Brexit

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.

Managing Brexit – Planning ahead for your Insurance business

Authors: Elaine Magri
Published on April 11, 2017
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
Britain’s formal notification of its exit from the EU on 29 March, days after the EU celebrated its 60th anniversary, marks a historic turning point in tough negotiations with EU 27 Member States during the two-year countdown to UK’s final separation. The wider implications of UK’s exit shall unfold during the next months in negotiations led by EU Chief negotiator Michel Barnier and constructive talks that commenced last week between EU Council President Donald Tusk and Prime Minister Theresa May to pave the way for UK’s final withdrawal and a new relationship between the EU and the UK.

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.

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.