MFSA Consultation on Proposed Amendments to Companies Act

MFSA Consultation on Proposed Amendments to Companies Act

On the 2nd June 2014, the MFSA issued for consultation, proposed amendments to the Tenth Schedule to the Companies Act, which amendments are to be effected through a Legal Notice to be issued in terms of article 425 of the Companies Act (Chapter 386 of the Laws of Malta).

The proposed amendments relate to the review of the current regime applicable to partnerships en commandite established as collective investment schemes in terms of article 66A of the Companies Act and the current Tenth Schedule to such Act. The ultimate aim is to ensure that the provisions of the Tenth Schedule to the Companies Act as drafted and as amended will be workable for private equity funds.

The MFSA has also made reference to the amendments to article 66A of the Companies Act which were brought into force by means of Act No. XX of 2013. The principal objective of these amendments was to make it clear that partnerships en commandite which fall within the scope of article 66A(1) shall be governed by the provisions of the Tenth Schedule to the Companies Act and by any regulations issued by the Minister in terms of article 66A. The provisions of Part IV of the Companies Act (other than article 66A) which deals with partnerships en commandite established for general commercial purposes shall not apply to partnerships en commandite falling within the scope of Article 66A, unless otherwise provided in the Tenth Schedule or in the said regulations.

Any comments and feedback are to be addressed to the Authorisation Unit by email on [email protected] by not later than 20th June 2014.

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