By virtue of a Circular issued to the Investment Services industry, the MFSA confirmed that all investment services providers will need to submit an online self-assessment to determine whether the activities which they carry out fall within the scope of the Market Abuse Regulation (MAR).
The Malta Financial Services Authority has issued a Consultation Document on the regulatory treatment of Non-Fungible Tokens (‘NFTs’) in the context of the Virtual Financial Assets (‘VFA’) Framework. The Consultation sets out the MFSA’s proposal for clarification on the treatment of NFTs in the context of the VFA Framework and seeks to obtain stakeholder feedback in this regard.
The MFSA has published a Circular addressed to the Investment Services industry to confirm several amendments to the MFSA Rulebooks pursuant to the ESMA Guidelines on stress test scenarios under the MMF Regulation (the ‘Guidelines’).
On the 5th August 2022, the MFSA launched its Corporate Governance Code (the ‘Code’) for authorised entities.
On the 24th June 2021, the MFSA issued a Circular to inform the Funds industry of the publication of a revised version of the Notified Alternative Investment Fund (‘NAIF’) Rules.
On the 1st December, the MFSA issued a Consultation Document in connection with a Rulebook for Company Service Providers. This Rulebook supports the amendments made to the Company Service Providers Act, Chapter 529 of the Laws of Malta, (the “Act”) which were published on the 13th November 2020.
On the 20th November, by virtue of Legal Notice 437 of 2020, the Maltese Government issued new rules regulating the acquisition of Maltese Citizenship by Direct Investment formally referred to as ‘Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment, commonly referred to as the Maltese Exceptional Investor Naturalisation (MEIN)’ and regulated by Article 10(9) of the Maltese Citizenship Act, Chapter 188 of the Laws of Malta.
On 30 October 2020, the European Commission closed certain infringement procedures initiated against Member States for not complying with the provisions of the Council Directive 2006/112/EC (“VAT Directive”). The VAT treatment of yacht leasing in Malta had been among the procedures undergoing examination.
On 11th August 2020, Act XVII of 2020 amending the Second Schedule to the Civil Code (hereinafter referred to as the Second Schedule) was published. By virtue of these amendments, the functions of the Registrar of Companies have been widened to the extent that he shall now not only exercise such functions but shall also exercise the functions of Registrar of Legal Persons in relation to foundations and associations as specified in the Second Schedule and in any subsidiary legislation made to the Second Schedule.
On 12th March 2020, the Office of the Commissioner for Revenue (“CFR”) published new guidelines (the “Guidelines”) in connection with the leasing of pleasure yachts and the corresponding treatment of such leases for VAT purposes, which guidelines are essentially based on Article 59a of the EU VAT Directive.