Brexit: The effects on EU Trademarks

As the transition period agreed to by the European Union and United Kingdom by virtue of the EU-UK Withdrawal Agreement came to an end on the 31st December 2020, the UK is today considered to be a third-country, as it marks the completion of Brexit. This has inevitably brought about a multitude of effects within…

ESMA issues public statement on third-country firms marketing in the EU

The European Securities and Markets Authority (‘ESMA’) has, on the 13th January 2021, issued a public statement to remind firms of the MiFID II requirements on the provision of investment services to retail and professional clients by third country investment firms. According to MiFID II, a third country firm may provide investment services to EU-based…

The Aftermath of Brexit on the Financial Services Sector

On the 24th December 2020, just before the lapse of the transition period, the UK and EU successfully reached a trade deal, the Trade and Cooperation Agreement. The Brexit deal has left a great deal of uncertainties, particularly in relation to financial services matters, which may lead to significant implications for the financial services sector…

COVID-19: Wage Supplement Scheme 2021

As the spread of COVID-19 continues to dominate, a revised wage supplement scheme was announced on the 5th January 2021 during a press conference addressed by the Minister for Energy and Enterprise Miriam Dalli and the head of Malta Enterprise Kurt Farrugia. Unlike the previous wage supplement scheme introduced in March 2020, this scheme which…

MFSA Issues Circular on Brexit Readiness

On the 18th of November 2020, the Malta Financial Services Authority (‘MFSA’) issued a circular outlining its expectations following the end of the Brexit transition period on the 31st December 2020. The latter allowed entities and firms to continue building their preparatory work and facilitate an orderly withdrawal from the European Union. In view that…

The MFSA restructures the Loan Funds Regime

On the 10th November 2020, the Malta Financial Services Authority (‘MFSA’) announced that it has restructured its Loan Funds Regime. The restructuring exercise was undertaken to reflect market developments and the current economic scenario, whilst also taking into consideration the direction being taken at EU level with regard to loan origination by funds. The MFSA’s…

DF Consultancy Services Limited Authorised to Act as a VFA Agent

DF Advocates have reached an important milestone in the quest to grow the fintech practice following the successful registration of DF Consultancy Services Limited (the financial services arm of the firm) as a Virtual Financial Assets (‘VFA’) Agent in terms of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta). Being the…

The New EU Sustainable Finance Model

The MFSA has issued a circular outlining the legislative instruments being implemented in the area of sustainable finance at EU level, as well as the initiatives being taken by the MFSA in this regard. The European Union’s Green Deal is an ambitious new growth strategy plan which includes substantial regulatory changes with the overarching aim…

MFSA launches its FinTech Regulatory Sandbox

The Financial Services sector is a major contributor to the Maltese Economy when all economic effects are taken into account. In fact, the sector as a whole has been estimated to account for 11.2% of total Gross Value Added (‘GVA’) and 10.2% of employment, ranking with the highest contributors of the Maltese economy[1]. As innovation…

Shoreline Mall plc Bonds admitted to Listing on the Official List of the Malta Stock Exchange

Last Friday, the 31st of July, marked the first day of trading for Shoreline Mall p.l.c. on the Malta Stock Exchange. This followed a highly successful bond issue in which €40,000,000 of bonds were issued and subscribed to by the general public. The formal commencement of trading was followed by the traditional bell-ringing ceremony at…