Fintech Forum – Legalink – Mexico City -7 November 2018

DF Advocates have recently participated in the Fintech Forum organized by law firm Ramos Ripoll & Schuster (Mexico City) and Sérvulo Associados (Lisbon) on the fringe of the semi-annual General Meeting of Legalink Global Network of Independent Law Firms in Mexico City (Mexico) held between the 7 and 10 November. Focusing on the regulation of…

Consultation on the amendments to the Pension Rules for Personal Retirement Schemes

On the 16th November 2018, the MFSA issued a Consultation Document to the public, highlighting further amendments to be made to the Pension Rules for Retirement Schemes following feedback from the pensions market.  The additional amendments being proposed by the MFSA include amendments to the following: The form of Member-Directed Schemes The Introduction of the…

The MFSA revises the Investment Services Rules applicable to MiFID Firms

The MFSA has recently revised Part B1 of the Investment Services Rules for Investment Services Providers applicable to MiFID Firms (the ‘Rules’). The revision of the Rules includes new definitions, and an enhancement in the clarity of existing definitions. The MFSA has also introduced the requirement for investment firms to undertake ongoing due diligence checks,…

MDIA issues Consultation Document on Guidelines for Innovative Technology Arrangements

The Malta Digital Innovation Authority (‘MDIA’) has issued a consultation document, aimed at providing guidelines for Innovative Technology Arrangements. This consultation document outlines the application process and the requirements for Innovative Technology Arrangements.   This consultation document is the second chapter out of a series of four chapters to be issued by the MDIA, which shall…

Commencement Notice for the Virtual Financial Assets Act and Innovative Technology Arrangements and Services Act

By means of Legal Notice 306 of 2018 and Legal Notice 307 of 2018, the Minister for Digital Economy and the Parliamentary Secretary for Financial Services, Digital Economy and Innovation have respectively announced the 1st November 2018 as the date on which the Virtual Financial Assets Act and the Innovative Technology Arrangements and Services Act…

Former SpaceX Engineer to launch institutional-grade crypto exchange in Malta

Joshua Greenwald who spent more than a decade as a trader prior to his stint at SpaceX, announces his move to launch LXDX,  a cryptocurrency exchange that seeks to make the nascent asset class more accessible to institutional investors while also providing individual investors with professional-grade trading tools. LXDX has received funding from firms such…

MDIA issues Consultation document on Guidelines for System Auditors

The Malta Digital Innovation Authority (‘MDIA’) has issued a consultation document, aimed at providing guidelines to prospective System Auditors. This consultation document outlines the requirements for Systems Auditors registered with the Authority to carry out audits on blockchain applications. This consultation document is the first chapter out of a series of four chapters to be issued by…

Malta Stock Exchange partners with Binance to launch a Security Token platform in Malta

Binance, the world’s largest crypto currency exchange by volume traded, has announced that it has signed a Memorandum of Understanding with MSX plc, an investment vehicle launched by the Malta Stock Exchange (MSE) to seek partnerships within the crypto sphere with leading exchanges. Wei Zhou has signed the memorandum of understanding in his role of…

EU financial ministers reportedly advised to adopt a common regulatory framework

News agency Reuters claims that Bruegel, an economic think-tank has prepared a report, written for the Austrian Presidency for the Council of the EU for the Economic and Financial Affairs Council (ECOFIN) meeting hosted by the EU, to be held on the 7th and 8th September. Such report is allegedly suggesting that EU economy and…

MFSA releases Consultation Paper on achieving a Higher Degree of Investor Protection under the Virtual Financial Assets Act

The MFSA has issued a consultation paper in order to present to the industry a draft legal notice setting out further regulations to complement proposed rules in a previously issued consultation paper regarding the VFA rules for issuers of VFA. The draft legal notice set out further regulations on [i] the appointment of a custodian; [ii] the…