Political agreement as regards the proposed legislative package on EU capital requirements and prudential supervision is aimed to be reached during the summer of 2012.
The Management Committee of the Malta Depositor Compensation Scheme is planning to introduce a reform to create a framework for fast payout of compensation to eligible depositors in the event of a bank failure.
The Companies Act (Recognised Incorporated Cell Companies) Regulations (“the Regulations”) (L.N. 119 of 2012), issued in the Government Gazette on 17th April 2012, have introduced a new legal structure, namely, the Recognised Incorporated Cell Company (RICC) as a possible alternative to the ICC SICAV.
The Malta Financial Intelligence Analysis Unit (FIAU) has published new guidelines to assist ‘Subject Persons’ better understand their duties to monitor the risk of money laundering (ML) and funding of terrorism (FT) which arise from jurisdictions conducting business with Malta and individuals located in these jurisdictions.
FTSE Global Markets has reported that according to a global survey on the future of fund domiciliation and servicing carried out by International Fund Investment Global (IFI), Malta is emerging as a leading fund domicile and is gaining market share.
The Malta Financial Services Authority has signed a Memorandum of Understanding with the Qatar Financial Centre Regulatory Authority.
The Prevention of Financial Markets Abuse Act is currently the subject of minor amendments as proposed in the draft legislation entitled ‘Various Financial Services Laws (Amendment) Act, 2012.
Proposed amendments to the Trust and Trustees Act are currently being consulted, a major amendment being the introduction of the concept of “Family Trusts”.
The MFSA is circulating a Proposal for a Bill entitled the ‘Various Financial Services Laws (Amendment) Act, 2012 which is to transpose the provisions of the Omnibus I Directive and amend the Trust and Trustees Act and the Prevention of Financial Markets Abuse Act.
Pension schemes stand to lose their QROPS status unless they relocate to a jurisdiction complying with the latest rules realeased by HMRC. The new rules which take effect post April 2012 reflect Malta’s current regulation of investment funds. In effect Malta is the only jurisdiction which does not need to amend its laws on pension schemes following HMRC's announcement.