On the 14th February 2014, the European Securities Market Authority (“ESMA”) sent a letter to the European Commission requesting clarification in relation to the definition of the terms “derivative” and “derivative contracts” under the European Market Infrastructure Regulation (“EMIR”)
Following a consultation process with industry stakeholders, EIOPA has published its Preliminary Report "Towards an EU Single Market for Personal Pensions" that lays down the foundation for future EU initiatives.
This is a first for Malta and addressed the country’s concern as to our dependency on fossil fuel and the islands’ issue of water scarcity and the depletion of the water table.
On 6 February, 2014 the Malta Financial Services Authority (MFSA) published its first set of frequently asked questions (FAQs) on the Alternative Investment Fund Managers Directive (AIFMD) and Malta’s implementation of AIFMD.
The Economic and Monetary Affairs (ECON) Committee has voted in favour of the final draft wording of the Insurance Mediation Directive (IMD II). The next step is for the new Directive to be debated before the EU Parliament in a plenary session between 24 – 27 February, 2014.
The MFSA is proposing to amend the Insurance Business (Assets and Liabilities) Regulations 2007 ("the Assets and Liabilities Regulations") to change the manner in which the equity yield for variable interest is calculated.
GANADO Advocates, in collaboration with Malta Bankers’ Association, is organising a Banking Law Seminar entitled Banking and Financial Law Seminar: Selected Developments.
A number of amendments to the International Convention for the Safety of Life at Sea (SOLAS), the International Convention for the Prevention of Pollution from Ships (MARPOL) and the 1988 Load Lines Protocol have taken effect as from the 1st of January 2014.
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The MFSA has issued Insurance Rule 31 of 2013 which entered into force on 1 January, 2014. The scope of this new rule is to implement the four sets of guidelines published by EIOPA for the preparatory phase of the Solvency II regime.