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Malta Business Review

Malta Business Review MBR HUMOUR Life Really Does Happen In Numbers... Four men were discussing coincidences at a bar. The first man said: "My wife was reading a Tale of Two Cities and she gave birth to twins." "That’s funny", the second man remarked. "My wife was reading The Three Musketeers and she gave birth to triplets" “My goodness,” the third man chimed in. “The same happened to me. My wife had quintuplets after reading The Five People You Meet in Heaven.” The fourth man shouted, now looking quite ill, "Good God, I have to rush home!" When asked what the problem was, he exclaimed, "When I left the house, my wife was reading Ali Baba and the Forty Thieves!!" MBR All rights reserved - Copyright 2018 MEPS DEMAND NEW LAW TO DEFEND JOURNALISTS Not long after Maltese journalist Daphne Caruana Galizia was killed by a car bomb, the bank that she had accused of being at the center of a global money laundering network involving the Azeri government and Prime Minister Joseph Muscat’s wife dropped its numerous lawsuits against her — allegations all involved deny. Vice President Frans Timmermans The same bank successfully threatened Maltese newspapers with libel action if they didn’t delete certain articles on the grounds they were based on lies and fabrications. The use of lawsuits to shut down the work of journalists is common in the U.S. but relatively new to Europe. SLAPP lawsuits are intended to intimidate and silence investigative journalists and independent media by burdening them with exorbitant legal expenses until they abandon their stance as a result of the threat of financially crippling lawsuits abroad. They also noted that The Shift News received similar threats from Henley and Partners, the concessionaires of Malta’s cash-for-passport scheme. Henley and Partners threatened The Shift News with legal action in the US and the UK in an attempt to get an article on the company removed In a letter to Commission First Vice President Frans Timmermans, a cross-party group of MEPs are demanding that the Commission propose a new directive to give journalists the ability to ask for such lawsuits to be dismissed, as well as create a fund to help media firms resist such legal action. “This practice is abusive, poses a threat to media freedom and has no place in the European Union,” the MEPs said. MBR Creditline: POLITICO; Morgen Europa 56

DLT REGULATION Malta Business Review Malta – a leader in DLT Regulation, implementing its vision of being a global leader in innovative economy Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri launched a public consultation on the establishment of the Malta Digital Innovation Authority, the framework for the Certification of Distributed Ledger Technology Platforms and Related Service Providers. Parliamentary Secretary Silvio Schembri explained that the aim of the proposed framework is to offer legal certainty to a space that is currently unregulated, and touches on a number of issues, including types of authorisations, legal personality and the applicability of law to smart contracts. This legal framework will provide an environment conducive to the development of this technology and help position Malta as a natural destination for businesses that operate in this space. The Parliamentary Secretary explained that the framework conceptualises the creation of a new Digital Innovation Authority, the voluntary registration of Technology Service Providers, and the certification of DLT Platforms and related smart contracts as technology arrangements. The framework also includes another new regime under the MFSA for the approval of ICOs and the regulation of certain service providers dealing with VCs, including brokers, exchanges, wallet providers, asset managers, investment advisors and market makers. “This document is a result of extensive consultation and informal dialogues with interested parties, both locally and internationally. The new authority will have amongst its roles that of promoting innovation, and fostering the creation of a successful ecosystem”, said Parliamentary Secretary Schembri, while explaining that the consultation document takes a three-step approach. The first step is that of setting up the Malta Digital Innovation Authority, followed by a bill which sets out the legal regime for the registration of Technology Service Providers and the certification of Technology Arrangements. Thirdly, a bill that sets out the framework for ICOs and the regulatory regime on to the provision of certain services in relation to VCs is then drawn up. The intermediaries subject to the VC Bill include brokers, exchanges, wallet providers, asset managers, investment advisors and market makers dealing with VCs (to be issued by MFSA). Parliamentary Secretary Schembri said that the document put forward for consultation is the base for the creation of a new economic sector that will be a great contribution to Malta’s economic growth. A new industry, potentially as large as the iGaming industry, and capable of creating thousands of new jobs, will compliment and reinforce other sectors and act as a catalyst for the creation or development of new economic DOI - Jason Borg DOI - Jason Borg sectors such as supply chain management and Fintech. “This is the first framework of its kind in the world that will make Malta a leader in DLT regulation”, said the Parliamentary Secretary. MBR The consultation period ends on 9th March 2018 and one may access the document at: http:// opm.gov.mt/en/Documents/FSDEI%20-%20 DLT%20Regulation%20Document.pdf All rights reserved - Copyright 2018 LAUNCH OF NEW SCHOLARSHIP FOR THE FINANCIAL SERVICE SECTOR The Ministry for Education and Employment launches a new scholarship scheme specifically aimed at the financial service sector. With respect to financial services, Malta ranks within the top 50 countries in the World Economic Forum’s Global Competitive Report 2015-2016. In fact, Malta ranks 25th in the world for its availability of financial services, 23rd for affordability of financial services and 33rd for financing through the local equity market. Despite being the smallest EU Member State, Malta distinguishes itself in this sector. This sector is facing difficulties to fill in specific vacancies, both at top and lower levels, mainly maximum funding Non-level rated €200 per study programme. courses on the MQF MQF L3 MQF L4 MQF L5 award €50 per ECTS/ECVET up to a maximum of €1,500 €60 per ECTS/ECVET up to a maximum of € 2,000 €70 per ECTS/ECVET up to a maximum of €3,000 due to professional, technical and practical skill gaps. The scholarship scheme aims to address this through specialised training in various areas of the financial services. An agreement between the Malta Financial Services Authority and the Ministry for Education and Employment sees that for a period of two consecutive years the lump sum of fifty thousand euro per annum out of the annual profit generated by MFSA, is to be used to provide short-term scholarships at advanced level aiming to address the qualification €2,500 (minimum of 60 ECTS/ECVET) €5,500 (minimum of 120 ECTS/ECVET) €6,500 (minimum of 120 ECTS/ECVET) existing skill gaps in Malta’s financial services sector. The sectors offered include; banking, financial institutions, insurance, insurance intermediaries, investment services, trust and trust management. Within these sectors, training is necessary in particular skills: compliance skills, fund administration skills, general regulatory requirements, technical skills in accounting, knowledge in legal aspects, communications skills, banking operations, analytical skills, IT skills, investment management skills, risk management skills, and actuarial skills. Applicants shall start their studies within 12 months of the closing date of this call. MBR An information meeting will be held on the 28th February at 5:15pm at the Ministry for Education and Employment. Applications will be accepted between 14th Feb 2018 and the 14th March 2018 on (https://edumalta.gov.mt/en/ financial-services-scholarships-scheme). credit: Ministry for Education and Employment www.maltabusinessreview.net 57

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