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Legal market overview
Malta’s reputation as a tax-efficient and commercially viable destination for business is longstanding, and has been augmented in recent years by positive financial services and redomiciliation legislation. The country’s favourable regulatory regime and its adoption of the euro in 2008 have made it a natural choice for a range of investment vehicles, especially hedge funds and UCITS (undertakings for collective investment in transferable securities), seeking to take advantage of the beneficial passporting rights and investor protection that Maltese registration offers. Accordingly, in a market where transactional and capital markets activity are relatively stagnant, funds capability is a core requirement for any Maltese firm with significant banking and finance capability and, for some smaller players, forms the overwhelming majority of their practice. Firms’ investment funds capability is included in the Banking, finance and capital markets editorial. Legislation has also made Malta a destination for aviation finance.
Commercial property developments such as SmartCity are another barometer of the country’s attractiveness to foreign investors, its high-quality infrastructure and highly educated workforce making it a natural choice for redomiciliation as well as branch office openings which, in turn, creates a steady pipeline of work for law firms.
There is a healthy mix of long-established firms – such as Fenech & Fenech Advocates, Ganado Advocates and Mamo TCV Advocates (the first of these in particular is singled out by clients and peers) – with reputations based on sizeable partner-level strength as well as longstanding presence; and newer, younger firms, often with strong IP, technology and gaming (the last of these being the fastest-growing industry in Malta) practices – Chetcuti Cauchi Advocates and WH Partners being standout examples.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
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Whilst Malta’s history, sun and sea might be a good reason for tourists to come to the island, they are surely complementary but not the sole reasons to attract prospective e- commerce and gaming operators to Malta. Indeed, to the gaming and e- commerce world, Malta represents more than that.
Over the years Malta has evolved from a traditional, debtor friendly civil law jurisdiction into an increasingly financier friendly jurisdiction that offer many of the flexibilities typically associated with common law jurisdictions. These developments have been spurred by (and have spurred) the growth of the aviation and maritime industries in Malta, as well as the country’s emergence as a reputable financial services centre. This article provides an overview of the core Maltese legal concepts which are of interest to banks and other financial institutions lending money in or from Malta.
It is fair to say that AIFMD was not very well received by the Maltese burgeoning industry when it was first announced in April 2009. The initial draft appeared to have been drafted hastily and did not take into account certain characteristics of the local regulatory regime (such as the availability of self-managed fund structures) leading many to speculate that the Directive could disrupt the growth of the Maltese funds industry.Another issue that arose during regulatory gestation of the directive was the requirement for full scope AIFMs to appoint a single depositary for each AIF it manages, in the jurisdiction where the AIF is domiciled; a requirement which, due to the, at the time, limited depositary infrastructure could also have dampened growth.
Old Regime for Malta’s Taxation from Immovable property
An Eye for Innovation, Creativity & Excellence
As the first jurisdiction in the European Union (EU) that introduced regulated remote gaming, with an average of a hundred new applications a year and being the largest EU i-gaming jurisdiction, Malta's success in the i-gaming arena is undisputed. That said, whilst Malta's history, sun and sea might be a good reason for tourists to come to the island, they are surely complementary but not the sole reasons to attract prospective i-gaming operators. Indeed, to the i-gaming world, Malta represents more than that.
With the transposition of the Alternative Investment Fund Managers Directive (" AIFMD ") in the offing, analysis on the transformation and legal implications of such on the role of the Depositary as a key and core service provider to Alternative Investment Funds (" AIFs ") is significant, given the central function and responsibility this position was conferred within this industry.
Investment advice a kind of investment service which may be provided by an investment service provider licensed by the Malta Financial Services Authority (MFSA) under the Investment Services Act (ISA). With the exception of a category 4 licence holder.
The Alternative Investment Fund Managers Directive ("AIFMD" or "the Directive") has been in discussion since its announcement in April of 2009, but the detail of its implementation has, until fairly recently, been somewhat unclear. However, following the issuing of a number of consultation documents and other instruments there is now far more clarity on the subject. This article will seek to provide an overview of the various instruments by means of which the Directive is to be introduced into Maltese law and will also briefly touch upon the effect that these changes will have on the structure of Maltese funds legislation.
Malta has experienced consistent growth in the funds sector since the jurisdiction's accession to the EU in 2004, such that today it is legitimate to consider the country as a mature, well-established domicile rather than an emerging one. In fact the jurisdiction now hosts around 500 funds pursuing a variety of strategies, as well as a complete ecosystem of support services providers such as fund administrators, law firms and audit firms. The sector has now evolved to the point where managers are not just using the country as a domicile for funds, but are also increasingly looking at the jurisdiction as a domicile for their fund management operations.
The IMF (International Monetary Fund) approved last Friday the disbursement of around 280 Million Euros to Cyprus. The IMF praised Cyprus for the economic recovery of the island and for implementing agreed reforms. The Deputy Managing Director of the IMF David Lipton said that Cyprus continues to produce positive results and that economic and fiscal outcomes have been better than expected. Public finances exceeded targets and growth turned positive in the first quarter of 2015.
Managing partner of VEGAS LEX Alexander Sitnikov has been re-elected to the Board of Directors of the TNS Energo power utility.
Stephen Baker, senior partner at Baker & Partners, was invited as a panelist to the International Bar Association (IBA)’s Annual Anti-Corruption conference, Paris, exploring how assets can be located, preserved and recovered in corruption cases.
HaoLiWen recently has helped clients to resolve several customs classification (HS code) cases, and the clients benefits a lot in terms of import duties saves or avoidance of administrative or even criminal penalties.
The participants of a workshop on fraud risks among senior management have discussed reasons of corporate fraud, potentially fraud-conducive environments and ways to fight it.
Danos & Associates has recently established a new office in Kiev, Ukraine. We are proud of our cooperation with Lex-Liga law firm. Lex-Liga is one of the leading law firms in Ukraine. The firm offers full services in all areas of law and is based in Kiev. Lex-Liga's lawyers and staff are highly experienced and professional.
The first translation of the report Airport Competition in Europe commissioned by Airports Council International Europe (ACI EUROPE) has been officially published in Russia. The translation was initiated by the Federal Air Transport Agency (Rosaviatsia) and was carried out by VEGAS LEX law firm and the First Infrastructure Company InfraONE.
On 2 June 2015, the Russian Constitutional Court announced its resolution concerning the claim of OOO Zapolyarneft stating that environmental charges imposed on this company were disproportionate. One of the rules of the Russian Forestry Code and the Russian Government's resolution based on it were recognised as inconsistent with the Constitution.
In the elegant atmosphere of Jugoslovenska Kinoteka in Belgrade, Karanović & Nikolić hosted a celebratoin marking two decades of business operations.
All the evidence indicates that the authorities no longer view mortgage brokers as the middle man, free from all blame. As a result, brokers are increasingly finding themselves in the dock along with people who made the fraudulent mortgage applications that aroused the interest of investigators.