There were several important legislative changes which emerged over the course of January. Below is an overview of the key updates across different regulatory areas.
On the 17th of January 2025, the Cooperation with Other Jurisdictions on Tax Matters (Amendment) Regulations, 2025, were published, transposing the provisions of Directive (EU) 2021/514 of the European Parliament and of the Council of 25th of March 2023, strengthening administrative cooperation in taxation. Further to this, on the 24th of January 2025, the Organisational Structures for Data Sharing and Re-Use (Amendment) Regulations, 2025 was published, enhancing open data and public sector information sharing, further transposing the provisions of Directive (EU) 2019/1024 of the European Parliament and of the Council of 20th of June 2019.
Two bills are currently in progress, both at first reading stage. The Criminal Code (Amendment) Bill (Bill No. 122 of 2024) introduces the offences of cyberstalking and cyberbullying as specific offences. The Re-Use of Public Sector Information Amendment) Bill (Bill No. 123 of 2024) seeks to expand the legislation’s scope, ensuring that public-sector bodies and public undertakings adhere to “open by design and by default” according to the FAIR principles.
In the financial regulation sphere, the European Securities and Markets Authority (ESMA) has published the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate the implementation of the ESEF Regulation on the 8th of January. On the same day, ESMA also issued guidance on stablecoins and requirements for crypto-asset service providers (CASPs). Later in January, ESMA confirmed that the Designated Publishing Entity (DPE) framework for OTC trade reporting will commence on the 3rd of February 2025. Additionally, on the 6th of January 2025, the Malta Financial Services Authority (MFSA) addressed a Circular to all market participants, but particularly firms considering registering with the European Securities Markets Authority (‘ESMA’) to provide securitisation repository services under the Regulation, securitisation reporting entities being originators, sponsors and Securitisation Special Purpose Entities (‘SSPEs’), investors, potential investors as well as other users of securitisation data and all entities involved in the ‘Simple, Transparent, and Standardised’ (‘STS’) notification process.
Cyber resilience remains a priority, with the enforcement of the Digital Operational Resilience Act (DORA) on the 17th of January 2025, requiring financial institutions to report ICT incidents through the newly introduced system. Other regulatory updates include the mandatory submission of incorporation and dissolution documents through the Malta Business Registry’s online system BAROS (Business Automation Registry Online System), effective from the 1st of March 2025.
In relation to taxation, the Ministry for Taxation and Customs Authority (MTCA) announced that the DAC 6 annual notification requirement is due by the 28th of February 2025. Additionally, on the 28th of January 2025, the Commissioner for Tax and Customs announced updated progressive rates for 2025 have been published and may be viewed here.
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