Companies Act – Register of Beneficial Owners

  On the 1st January 2018, new regulations came into force, applicable to companies except where:   They are listed on a regulated market and disclosure is already required under the appropriate regulations; or Companies where shareholders are all natural persons disclosed to the companies registrar.   The First Schedule sets out a form which is to be delivered together with the M&As whenever a new company is being set up. Declarations must be submitted for each beneficial owner and … Continued

Disclosure of Information on Beneficial Ownership – Trusts and Trustees

On the 1st January 2018, new regulations came into force concerning the operation of a Central Register of UBOs for trusts and trustees and for companies, for associations and for foundations.   Regarding trusts and trustees, the rules only apply to express trusts generating tax consequences.  Within 14 days from being appointed as a trustee of an express trust, authorused trustees must submit a declaration of ownership to MFSA where such trust has tax consequences.  The regulations list the information … Continued

Opinion: A Commercial Court for Malta ?

Earlier in 2017, the Ministry for Justice, Culture and Local Government held a public consultation, titled “Setting up of the Civil Court, First Hall, Commercial Section“.  This was concluded in July 2017. While we have not been active in commercial litigation for a relatively long while, we still believe that this is the way forward.  Questions included whether there should be a commercial section within the civil arm of the Maltese courts, and whether the remit should be wider than matters … Continued

FIAU Press Release on Penalties

Following the coming into force of the Various Financial Services Laws (Amendment) Act, 2017 (Act XXVIII of 2017) on the  1st December 2017, publication of administrative penalties imposed by the Financial Intelligence Analysis Unit (“FIAU”) for one or more contraventions of the Prevention of Money Laundering Act (“PMLA”) and/or of the Prevention of Money Laundering and Funding of Terrorism Regulations no longer falls under Article 13A of the PMLA but by the new Article 13C. Article 13C now provides for the … Continued

Public Holidays for 2018

We wish to advise that the following National and Public Holidays are set for the coming year, 2018:   January 1, Monday                              New Year’s Day February 10, Saturday                        Feast of St. Paul’s Shipwreck March 19, Monday                              Feast of St. Joseph March 30, … Continued

Anti-Money Laundering – New Rules in Force

The 4th Anti Money Laundering Directive (AMLD 4) is aimed at preventing the use of the financial system for money laundering or financing of terrorism, based on the principle that illicit money being channeled through the financial system cause damage to the stability, integrity and reputation of the financial sector – not only of the Member State where this occurs but also that of the entire Union.     The crimes in question have developed with time, so that it … Continued

Ballast Water Management Convention brought into Force

Transport Malta, the competent authority in Malta to regulate shipping and ports, has issued a Merchant Shipping Notice, addressed to owners, operators, masters, of ships, owners’ representatives and recognised organisations, concerning the implementation of the Ballast Water Management Convention.  This was transposed through regulations issued in 2017 The Convention, as well as the implementing regulations in Malta, came into force on the 8th September 2017. As from this date, all Maltese ships engaged under international voyages to which the Convention … Continued

Marine Insight’s Online Resources for Maritime Piracy

Information is available to help to keep informed on piracy on the high seas, as well as how best to deal with this problem Marine Insight has published links to 28 sources of information, useful to professionals in different aspects of the shipping industry.   “With the increase in piracy at the sea, several maritime organisations and defence agencies have started providing online updates on events related to maritime piracy which is taking place around the world,” reads the introduction.  This … Continued

Public Consultation – Antitrust Damages Directive

The Office for Competition has recently launched a public consultation on the implementation of the Antitrust Damages Directive in Malta. The draft legislation relates to Malta’s obligation to transpose Directive 2014/104/EU of the European Parliament and of the Council of 26 November 2014 on certain rules governing actions for damages under national law for infringements of the competition law provisions of the Member States and of the European Union.  The Directive is commonly referred to as the “Antitrust Damages Directive”. … Continued

Fuel Sector – Violation of Competition Law

A recent decision of the Office for Competition found there to be a violation of the competition law rules in a vertical agreement, which took effect when a fuel station, having reduced its price for diesel from a particular supplier, later raised its price again, having succumbed to pressure from that supplier in order to do so. The Office found there to be a violation of competition law in terms of there being an agreement to maintain high prices for … Continued