European Arbitration Convention. In relation to electronic filing of corporate income tax returns, the Commissioner announced an extension, although manual filings and payments remain subject to existing deadlines.
Moreover, on the 25th of March 2025, the Malta Financial Services Authority (MFSA) issued a Circular highlighting the reporting obligations for issuers participating in buy-back programmes under MAR (Market Abuse Regulation). Companies must now submit detailed and aggregated reports within seven daily market sessions and ensure public disclosure of transactions. Furthermore, the MFSA highlighted the European Commission’s Savings and Investment Union Strategy, aiming to enhance the efficiency of the financial system by channelling savings into productive investments. On the 17th of March 2025, several circulars directed at companies authorised to act as trustees of family trust, fiduciaries, and administrators of private foundations were published, emphasising the importance of accurate and timely regulatory submissions.
In the gaming and anti-money laundering (AML) sphere, the Malta Gaming Authority (MGA) launched a closed consultation with relevant stakeholders to gather input and feedback on proposed amendments to the financial requirements under the Gaming Authorisations and Compliance Directive (Directive 3 of 2018).
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