News

The second phase of the Sandbox Regulatory Framework has been launched by the MGA, and deals with applications for the use of ITAs and DLT.

Recently, the MFSA, Malta’s sole financial regulator, has published its mission for the next three years. Whilst stressing on the significance of transparency, openness and accountability, the Strategic Plan 2019 – 2021 has been established in the context of the challenges currently being faced by both international and local financial markets.

By renewing the DDT10 exemption, it will ensure that companies remain complaint and continue to satisfy the conditions laid down by the Act. Moreover, such change will also continue to reinforce and strengthen the DTT10 exemption whilst establishing a more secure and regulated environment.

Greece Prime Minister Kyriakos Mitsotakis announced that there will be various tax deductions in order to attract more foreigners to invest in Greece. One of the major measures is the exemption of the 24% VAT. However, various other amendments will also be implemented.

Dual Citizenship Report launched, studying laws allowing, prohibiting or restricting dual nationality. Dual Citizenship Report European Edition.

The MFSA has recently issued its Consultation Paper on Security Token Offerings (STO). Our firm will be providing its opinions to the Authority as an interested investor. This paper focuses on 6 different sections, being “defining security tokens”, “applications for approval of prospectuses and/or admissibility to listing and trading of traditional STOs”, “transparency requirements”, “secondary markets”, “market abuse regulations” and “post-trade settlement”.

By virtue of Legal Notice 110 of 2019 the possibility of consolidation for tax purposes was introduced into Maltese law. With effect from year of assessment 2020, subject to satisfying certain conditions, a parent company, as defined, and its subsidiaries may elect to be treated as a single entity for tax purposes.

Building on its reputation as the ultimate maritime hub, Malta continues to reach new heights, evidenced by the announcement that Shipping Giant CMA CGM will relocate its entire to the Malta flag. This was announced in a press conference by the Minister for Transport, Infrastructure and Capital Projects earlier this week.

The MFSA Annual Report 2018 has just been published, and a 9.5% growth has been witnessed within the Financial Service Industry. Silvio Schembri has remarked that such growth has been the result of a restructuring process, which was set in motion 2 years ago within the MFSA.

It has been announced that two major shipping companies will join TradeLens, which is a tailor-made blockchain-based shipping platform. Basically, it uses smart contract and blockchain in order to permit associations between various parties, in a transparent and safe environment.