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