MFSA Announces Consultation on Changes to Chapter 3 of the Virtual Financial Assets Rulebook

The Malta Financial Services Authority (‘MFSA’) has, on the 18 September 2023, issued a draft version of the updated Chapter 3 of the Virtual Financial Assets Rulebook for consultation (the ‘Consultation Document’). The Consultation Document aims to align the VFA Framework following the entry into force of the Markets in Crypto- Assets Regulation (‘MiCAR’) in…

Malta Enterprise Announces Financial Assistance for ESG Reporting

The Minister for the Environment together with the Malta Enterprise CEO have announced a new ESG Grant intended to help support small and medium sized businesses (SMEs) in enhancing their sustainability and further push them to be more environmentally conscious. The Grant aims at providing financial assistance to an extensive list of businesses which will…

Landmark Judgement: DF Advocates successfully assists client with obtaining recognition of names assumed after contracting marriage in a foreign jurisdiction – the court orders the public registry to update its records and procedures.

L-Avukat Dr. Marlon Borg bħala mandatarju speċjali tal-assenti Michael Debono Mrden vs. Direttur tar-Reġistru Pubbliku (452/21/1 JVC) Court of Appeal (Superior Jurisdiction) 12th July 2023 Overview On the 12th of July 2023, the Court of Appeal in its Superior Jurisdiction (“COA”) overturned a judgment delivered from the First Hall Civil Court (“FHCC”) whereby the COA…

FIAU publishes its 2023-2024 AML/CFT Supervisory Plan

On the 25th July 2023, the FIAU published its supervisory priorities for the year 2023-2024. In determining the said plan, the FIAU has adopted a risk-based approached which was based on the information submitted annually by subject persons through the submission of an “Annual Risk Evaluation Questionnaire” along with data obtained from other sources such…

EU RECOGNITION OF FILIPINO CERTIFICATION

In December 2021, the European Maritime Safety Agency carried out a detailed assessment of the training and certification system in place in the Philippines for seafarers whereby a number of shortcomings were identified.  The European Commission informed the Philippines that unless serious measures are taken and International Convention on Standards of Training, Certification and Watchkeeping…

Notified PIFs: MFSA publishes Consultation Document

The Malta Financial Services Authority (‘MFSA’) has published a set of draft Investment Services Rules and draft amendments to existing rulebooks for the proposed framework of ‘Notified Professional Investor Funds’ (Notified PIFs). The MFSA also intends to issue a dedicated application form, appendices, checklists and guidance notes on the new regime. In drafting the new…

SMB publishes guidance notes on screening obligations

On the 23rd December, the Sanctions Monitoring Board (‘SMB’) issued two guidance notes on the applicability of screening obligations against sanctions and adverse media. The National Interest (Enabling Powers) Act imposes certain obligations on screening against sanctions lists or restrictive measures imposed by the European Union and the United Nations. The Act further specifies that…

The DLT Pilot Regime: ESMA issues guidelines to applicants

On the 15th December 2022, the European Securities and Markets Authority (ESMA) published the Final Report comprising of guidelines on standard templates, forms and formats to be used by market participants when applying for permission to operate any type of Distributed Ledger Technology (‘DLT’) based market infrastructure under the DLT Regulation (‘DLTR’). The Report also…

ESMA launches consultation on names for green funds

The European Securities and Markets Authority (ESMA) has launched a consultation to develop guidelines on funds’ names with ESG or sustainability-related terms. In terms of the proposed guidelines, ESMA aims to address risks of ‘greenwashing’ where funds are named as green or socially sustainable despite failing to meet sufficient sustainability standards commensurate with that name….

The European Markets in Crypto-Assets Regulation (MiCA) and its Implications for the MFSA and Malta

On the 6th of October, the Malta Financial Services Authority (‘MFSA’) gave an overview of the anticipated impact of the provisional agreement reached by the Council presidency and the European Parliament on the MiCA proposal. Such development is regarded as significant since it aims at creating a harmonised regulatory framework for crypto assets at EU…