The Maltese Court of Appeal recently considered the issue as to whether a spouse and a trustee of a trust created by the deceased husband in his will had the necessary legal interest or locus standi in an action based on article 402 of the Maltese Companies Act.
News & Events
The recent issuance by the Malta Registrar of Companies of a Provisional Certificate of Continuation to a French company seeking to continue into Malta might open up for French and other EU companies the possibility of redomiciling to Malta, even though the laws of their country or jurisdiction of incorporation do not expressly authorise company continuations.
On 25 June, 2013 the Malta Financial Services Authority (MFSA) issued the final implementing measures for Malta's transposition of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). Today's publication of the final implementing measures means that not only is Malta one of the first jurisdictions to publish its final set of AIFMD implementing measures but also that applications from start-up alternative investment fund managers are now being accepted.
On 18 June, 2013 the Malta Financial Services Authority (MFSA) issued a consultation note regarding proposed amendments to the Retail Non-UCITS Rules (the Retail AIF Rulebook) to further implement the Alternative Investment Fund Managers Directive (AIFMD). The consultation period runs until 1 July, 2013.
On 31 May, 2013 the Malta Financial Services Authority (MFSA) published a consultation note and draft regulations permitting the establishment of Special Purpose Reinsurance Vehicles (Reinsurance SPVs) in Malta.
On 24 May, 2013 the Malta Financial Services Authority (MFSA) issued a consultation note regarding proposed amendments to the Professional Investor Fund Rules (the PIF Rulebook). The consultation period runs until 6 June, 2013. Malta's professional investor fund regime will continue post-AIFMD for de minimis AIFMs or self-managed AIFs and Non-EU AIFMs.
On 24 May, 2013, the European Securities and Markets Authority (ESMA) published the final guidelines on key concepts of AIFMD (the Guidelines). Click here for a copy of the Guidelines. The Guidelines expand upon the definition of Alternative Investor Fund (AIF) in European Union Directive 2011/61/EU (AIFMD) by providing interpretative guidance on concepts such as ‘collective investment undertaking’, ‘raising capital’, ‘number of investors’ and ‘defined investment policy’. The Guidelines also provide guidance on the treatment of sub-funds in umbrella structures by providing that if a sub-fund of an umbrella fund satisfies the definition of AIF then the umbrella fund as a whole is an AIF.
The Maritime Labour Convention has been given the force of law in Malta 'via' the "Merchant Shipping (Maritime Labour Convention) Rules, 2013" that were published on the 10 May 2013 as "Legal Notice 145 of 2013".
The Malta Financial Services Authority (MFSA) has today issued two Self-Assessment Questionnaires for already authorised Maltese Fund Managers and Self-Managed Funds (other than UCITS Schemes) in order to assist them in the transition to the new AIFMD regime by 22 July, 2014. In this regard, the MFSA indicates that a completed Self-Assessment Questionnaire should be submitted before 31 March, 2014 in order to meet the deadline for compliance.
In October of last year, the Malta Financial Services Authority (MFSA) published a circular regarding the proposed introduction of a new rule in the MFSA’s Rulebook for Professional Investor Funds (the PIF Rulebook) permitting cross sub-fund investments by Maltese Professional Investor Funds (PIFs) targeting Qualifying Investors (QIFs) or Extraordinary Investors (ExtraIFs). A copy of the original circular can be obtained here to which GANADO Advocates provided its comments. The MFSA has today issued its Feedback Statement setting out its conclusions and the relevant new Rule.