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Mamo TCV Advocates | August 2022

  Introduction   On 30 June 2022, the Council of the European Union (EU) announced1 that the Council presidency and the European Parliament reached a provisional agreement on the proposed markets in crypto-assets regulation (MiCA).  More details here.  The aim behind the proposed regulatory framework is to bring legal and regulatory certainty for crypto-asset operators across the EU ...

Mamo TCV Advocates | February 2023

 The impact that Artificial Intelligence (“AI”) is making on investment services has been the subject of a recent publication, dated 1st February 2023, which was issued by the European Securities and Markets Authority (“ESMA”) ...

Mamo TCV Advocates | February 2023

  When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...

Mamo TCV Advocates | February 2023

  In addition to the draft EU regulation on Artificial Intelligence (“AI”) titled ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”), the EU Commission is also proposing a separate draft directive on non-contractual liability relating to AI titled ‘Proposal for a Directive on adapting non-contractual civil liability rules to artificial intelligence’ (the “draft AI Li

Mamo TCV Advocates | February 2023

  If the draft EU regulation on Artificial Intelligence (“AI”) titled ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”) becomes law, investment funds could have an additional risk which would need consideration, namely, the AI risk ...

Mamo TCV Advocates | March 2023

  In the ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”), transparency is regulated by Article 13 and Article 52 thereof. The former applies to systems of Artificial Intelligence (“AI”) which are classified as high-risk and the latter applies to limited-risk AI systems ...

Mamo TCV Advocates | March 2023

  In an underground burial temple located within the EU’s southernmost State, one can find a primitive drawing of a spiralling never-ending red tree. Archaeologists opine that the millennia-old Saflieni Hypogeum’s ‘Tree of Life’ was painted to give meaning to death. There is no evidence that the Maltese prehistoric biosphere sustained red spiralling trees ...

Mamo TCV Advocates | June 2023

The purpose of disclosing conflicts of interest in the investment services industry is to ensure maximum transparency for the investor. A common conflict of interest is the situation when the fund’s investment manager owns voting shares in the fund and appoints a director who is already heavily involved in the investment manager’s structure. Consequently, the appointed director might be conflicted if one is required to take a decision against the investment manager ...

Mamo TCV Advocates | November 2022

  On the 12th of April 2021, the Malta Financial Services Authority (‘MFSA’) introduced the requirement for all collective investment schemes that are locally licensed or notified to submit a novel return, being the Annual Fund Return. Various amendments to the Annual Fund Return have been made as can be seen in the Circular issued by the MFSA on the 21st of December 2021, along with the updated Guidelines ...

Mamo TCV Advocates | July 2023

 Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function ...

Mamo TCV Advocates | May 2024

  On 15th April 2024, Bill No. 96 titled the ‘Companies (Amendment) Bill’ was presented to Parliament by the Minister for the Economy, Enterprise and Strategic Projects for its first reading. The Bill was subsequently passed as Act No. XVIII of 2024 (the ‘Act’) on the 17th May 2024 ...

Mamo TCV Advocates | February 2021

  Legal Notice 59 of 2021 has amended the annual leave provisions in the Organisation of Working Time Regulations (S.L. 452.87). With effect from the 1st of January 2021, the days of annual leave have been reduced from 27 days to 24 days but employees shall be entitled to an additional day of annual leave in respect of public or national holidays falling on a Saturday, Sunday or weekly day of rest ...

Mamo TCV Advocates | May 2024

  Mamo TCV Advocates in collaboration with the Foundation for Human Resources Development (FHRD) will once again be organising the course entitled ‘Award in the Practical Applications of Maltese Employment Law’. This course shall consist of a number of lectures on various topics related to Maltese employment law including employment contracts, termination of employment, occupational health and safety matters, employee data processing and immigration issues ...

Mamo TCV Advocates | December 2023

  In a circular dated the 18th December 2023, the MFSA introduced a framework for an additional fund structure within the jurisdiction of Malta, namely, the Notified Professional Investor Fund (“NPIF”). The NPIF framework is designed to reap the benefits of an enhanced and expedited onboarding process, while concurrently complementing extant fund frameworks in Malta ...

Mamo TCV Advocates | April 2023

  On the 30th of March 2023, as part of its efforts to address the gender pay gap phenomenon and promote the equal pay principle, the European Parliament widely approved the EU Pay Transparency Directive. In 2021, the gender pay gap stood at 12.7% in the EU, with no minimal changes in the last ten years ...

Mamo TCV Advocates | October 2022

  The Government of Malta reaffirmed its commitment to establishing Malta as a go-to jurisdiction for start-ups in its Budget for 2023. During the budget speech that was delivered on 24th October 2022, the Minister for Finance and Employment, Hon. Clyde Caruana announced that a one-stop shop for start-ups is set to be launched within the “Start in Malta” programme currently run by the Malta Enterprise ...

Mamo TCV Advocates | November 2020

This week (the week from Monday 16th November 2020 until the 20th November 2020) is anti-bullying week – a week meant to raise awareness against prejudice and bullying not only in schools but also at the workplace and cyber-bullying. Maltese employment law does not deal directly with bullying but with harassment, and this in connection with discriminatory treatment or with sexual harassment ...

Mamo TCV Advocates | September 2022

  The European Commission has opened a call for evidence until 3 October 2022 with regards to the “Consortia Block Exemption Regulation”. This block exemption allows liner shipping operators to cooperate in the provision of services. The block exemption will expire on 25 April 2024. The call for evidence is intended to assess how well the block exemption has functioned since it was last extended in 2020. The call for evidence may be accessed here : https://ec ...

Mamo TCV Advocates | July 2022

  Background   The Malta Financial Services Authority has informed investment firms of the amendments carried out to Part BI of the investment services rules for Investment Services Providers. These amendments seek to implement the provisions of the Commission Delegated Regulation (EU) 2021/1253 ...

Mamo TCV Advocates | July 2022

  Background   The Malta Financial Services Authority has recently introduced changes to the investment services rulebooks for Undertakings for Collective Investment in Transferable Securities (UCITS) management companies (ManCos) and Alternative Investment Fund Managers (AIFMs) to: (i) transpose the Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU (1) as regards the sustainability risks and sustainability factors to be taken into account fo

Mamo TCV Advocates | April 2021

On the 23rd March 2021, the Court of Justice of the European Union (CJEU) rendered a Grand Chamber decision on a preliminary reference transmitted to it by a Swedish tribunal in a matter concerning air passenger rights (Airhelp Ltd v. Scandinavian Airline System SAS, c-28/20) ...

Mamo TCV Advocates | October 2023

  In the case 44/2023/ISB delivered on 6th October 2023, the applicant, a majority shareholder in a company requested the Civil Court (Commercial Section) to fix a date for an extraordinary general meeting of the company under Art 132(1) of the Companies Act in an attempt to remove two directors from the Board of Directors without adequately proposing replacements ...

Mamo TCV Advocates | July 2023

 On 10 July 2023, the Maltese Parliament resolved in favour of several amendments to the Consumer Affairs Act. These amendments serve two purposes. Firstly, the Consumer Claims Tribunal can now hear consumer claims of up to €10,000. This amendment represents a significant increase in the value of the claims that can be heard by the arbiter given the previous threshold of €5,000 ...

Mamo TCV Advocates | March 2023

  Over the month of February 2023, a number of Legal Notices have been published within the area of company law. A batch of Legal Notices enumerated L.N. 25 of 2023, L.N. 26 of 2023, L.N. 27 of 2023 and L.N. 28 of 2023 were published on the 7th of February regulating cross-border mergers, divisions and conversions of limited liability companies, respectively. On the 21st of February, L.N ...

Mamo TCV Advocates | August 2023

  The MFSA published a Circular on the 13th  of July 2023 regarding a Public Statement issued by the European Securities and Markets Authority (hereinafter referred to as “ESMA”) outlining sustainability disclosure expectations in prospectuses. This was addressed to issuers and their advisory teams in the process of drawing up prospectuses ...

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