Following an alignment of the interpretation of the phrase “marketing its units or shares” with the concept of marketing in the AIFMD, Maltese investment funds managed by third-party managers will now be considered to be “subject persons” under the Prevention of Money Laundering & Terrorist Financing Regulations (PMLFTR). These investment funds are expected to appoint a Money Laundering Reporting Officer (MLRO) by not later than 30th April, 2013. The same amendments to the PMLFTR Implementing Procedures also added a new chapter (Chapter 9) formally recognising AML outsourcing arrangements by funds with no physical operational set-up to their fund administrator including the possibility of appointing the MLRO of the administrator as the fund's MLRO.
On 1st March, 2013 the MFSA published a revised set of Investment Services Rules for Retail Collective Investment Schemes (the “RCIS Rules”) and appendices (including a revised Appendix 11 Investment Services Rules for Investment Services Providers) to the reflecting ESMA’s Guidelines on ETFs and other UCITS issues (ESMA/2012/832) (the “Guidelines”) issued in December, 2012.
The latest issue of the GA Shipping and Maritime Newsletter has just been published and is available to download by clicking here.
Ganado Advocates was recently one of the four international law-firms nominated for offshore law firm of the year award at the inaugural UK Captive Services Awards 2013.
On 15th February, 2013, the Malta Financial Services Authority (the “MFSA”) published a Corporate Governance Manual for Directors of Investment
A project to rationalise the bank debt of Enemalta Corporation, Malta’s state-owned single generator and distributor of electricity, finally came to fruition after a lengthy and intense commercial and governmental process leading to the transaction documents being signed on the last day of 2012. What the transaction parties dubbed “Project Vault” represented probably both the largest ever transfer of Government immovable property and domestically arranged debt financing in Maltese history.
On 11th February, 2013, the European Securities and Markets Authority (“ESMA”) published the final guidelines on sound remuneration policies under the AIFMD (the “Guidelines”). Click here for a copy of the Guidelines. The Guidelines build upon Annex II of the Alternative Investment Fund Managers Directive (“AIFMD”) which establishes a set of rules with which AIFMs have to comply when establishing and applying the remuneration policies for certain categories of their staff as well as the Level II Regulations regarding remuneration policies, conflicts of interest and disclosure of remuneration.
The Malta Financial Services Authority (MFSA) recently issued a Consultation Paper on the proposed regulation of corporate service providers (CSPs) in Malta in order to implement EU Directive 2005/60/EC
With effect from Monday 4th February, 2013 Ganado & Associates, Advocates will change its practice name to simply GANADO Advocates.
On 18th January 2013, the Government of Malta, through its Permanent Representative to the UN in Geneva, H.E. John Paul Grech, deposited with the International Labour Office the instrument of ratification of the Maritime Labour Convention, 2006 (MLC, 2006). Malta becomes the 34th ILO Member State and the 12th EU Member State to ratify this landmark Convention, which sets out decent working and living conditions for seafarers while creating conditions of fair competition for ship-owners.