On the 28th of February 2023, the European Data Protection Board (hereinafter referred to as the “EDPB”) issued its Opinion on the European Commission’s draft adequacy decision regarding the EU-U.S. Data Privacy Framework ...
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 ...
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 ...
Merger control constitutes the analysis carried out by the Office for Competition (the ‘Office’) in its assessment of those corporate transactions notifiable to it. The aim behind such an assessment is for the Office to consider whether that transaction – taking the form of the creation of a ‘concentration’ – is likely to impede effective competition ...
The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments ...
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 ...
17 February, 2023, marks the deadline for providers of online platforms to publish information on the average monthly active recipients of their services in the European Union (EU), as required by the Digital Services Act (Regulation (EU) 2022/2065) (DSA). The DSA defines online platforms as providers of hosting services that publicly disseminate users’ information ...
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
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 ...
The MFSA commenced a consultation process on its proposed amendments to the Insurance Distribution Rules (hereinafter referred to as the “IDR”). The consultation process began on the 26th of January 2023 and closes on the 8th of March 2023 ...
The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR ...
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”) ...
In Case C-633/20 of the European Court of Justice (the ‘Court’) delivered on the 29th September 2022, the First Chamber of the Court produced a judgment (the ‘Judgment’) in response to a reference for a preliminary ruling concerning the definition of ‘insurance intermediary’ in the context of Directive 2016/97 (the ‘Insurance Distribution Directive’ or the ‘IDD’) and Directive 2002/92 (the ‘Insurance Mediatio
Following the successful uptake of a similar initiative in 2022, the European Commission has re-launched its fund to support small and medium enterprises (“SMEs”) in safeguarding their intellectual property assets ...
Dr Nicholas Valenzia, head of the Shipping and Aviation Practice Area at the firm, was invited to speak at the National Aviation Conference which was organised by the Ministry for Transport, Infrastructure and Capital Projects on the 18th of January 2023 at the Phoenicia Hotel in Floriana. Dr Valenzia discussed the aircraft financing and leasing market in Malta and the challenges to enhancing sectorial capacity and improving socio-economic benefits ...
We are pleased to issue our third edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space ...
In a landmark decision delivered on the 11th January 2023, in the names ‘Av. Jonathan Abela Fiorentino noe vs Eolia Limited’ (case no. 68/2022 ISB), the Civil Court (Commercial Section) rejected the application filed by defendant company demanding the Court to order a retrial of the liquidation proceedings that led to the company being placed into liquidation ...
Introduction On 22 December 2022, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) issued a stakeholder consultation on the proposed establishment of a new framework for Notified Professional Investor Funds (‘NPIFs’). The NPIF framework proposal seeks to introduce a new fund structure, complementing the existing fund frameworks in Malta ...
The MFSA issued a Circular on the 22nd of December 2022 in which it proposed amendments to the Companies Act (Cell Companies carrying on business of Insurance) Regulations, Subsidiary Legislation 386.10 (“the PCC Regulations”). The PCC Regulations provide for the creation and regulation of cell companies ...
Matters of cross-border company mobility are addressed at European Union level by means of Directive (EU) 2017/1132 (the “2017 Directive”) which provides for cross-border mergers and domestic divisions of public limited liability companies ...
The Insolvency Practitioners Act, the Pre-Insolvency Act and the Commercial Code (Amendment) Act were passed by the House of Representatives on the 14th of December 2022 and were assented to by the President on the 23rd of December 2022. For more information, please see our articles on the Proposed Pre-Insolvency Bill, on the Proposed Insolvency Practitioners Bill and on the three proposed Insolvency Bills, collectively ...
On the 20th of December 2022, various amendments (and clarifications) to the Employment and Industrial Relations Act (Chapter 452) came into force, mainly relating to the probationary period applicable to fixed term contracts and the duration of fixed term contracts. By means of the amendments: In the case of a renewal of a fixed term contract for the same functions and tasks as the previous fixed term contract, there shall be no new probationary period ...
Over the past few weeks, the European Union has issued somewhat of a landmark act which is aimed at addressing the topical issue surrounding the lack of women in top-level corporate positions ...
Dr Ingrid Fenech participated in the Society Education Annual Conference on Aspects of Maltese Company Law held on 29th November, where she delved into the recent amendments to the Companies Act introducing the notion of cell companies carrying on or engaged in shipping or aviation business ...
The Malta Business Registry has published a notice informing the public of a key change to its online website company register portal. Access by the general public to the beneficial ownership details of companies registered with the Malta Business Registry has been removed following a judgement of the Court of Justice of the European Union ...
