News & Resources

  • Adoption of 5MLD by the European Parliament

    On 19 April 2018, the European Parliament adopted the 5th Anti-Money Laundering Directive (5MLD).

    News . Diane Bugeja . Friday, April 20, 2018
  • Correction of irregularities in tender documents subject to a fixed penalty allowed – In Principle

    The Court of Justice of the European Union (“CJEU”) recently delivered a preliminary ruling stating that (Italian) national legislation allowing contracting authorities to allow tenderers, whose tender is vitiated by serious irregularities, to rectify its tender, within a certain time limit and subject to payment of a fixed financial penalty, was not contrary to EU law - provided that the amount of that penalty is proportionate.

    News . Steve Decesare; Lisa Abela; Katya Gatt . Friday, April 20, 2018
  • ESMA agreed on product intervention measures relating to CFDs and binary options

    Following the introduction of ESMA’s new product intervention power under Art. 40 of MiFIR, on the 27th of March 2018, the ESMA has agreed on temporary product intervention measures (the “Measures”) on the provision of contracts for differences (“CFDs”) and binary options to retail investors in the European Union (“EU”).

    News . Andrei Vella; Andrew Caruana Scicluna; Andrea Vianelli . Wednesday, April 18, 2018
  • MFSA issues Consultation Paper on the Financial Instrument Test

    The Malta Financial Services Authority (“MFSA”) has issued a consultation paper (the “Paper”) on the financial instrument test (the “Test”) for virtual financial assets (“Assets”).

    News . Malcolm Falzon; Donald Vella; Terence Cassar; Alexia Valenzia . Tuesday, April 17, 2018
  • Direct award of passport and official document printing contracts in breach of EU law

    Last month, the European Court of Justice (“ECJ”) ruled that Austria’s direct award of service contracts for the printing of chip passports, emergency passports, residence permits, identity cards, credit card-sized driving licences and credit card-sized vehicle registration certificates without an EU-wide call for tenders constituted a breach of its obligations under EU public procurement law.

    News . Steve Decesare; Lisa Abela; Katya Gatt . Monday, April 16, 2018
  • Extension of applicability of reduced duty rate on intra-family transfers

    On 20th March 2018, Legal Notice 82 of 2018 was published by the Minister responsible for Finance, whereby the applicability of the reduced rate of 1.5% on duty incurred in respect of intra-family donations of company shares and immovable property used within a family business, as contemplated by the Duty on Donations of Marketable Securities and Immovable Property Used for Business (Exemption) Order 2017, was extended by half a year.

    News . Mark Galea Salomone; Miguel Camilleri . Monday, March 26, 2018
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