Brexit considerations for UK licenced Investment Funds, Asset Managers and Investment Firms passporting into Malta

Authors: Neil Bezzina
Published on July 16, 2019
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Practices: Investment Funds, Investment Services Regulation, Asset Management
Important dates to keep in mind
  1. Maltese collective investment schemes are to amend offering documentation and relevant agreements with UK service providers, to reflect any changes resulting from Brexit, by not later than 31 July 2019;
  2. Malta Temporary Permission Regime (“TPR”) to remain in force till 31 March 2020;
  3. TPR will only apply to clients/contracts on-boarded/entered into prior to 31 September 2019;
  4. As of 1 April 2020, UK licenced investment funds, asset managers and investment firms will be subject to laws relating to third country investment funds, asset managers and investment firms; and
  5. TPR will not cover new investors/clients on-boarded after 31 September 2019.

Blockchain: Some legal considerations relating to Security Token Issuance

Authors: Max Ganado
Published on July 12, 2019
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Practices: Fintech & Blockchain
1. Introduction and background

Blockchain hit the world in 2008 at the time of the financial crisis. It was a reaction to the context at the time. It was motivated by all sorts of political theories and social philosophies but promoted a technology which quickly started to inspire many because of its features and qualities. It had a lot to do with failure of trust in intermediation services by banks and investment services providers, gaining traction around the concept of disintermediation and cutting out the abuse of monopolistic sectors, including those appropriating private data to their own benefit. Decentralisation and autonomy were novel concepts with powerful appeal as methods to reestablish trust through technology.

The Status of British Citizens Residing in Malta Pre-Brexit – The Post-Brexit “No Deal” Scenario

Authors: Adrian Camilleri
Published on July 4, 2019
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British citizens - who on and prior to the UK's EU withdrawal date were inter alia resident in Malta and able to maintain themselves - would be entitled to continue residing in Malta and enjoy the right of free movement into and from Malta, including other legal entitlements, such as the right to work, access to health, education, social benefits etc., subject of course to certain conditions. This legal status lasts 10 years, unless renewed. There is also a provision affecting UK individuals who benefit from the Residents Scheme Regulations (S.L.123.79) requiring a certain procedure for compliance.

AG Hogan sheds light on costs associated with early repayments under the Consumer Credit Directive

Authors: James Debono
Published on July 3, 2019
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Practices: Banking Regulatory
Advocate General Hogan delivered on 23 May 2019 his opinion in the proceedings of C‑383/18 Lexitor sp.z.o.o v Spółdzielcza Kasa Oszczędnościowo — Kredytowa im. Franciszka Stefczyka z siedzibą w Gdyni, Santander Consumer Bank S.A. z siedzibą we Wrocławiu, mBank S.A. z siedzibą w Warszawie.