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The popularity of sale and leaseback transactions is now evident to whoever is involved in the shipping industry.

Within the finance lease, the lessee shall assume substantially all the risks and rewards normally associated with the ownership of the asset, other than the legal title which remain vested with the lessor.

Malta's maritime industry is largely governed by the Merchant Shipping Act of 1973, Chapter 234 of the Laws of Malta (the "Merchant Shipping Act"), a legislative cornerstone regulating among others, vessel registration, security interests such as mortgages, safety standards, seafarers' rights and shipowner obligations.

The comment letters on the IASB and FASB’s joint exposure draft on leases raise many concerns about the boards’ proposals.