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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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The AIFMD passport is currently only available to EU AIFMs and EU AIFs. However, AIFMD makes provision for access to the passport rights to be possibly extended to non-EU entities at a future date. Although the European Securities and Markets Authority (ESMA) just recommended this extension to managers and funds established in Jersey, Guernsey and, potentially, Switzerland, investment manager and funds set up in the US, Hong Kong and Singapore will not be granted the same right at the present time.
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.
Sunrise announced today the launch of its initial public offering ("IPO") on the SIX Swiss Exchange with the publication of the offering and listing memorandum and the start of the bookbuilding process. Trading is expected to commence on 6 February 2015. With an offer size of CHF 1.6 billion, the Sunrise IPO constitutes the largest IPO on the SIX Swiss Exchange since 2006 and the first IPO in the Swiss telecommunications sector since 1998.
Niederer Kraft & Frey Ltd. (NKF) advised Bridgepoint in connection with the sale of Infront Sports & Media AG to Dalian Wanda Group Co. Ltd. The agreement was signed on 10 February 2015 and is subject to customary conditions.
Niederer Kraft & Frey advised Deutsche Bank and UBS as Joint Global Coordinators, the Joint Global Coordinators, Berenberg, and Morgan Stanley as Joint Bookrunners and Vontobel as Co-Lead Manager in connection with the successful Initial Public Offering and listing on the SIX Swiss Exchange of Sunrise, Switzerland's second largest telecom operator.
Niederer Kraft & Frey advised Knorr-Bremse AG, the world’s leading manufacturer of braking systems for rail and commercial vehicles, which is based in Munich and employs more than 24,000 people worldwide, in the acquisition of Selectron Systems AG, Lyss. Through this acquisition, Knorr-Bremse is expanding its portfolio to include components and solutions for the automation of rail vehicles. The acquisition successfully closed on 24 February 2015.
Niederer Kraft & Frey advised UBS AG and Credit Suisse AG, the Joint Bookrunners, and Zürcher Kantonalbank, the Co-Lead Manager, in connection with Implenia AG's ("Implenia") offering of CHF 175 million subordinated unsecured convertible bonds due 2022 convertible into shares of Implenia. The bonds will be listed on the SIX.
Schoenherr advised Rohrdorfer group on its acquisition of CEMEX's operations in Austria and Hungary for approx. EUR 160 mn. A sale and purchase agreement was signed on 11 August 2015. The closing of the transaction is expected during the fourth quarter of 2015 and is subject to the satisfaction of standard conditions for this type of transaction, including merger clearance. read more
The VEGAS LEX law firm has participated in a discussion of the Eurasian Economic Union pharmaceutical market regulation at a meeting of the nonprofit partnership Standards of Pharmaceutical Market.
Kim & Chang has been awarded ‘South Korea National Law Firm of the Year’ at Chambers Asia-Pacific Awards 2015 , organized by Chambers and Partners, an internationally renowned legal publication publishing a directory of the world’s leading law firms.
Kim & Chang was recognized as ‘Employer of Choice 2015’ in The ALB Employer of Choice Rankings, a feature article in the April issue of ALB Magazine.
Kim & Chang’s Committee for Social Contribution (“CSC”) recently entered into a MOU with Seongbuk-gu Government (a ward within the city of Seoul), formalizing a collaborative relationship that allows both Kim & Chang and the Seongbuk-gu Government to support the development of the education sector.