News

Financial Services and Fintech Weekly Update

  1. Company Reconstructions Fund Regulations Published

On 12th May 2020, Legal Notice 192 of 2020, the Companies Act (Company Reconstructions Fund) Regulations 2020 (the “Regulations”) was published to supplement the company recovery procedure as provided under article 329B of the Companies Act. The Regulations set up and regulate the administration and operation of a fund to be designated the Company Recovery Fund (the “Fund”) which is intended to facilitate the company recovery procedure under article 329B of the Act.

For more information please see our website article on https://www.gtgadvocates.com/company- reconstructions-fund-regulations-published/

2.    MFSA issues Circular on the publication of the new Pension Rules for Occupational

Retirement Schemes

Following the issue of a consultation document on the proposed amendments to the Retirement Pensions Act and on the amendments to the Pension Rules, the MFSA has published the new rules for Occupational Retirement Schemes. The rules apply to pension schemes, retirement funds and service providers and deal with matters such as the required contents of scheme documents, reporting requirements, schedule of payments and the actuarial Transfer Value Certificate.

For more information please see our website article on https://www.gtgadvocates.com/mfsa-issues- circular-on-the-publication-of-the-new-pension-rules-for-occupational-retirement-schemes/

3.    Malta Implements the Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation regulates transactions which refer to the build-up of leverage, pro-cyclicality, liquidity and maturity transformation, and interconnectedness in the financial markets. These include repurchase transactions, securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction or sell-buy back transactions.

Regulations have recently been issued in order to implement the Securities Financing Transactions

Regulation into Maltese law.

For more information please see our website article on  https://www.gtgadvocates.com/malta- implements-the-securities-financing-transactions-regulation/

4.  New Bill Amending the Companies Act published

A new bill (“the Bill”) has been published outlining various amendments to the Companies Act. The amendments cover new instances in which a company director may be disqualified from appointment, further clarification on the role of the Special Controller and the extension of the required terms for the holding of the Annual General Meeting.

For more information please see our website article on  https://www.gtgadvocates.com/new-bill-proposes-amendments-to-the-maltese-companies-act/

5. MFSA issues Circular on Market Abuse Regulation

The Securities and Markets Supervision team within the MFSA recently issued a circular aimed at ensuring adequate implementation of the Market Abuse Regulation (MAR) in investment firms. The circular follows a thematic review carried out by the Authority on requirements considered to be key in preventing and detecting market abuse. It details how investment firms have sought to apply the requirements emanating from MAR and how they are abiding by their obligations. The MFSA put forward several good practice recommendations, reminding all market participants that they are expected to be compliant with all applicable requirements and that a breach of the requirements emanating from MAR would warrant regulatory action.

The full circular may be accessed here https://www.mfsa.mt/wp-content/uploads/2020/04/Circular-on-Regulation-EU-No-596-2014-on-Market-Abuse-Onsite-Compliance-Meetings-with-Investment-Firms-General-Findings-Way-Forward.pdf

For more information please contact Dr Ian Gauci, Dr Cherise Abela Grech or Dr Luke Mizzi.

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