Succession issues in family offices rarely stem from legal deficiencies. They more often arise from governance and relational dynamics, such as insufficient preparation of the next generation, unclear transitions of ownership and control, divergin
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As single family offices become more sophisticated in both structure and international footprint, governance increasingly emerges as the defining factor between long-term stability and internal fragmentation. While jurisdictional choice, tax effic
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The effectiveness of a single family office depends not only on governance structures but also on how capital is deployed. A well-designed investment platform enables efficient access to private markets, fund structures, and direct investment oppo
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The Malta Financial Services Authority (“MFSA”) recently issued a Dear CEO Letter outlining the findings of its thematic review on the compliance and internal audit functions of management companies of alternative investment funds (“AIFs”)
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The Malta Financial Services Authority (“MFSA”) has issued its latest Investment Services Supervision Regulatory Briefing covering the period between 29th July 2025 to 28th February 2026. The publication highlights important regulatory and sup
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Beyond regulation, Malta’s tax and residency framework is a central driver behind the jurisdiction’s growing appeal for Single Family Offices (“SFOs”). Certain Maltese structures commonly used by family offices may benefit from: Notified P
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One of Malta’s principal advantages is its proportionate regulatory approach to Single Family Offices (“SFOs”). However, families and their advisers must clearly understand where regulatory obligations arise and where exemptions may apply. T
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Malta continues to strengthen its position as a credible European hub for Single Family Offices (“SFOs”). Following the introduction of a more tailored regulatory framework, families establishing an SFO in Malta must carefully consider the opt
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Directive (EU) 2024/927, more commonly referred to as AIFMD II, amends the Alternative Investment Fund Managers Directive (“AIFMD”) with respect to the harmonisation of rules applicable to alternative investment fund managers (“AIFMs”) man
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A Data Reporting Services Provider (“DRSP”) is a specialised entity that plays a pivotal role in promoting transparency, integrity, and efficiency in financial markets. Introduced under the Markets in Financial Instruments Directive (“MiFID
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Unit trusts have established themselves as a flexible and efficient structure for collective investment under Maltese law. While rooted in trust law, they are commonly regulated as Collective Investment Schemes under the Investment Services Act (�
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On the 29th July 2025 the Malta Financial Services Authority (“MFSA”) issued its Investment Services Supervision Regulatory Briefing covering developments for the period 1st January 2025 – 24th July 2025. This update is essential reading
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The Malta Financial Services Authority (“MFSA”) has issued a Circular addressed to Central Securities Depositories, investment firms, and other market stakeholders concerning the upcoming transition to a T+1 settlement cycle under Regulation (
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The Malta Financial Services Authority (“MFSA”) has issued a position paper setting out its stance on the tokenisation of fund units within Collective Investment Schemes (“CIS”). This initiative aligns with the EU’s broader efforts to re
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We would like to extend our sincere thanks to Swissquote, Integra Private Wealth Management, and Invesco for inviting our team to the Financial Horizons 2025 conference. It was a privilege to attend this insightful event, where we gained valuable
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One of the more recent developments in the world of alternative investment is the Notified Alternative Investment Funds (“NAIF”). NAIFS are a type of collective investment scheme exempt from licencing, provided they are included in the Malta F
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Introduction The Financial Intelligence Analysis Unit (the “FIAU“) has announced that the European Banking Authority (the “EBA“) has issued new Guidelines on the ‘travel rule’ under the revised Transfer of Funds
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Fund Managers nowadays are concerned about one main matter: the time to market of their products. Acknowledging this, Malta as a jurisdiction has launched a new fund structure aimed at allowing managers, even those outside of the EU, to launch the
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Although emerging from different regulatory frameworks, the operation of a Multilateral Trading Facility (“MTF”) and a Crowdfunding Platform share certain similarities which may at times blur their significant distinguishing features. For inst
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On the 22nd of December 2022, the Malta Financial Services Authority (“MFSA”) published a Consultation Document on the proposed establishment of a Framework for Notified Professional Investor Funds (“NPIFs”). The aim behind this Consultati
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On the 7th October 2022, the European Parliament and Council approved a set of technical standards emerging from the Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 (“EMIR REFIT”). These technical standard
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On the 23rd September 2022, the European Securities and Markets Authority (“ESMA”) has updated its Questions and Answers (“Q&As”) on the following: The Q&As on the European Crowdfunding Service Providers for Business Regulations, w
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On the 6th October 2022, the Malta Financial Services Authority (“MFSA”) issued a circular on the European Securities and Markets Authority’s (“ESMA”) final Report on the Guidelines on MiFID II Suitability Requirements (“the Report”)
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On the 3rd October 2022, the Malta Financial Services Authority (“MFSA”) issued a circular addressed to those market participants which enter into derivative contracts falling within the scope of Regulation No. 648/2012, the European Market In
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On the 6th September 2022, the Malta Financial Services Authority (“MFSA”) issued a circular on Article 6 of the European Market Infrastructure Regulation (“EMIR”) which states the following: “ESMA shall establish, maintain and keep up t
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The Malta Financial Services Authority (“MFSA”) Report on Operational and Compliance Readiness by Financial Market Participants and Financial Advisers (the “Report”) has been issued following the MFSA’s first supervision exercise into th
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A crypto fund can be defined as a collective investment scheme managing a portfolio consisting mainly of cryptocurrencies. These types of funds are on the rise, mainly due to the rapid growth in value of several cryptocurrencies. The development o
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On the 11th of October 2021, the Malta Financial Services Authority (“MFSA”) issued a circular to inform the industry on two matters: the Investment Firms Classification and XBRL Submission Testing Phase. Investment Firms Classification Follow
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The notion behind product governance stems from the fact that investment firms which manufacture and distribute financial instruments known as products, shall act in the best interests of their investors at all stages of a product’s development
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The European Securities and Markets Authority (“ESMA”) published the results of the 2020 Common Supervisory Action (“CSA”) on MiFID II suitability requirements noting inter alia, that on the whole, firms do comply with the essential elemen
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On the 5th August 2021, the Malta Financial Services Authority (“MFSA“) issued a Circular reminding relevant entities that the Investment Firms Regulation and Directive (the “IFRD Package“) came into force on the 26th June
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On the 21st July 2021, the Malta Financial Services Authority (“MFSA”) issued a circular regarding the changes to Appendix 2B Fund Manager Return, triggered by the Investment Firms Regulation and Directive (“IFRD”). The purpose of the circ
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The Conduct Supervision Function within the Malta Financial Services Authority is currently conducting a number of focused on-site inspections at investment firms to assess the application of product governance rules adopted by the selected firms.
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On the 4th January 2021, the European Securities and Markets Authority (“ESMA”) has proceeded to withdraw the registration of a number of Credit Rating Agencies (“CRA”) and Trade Repositories (“TR”) registered in the United Kingdom (�
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On the 13th January 2021, the European Securities and Markets Authority (“ESMA”) issued a public statement reminding firms falling under MiFID II on the requirements applicable to the provision of investment services to retail or professional
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On the 16th December 2020, the German cabinet passed a draft legislation intended to allow the possibility for shares to be issued and registered in an electronic manner. This move has been applauded by stakeholders as it follows the German govern
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On the 10th December 2020, the Malta Financial Services Authority (“MFSA”) issued a circular as the 1st briefing to the industry on the impending implementation of the Investment Firms Regulation (“IFR”) package. The package consists of th
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On the 4th December 2020, the Malta Financial Services Authority (“MFSA”) issued a circular advising relevant entities on the derivatives reporting obligations emanating from the European Markets Infrastructure Regulation (the “Regulation”
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On the 19th November 2020, the Malta Financial Services Authority (“MFSA”) issued a circular as a follow up to their previous publication to provide a clarification to counterparties which fall within the definition of ‘non-financial counter
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On the 10th November 2020, the Malta Financial Services Authority (the “MFSA”) issued a circular informing the industry on the revisions made to the Loan Funds Rules, that shall apply as from the date of the issued circular. The new rules shal
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On the 19th October 2020, the Malta Financial Services Authority (“MFSA”) issued a circular addressed to all market participants and entities which undertake Securities Financing Transactions (“SFTs”) falling under the Securities Financing
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On the 14th October 2020, the Malta Financial Services Authority (“MFSA”) issued a circular on its findings following the compliance inspections related to Regulation 648/2012 ‘The European Markets Infrastructure Regulation’ (“EMIR”) w
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On the 24th September 2020 the European Securities and Markets Authority (“ESMA”) published a report containing its review on the appropriateness of the Market Abuse Regulation (“MAR”). The report has concluded that, in general the MAR has
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On the 25th August 2020, the Malta Financial Services Authority (“MFSA”) issued a circular on the updates made to the Investment Services Rules (the “Rules”) applicable to Collective Investment Schemes. The Rules have been updated by addin
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By means of a notice issued by the Malta Financial Services Authority (the “MFSA”) on the 15th July 2020, the MFSA reminded all licence holders of their obligations in relation to record keeping. In order to ensure consumer protection, complia
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On the 3 July 2020, the Malta Financial Services Authority (the “MFSA”), published a Circular addressed to MiFID firms, fund managers and self-managed Collective Investment Schemes (the “Licence Holders”) falling within the remit of the se
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On the 3 July 2020, the Malta Financial Services Authority (the “MFSA”) notified firms classifying as MiFID firms, Fund Managers and Collective Investment Schemes (the “Licence Holders“) that various amendments had been carried o
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On the 6 April 2020, the Malta Financial Services Authority ( the “MFSA”), issued a Circular addressed to Investment Services Providers, making reference to Rule R4-3.2.7 (the “Rule”) of Part BI of the Investment Services Rules for Investm
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The European Securities and Markets Authority (“ESMA”) has recently issued a decision to temporarily require the holders of net short positions in shares traded on a regulated market within the European Union (the “EU”), to notify the rele
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The Malta Financial Services Authority (“MFSA”) has published a circular on the 5th of March 2020 bringing to the attention of market participants the European Commission’s (“EC”) launch of a public consultation. This consultation relate
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The MFSA has recently issued two Circulars in relation to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the perfo
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The European Securities and Markets Authority (“ESMA”) has recently updated its Questions and Answers (“Q&As”) in relation to various Regulations and Directives as provided hereunder: 1. Prospectus Regulation The two new Q&As provi
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The European Securities and Markets Authority ("ESMA") has published an updated version of its Questions and Answers ("Q&As") on the implementation of investor protection requirements under Directive 2014/65/EU of the Europ
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The European Securities and Markets Authority ("ESMA")has recently published a Consultation Paper on Regulation (EU) No 596/2014, the Market Abuse Regulation ("MAR"). This Consultation Paper provides a number of proposals which
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On the 16th September 2019, the Malta Financial Services Authority (“MFSA”) published a Circular in relation to the reporting requirement introduced in Regulation (EU) No 909/2014 (“CSDR”) and which relates to the quarterly reporting of in
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The European Securities and Markets Authority ("ESMA’s") temporary restrictions on contracts for differences (CFDs) and Binary Options (BOs) to retail clients are or have been terminated. In this regard, the Malta Financial Services Au
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The European Securities and Markets Authority (“ESMA”) has recently published two guidelines regarding the stress testing of money market funds and reporting on money market funds to national competent authorities. These guidelines were publis
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On the 11th July 2019, the European Securities and Markets Authority (“ESMA”) issued a Public Statement which aims to draw the attention of all regulated entities which either provide, distribute or sell Contracts for Differences (“CFDs”)
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In order to ensure common, uniform and consistent application of the EU Directive 2004/39/EC (the “MiFID II”) compliance function requirements, the European Securities and Markets Authority (“ESMA”) has launched a public consultation on dr
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The Regulation (EU) No. 909/2014 on improving securities settlement in the European Union and on central securities depositories (the “CSDR”) plays a pivotal role for the harmonisation of the settlement of financial instruments in the European
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The Regulation (EU) No. 909/2014 on improving securities settlement in the European Union and on central securities depositories (the “CSDR”) lays down uniform requirements for the settlement of financial instruments in the European Union and
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Binary options are cash settled derivative contracts based on the direction which the price of an underlying asset will take within a specified time frame and having only two possible outcomes that depend on whether the forecast price is correct (
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In 2007, the European Parliament and the European Council adopted the Shareholder Rights Directive (EU) 2017/828 (“SRD II”), amending Directive 2007/36 (“SRD I”). The aim of SRD II is to encourage long-term engagement of EU
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As of 29th March 2019, the European Securities and Markets Authority (“ESMA”) has updated its Questions & Answers (“Q&A”) document regarding the implementation of the Market Abuse Regulation (No. 596/2014, “MAR”). The objective
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On the 28th March 2019, the Malta Financial Services Authority (“MFSA”) issued circular on the proposed Temporary Permission Regime (“TPR”) which will be applicable to UK licensed investment funds, asset managers and investment firms (“U
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The European Securities and Markets Authority (“ESMA”) has recently issued a press release in relation to the Memoranda of Understanding (“MoUs”) agreed between ESMA and European securities regulators with the United Kingdom’s (“UK”)
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The MFSA has released a circular, addressed to all market participants falling within the scope of European Market Infrastructure Regulation (“EMIR”), on the implications on Clearing Through Central Counterparties (“CCPs”) established in t
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Due to inherent risks posed to investors, the European Securities and Markets Authority (“ESMA”) has agreed to impose temporary product intervention measures on the provision of contracts for differences (“CFDs”) and Binary Options. ESMA h
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ESMA has recently updated it Question and Answers documents in relation to the Market Abuse Regulation. The following is a summary of the salient points: Persons professionally arranging or executing transactions: this category is not only limited
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Dr. Omar Zerafa has recently published an article on LeapRate regarding the new policies adopted by the MFSA in relation to providers of binary options trading platforms. Read more on http://leaprate.com/uzmg5.
The MFSA has just updated its policy on online forex trading service providers, licensed as Category 2 or Category 3 Investment Service Licence holders. In its revised policy, the MFSA has lowered its threshold in relation to the requirement of a
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The MFSA has just issued a notice informing applicants for a Category 2 or Category 3 licence to carry out online forex trading of a new set of conditions specifically targeted to such companies. The new set of conditions put restrictions on the s
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On the 10th October 2014, the Commission has adopted an act containing the implementing rules for Solvency II, which will enter into force once they are approved by both the European Parliament and the Council. Solvency II takes into account the c
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The MFSA has recently published a set of documents formalising the implementation of the National Private Placement Regime (“NPPR”) in Malta. The NPPR allows Alternative Investment Fund Managers to market Alternative Investment Funds i
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