Publications

State aid considerations in relation to progressive rates of taxation

Authors: Christina Scicluna
Published on August 1, 2019
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In a judgment of the General Court (EGC), delivered on the 27th June 2019, the General Court considered the application put forward by Hungary seeking to annul a Commission Decision (EU) 2017/329 of the 4th November 2016 relating to the implementation by Hungary on a taxation imposed on advertisement relating to broadcasting or publication of advertisements specifically in relation to those persons who make advertisements public (newspapers, audiovisual media, billposters).

Amendments to the Companies Act (Register of Beneficial Owners) Regulations

Authors: Annalise Papa, Stuart Firman, Saman Bugeja
Published on July 24, 2019
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Practices: Corporate, Prevention of Money Laundering
The Companies Act (Register of Beneficial Owners)(Amendment) Regulations (the “Amendment Regulations”) came into force on 12 July 2019 save for one provision which comes into force on 1st January 2020 as shall be seen below. These Amendment Regulations serve to amend the Companies Act (Register of Beneficial Owners) Regulations which had come into force on 1st January 2018 (the “Regulations”). Information on the scope of the Regulations is available here.

The Obligation of Member States to notify measures transposing directives into national law to the European Commission

Authors: Saman Bugeja
Published on July 22, 2019
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Practices: Intellectual Property & Telecoms, Media & Technology
On the 8 July 2019, the Court of Justice of the European Union (the “CJEU” or the “Court”), in the case of Commission vs Belgium (C-543/17), applied and interpreted Article 260(3) of the Treaty on the Functioning of the European Union (“TFEU”) for the first time since its introduction by the Lisbon Treaty in 2007.

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.