Fabio Axisa, President of the Malta Institute of Accountants emphasised the need for a clear communication strategy involving all stakeholders in order for them to be aware on what is going on both at a technical and political level, stating that it is not too late to do what still needs to be done. 

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The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of Draconis Investment Limited which has an internet presence at https://draconisinvestment.com. The MFSA wishes to alert the public, in Malta and abroad, that Draconis Investment Limited is NOT licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entities.

For more information, click here. 

A key event in the 2020 calendar of the European Union (EU) was the heads of government meeting held last July in Brussels to discuss and approve the multiannual financial framework (MFF) for the seven years 2021 – 2027. Read more...

It was brought to the attention of the Malta Financial Services Authority (“MFSA”) that an individual residing overseas received a letter making unauthorised use of a seal belonging to the MFSA together with the logo of the Central Bank of Malta. This letter appears to be making requests for payment of fines relating to money being held in the sender’s account.

For more information, click here. 

The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity operating under the name of Ivaja Ltd with a registered address at 8, Triq Sant’ Antnin, Birkirkara, BKR 4901 Malta. The Authority would like to inform the public that although Ivaja Ltd is a company registered with the Malta Business Registry, it is NOT licensed or otherwise authorised by the Malta Financial Services Authority to provide  the services of a cryptocurrency and exchange platform or any other financial and virtual financial services which are required to be licensed or otherwise authorized under Maltese law.

For more information, click here. 

The Commissioner for Revenue notifies that a new online income tax return has been launched. In order to file the return, log into MyTax Services using your e-ID and benefit from a deadline extension until the 31 August 2020.
 
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The IFAC PAIB Committee encompasses volunteers with experience and expertise in the world of business and the public sector, members are nominated by the professional accountancy organisations that make up IFAC’s membership. The committee is made up of 18 members from all over the world, each one being from a different country. The main aim of the committee is to give IFAC direct input on business and accountancy issues, relevant standard-setting initiatives, projects and initiatives, together with providing outreach and stakeholder engagement across the accountancy profession. Stephen L. Muscat represents Malta, Mr Muscat is also a member of the Malta Institute of Accountants (MIA) PAIB focus group.

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Due to the COVID-19 outbreak the Malta Institute of Accountants (MIA) had to act fast to switch from face to face training sessions to online ones. This appeared to be a challenge but also an opportunity for tutors. The MIA got in touch with Rachel Falzon, one of the tutors who previously gave face to face sessions for MIA and now has switched to virtual training. Rachel explains her experience and how she adapted to such a change. Read more...

The Malta Financial Services Authority (MFSA) has issued a Circular on the Amendments in relation to Chapter 1 and Chapter 2 of the Insurance Business Rules issued under the Insurance Business Act (Cap. 403 of the Laws of Malta)  - Refer to Link for more details.

MGA publishes amendments to its Sandbox Regulatory Framework

Last week the Malta Gaming Authority has issued amendments to its Sandbox Regulatory Framework published here.

The MGA also reminds authorised persons that ‘an approval to participate in the Sandbox Regulatory Framework is conditional on the applicant holding the relevant licence issued by the MGA, without prejudice to any other regulatory requirements stemming from other applicable legislation, including but not limited to, the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) and the regulations issued thereunder.’