External Audit of Templates of the Solvency Financial Condition Report

Authors: Stuart Firman, Tanya Causon
Published on October 3, 2016
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
On 26 August 2016, the Malta Financial Services Authority (the “MFSA”) issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report (the “SFCR”).

Introduction of European maritime spatial planning in the Maltese legal framework

Authors: Jotham Scerri-Diacono, Rachel Genovese
Published on August 30, 2016
Practices: Environment & Planning
EU Directive (2014/89/EU) establishes a framework for maritime spatial planning which came into force on 17 September 2014 and defines maritime spatial planning as “a process by which the relevant Member State’s authorities analyse and organise human activities in marine areas to achieve ecological, economic and social objectives.” It establishes a much needed European framework whose overall rationale is sustainability of activities undertaken in our European marine spaces which Member States, excluding landlocked States, are obliged to transpose into national legislation by 18th September 2016. It also obliges Member States to draw up national maritime spatial plans by 31 March 2021, to report regularly on implementation and to review them every ten years. Following the two week public consultation held during July, Malta is expected to adopt the Maltese regulations transposing the Directive, in the near future.

New Debarment Grounds from Public Tendering Procedures in Malta

Authors: Clement Mifsud-Bonnici
Published on July 8, 2016
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Practices: Public Procurement
Key Takeaways

- The procedure for debarment of an economic operator from public tenders was complemented in 2015 with a focus on breaches of Maltese labour law

- The amendments mainly affect economic operators who are based in Malta or who are subject to Maltese labour law

- The Commercial Sanctions Tribunal (set up in September 2015) is to decide whether to exclude an economic operator following an adversarial procedure

- Debarment period varies from 6 months to 3 years

- All existing public contracts are terminated immediately upon debarment

The Shipping industry on a tight rope after Brexit

Authors: Jotham Scerri-Diacono
Published on July 8, 2016
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Practices: Admiralty & Maritime Litigation, Ship Finance & Mortgages, Ship Registration, Shipping sale, purchase & charterparties
In a historic vote held on the 23rd of June 2016, the people of the United Kingdom went to the polls in order to determine the faith of their country’s membership within the European Union. In an unprecedented, albeit expected result, 52% of those eligible voters opted for ‘Brexit’ meaning that for the first time in the history of the European Union, a member state will be triggering Article 50 of the Treaty of the European Union (TEU) and commence the withdrawal procedure from the Union.