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E&S Group

Legal Updates : 23rd July till 16th August

By September 2, 2022No Comments

AML/CFT

  • MFSA launches Corporate Governance Code for Authorised Entities
    • The MFSA has launched its Corporate Governance Code for MFSA authorized entities. The Code provides a list of guiding principles, complemented with supporting provisions and its application is based on the principle of proportionality. These principles are designed to enhance the legal, institutional and regulatory framework for good governance in the Maltese financial services sector. They thus complement the current provisions already in force in the legal and regulatory framework.
    • https://www.mfsa.mt/wp-content/uploads/2022/08/MFSA-Corporate-Governance-Code.pdf
  • EUROPOL publishes the EU Terrorism Situation and Trend Report 2022
    • EUROPOL has published the Annual European Union Terrorism Situation and Trend Report for 2022, presenting figures, major developments and trends pertaining to the terrorism situation in the EU in 2021. The report includes valuable qualitative information and assessments from Europol’s partners that enrich the findings of the report, in order to reflect on developments beyond the EU that affect the security of the EU and its citizens.
    • https://www.europol.europa.eu/publications-events/main-reports/tesat-report
  • EU “Maintenance and Alignment” Package of Restrictive Measures against Russia & Update of SMB Guidance Notes
    • The Council of the European Union (EU) adopted the “maintenance and alignment package” in response to Russia’s continuing war of aggression against Ukraine. These measures “are intended to tighten existing economic sanctions targeting Russia, perfect their implementation and strengthen their effectiveness.” Consequently, the SMB has updated the Guidance Note on Russia Sanctions in order to reflect the Council Decision. The SMB also issued an updated version of the Guidance Note on the interpretation of article 5b of Council Regulation (EU) No 833/2014 of 25 February 2022.
    • https://fiaumalta.org/news/eu-maintenance-and-alignment-package-of-restrictive-measures-against-russia-update-of-smb-guidance-notes/
  • FATF updates its Guidance on the Risk-Based Approach for the Real Estate Sector
    • The FATF has updated its Guidance Document on the Risk Based Approach for the Real Estate Sector. The revised Risk-Based Approach Guidance for the Real Estate Sector highlights the importance for the sector to increase its understanding of the money laundering and funding of terrorist risks (ML/FT) it faces. The ML/FT vulnerabilities of the sector identified by the FATF include exploitation by politically exposed persons, the purchase of luxury real estate, the use of virtual assets to purchase real estate, the use of anonymous companies in transactions, and gatekeepers as instruments to launder the proceeds of crime.
    • https://fiaumalta.org/wp-content/uploads/2022/08/RBA-Real-Estate-Sector.pdf

 

TAX

  • CFE issues Opinion Statement on DEBRA Proposal
    • CFE Tax Advisers Europe has issued an Opinion Statement on the European Commission Proposal for a Council Directive on debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes (“DEBRA Proposal”). CFE is of the view that the proposal as designed might be detrimental to start-ups and pull equity finance away from them. Corporate entities being able to choose between debt and equity funding, would be an incentive to choose more to use equity. It is noted that there is a shortage of equity capital in Europe, as compared to the US, to finance start-ups: if more of the available equity capital is taken by corporate entities/ established companies, there will be even less available for start-ups (introducing a tax incentive for the fund-raising company will do nothing to affect the supply of equity finance from investors).
    • https://taxadviserseurope.org/project/opinion-statement-fc-6-2022-on-the-european-commission-proposal-for-a-council-directive-on-debt-equity-bias-reduction-allowance/

 

OECD

 

AVIATION

 

EUROPEAN UNION

  • New rights to improve work-life balance in the EU enter into application today
    • As of the 2nd August 2022, all Member States must apply EU-wide rules to improve work-life balance for parents and carers adopted in 2019. These rules set out minimum standards for paternity, parental and carers’ leave and establish additional rights, such as the right to request flexible working arrangements, which will help people develop their careers and family life without having to sacrifice either.
    • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4785
  • More transparent and predictable working conditions for workers in the EU
    • On the 1st of August 2022, all Member States must have transposed the Directive on transparent and predictable working conditions into national law. The Directive provides more extensive and updated labour rights and protection to the 182 million workers in the EU. With the new rules, workers will have the right to more predictability in their working conditions, for instance regarding assignments and working time. They will also have the right to receive timely and more complete information about the essential aspects of their job, such as place of work and remuneration.
    • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4765
  • EU Commission publishes 2021 Annual Burden Survey outlining EU efforts to simplify legislation
    • The European Commission has published the 2021 Annual Burden Survey, which presents concrete examples of simplification of EU rules in areas such as agriculture and rural development, competition, communications, health and food safety, transport and mobility, and the single market.
    • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4745
  • Digital Economy and Society Index 2022: overall progress but digital skills, SMEs and 5G networks lag behind
    • The European Commission published the results of the 2022 Digital Economy and Society Index (DESI), which tracks the progress made in EU Member States in digital. The findings show that while most of the Member States are making progress in their digital transformation, the adoption of key digital technologies by businesses, such as Artificial Intelligence (AI) and Big Data remains low. Efforts need to be stepped up to ensure the full deployment of connectivity infrastructure (notably 5G) that is required for highly innovative services and applications.
    • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4560
  • 8th Environment Action Programme: EU sets out to measure progress on Green Deal environment and climate goals
    • The Commission presented a list of headline indicators for monitoring progress towards the EU’s environment and climate goals to 2030, as well as the 2050 long-term vision to ‘live well, within planetary boundaries’. Resulting from intense consultations with stakeholders and Member States, the new Monitoring Framework under the 8th Environment Action Programme aims to foster transparency and inform Europeans about the impact of EU climate and environmental policy.
    • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4667

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