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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…
READ MORE +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…
READ MORE +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…
READ MORE +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…
READ MORE +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….
READ MORE +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…
READ MORE +Last week, the Irish Data Protection Commission fined Instagram owner Meta 405 million euros for breaching the privacy rights of children under the EU General Data Protection Regulation (“GDPR”). The investigation which had started back in 2020, focused on how the platform allowed users aged between 13 to 17 years to operate accounts which showed…
READ MORE +On the 29th of July 2022, a new legal notice entered into force which brings about certain important changes to the Commercialisation of Sports Facilities Regulations (the “Regulations”). The Regulations, which came into force in 2017, created a legal framework that enables sports organisations to operate commercial activities on their premises. The new amendments seek…
READ MORE +The MFSA has issued a Corporate Governance Code for authorised entities following a consultation process which commenced in 2020. The Code brings forth a list of guiding principles applicable to all unlisted entities authorised by the MFSA, thus excluding natural persons. The Code aims to enhance the legal, institutional and regulatory framework for good governance…
READ MORE +As mandated in terms of Article 20(13) of the Prospectus Regulation (the ‘Regulation’), on the 21 July 2022, ESMA published its peer review of the scrutiny and approval procedures of Competent Authorities in terms of the Regulation. Whilst ESMA gave the MFSA – qua National Competent Authority in terms of the Regulation – in terms…
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