Nota Informattiva — Pubblikazzjoni tal-Leġiżlazzjoni (Emendi għall-Att dwar il-Kumpaniji) / Informative Note – Publication of Legislation (Amendments to the Companies Act)

L-Att li jemenda l-Att dwar il-Kumpaniji, 2024 ġie maħruġ b’liġi mill-Parlament u ppubblikat fil-Gazzetta nhar is-17 ta’ Mejju 2024.

L-għan aħħari ta’ dawn l-emendi huwa doppju, fis-sens li jinkludi dispożizzjonijiet meħtieġa għat-traspożizzjoni ta’ Direttiva tal-Unjoni Ewropea relatata mal-obbligu ta’ ċerti impriżi kbar li jippubblikaw ir-rapport ta’ informazzjoni dwar it-taxxa tagħhom flimkien mad-dikjarazzjonijiet finanzjarji rispettivi, u t-tieni, dispożizzjonijiet imdaħħla fuq inizjattiva nazzjonali. Dawn tal-aħħar jinkludu firxa wiesgħa ta’ artikoli leġiżlattivi, inklużi dmirijiet miżjuda lir-Reġistratur, setgħa leġiżlattiva għall-Ministru responsabbli mir-reġistrazzjoni ta’ soċjetajiet kummerċjali biex ikollu l-poter legali li joħroġ avviżi legali, regolamenti u linji gwida fir-rigward tal-funzjonijiet miżjuda ġodda tar-Reġistratur, biex jiċċara u jissimplifika ċerti proċeduri fir-rigward tat-tnaqqis tal-kapital azzjonarju, it-tħassir ta’ ishma u kwistjonijiet anċillari għalihom, u biex jiżgura ċ-ċertezza legali relatata mal-operazzjonijiet transkonfinali u d-disparitajiet lingwistiċi.

Mingħajr ma s-sitwazzjoni tiġi kkumplikata żżejjed, dawn li ġejjin huma punti ewlenin li jistgħu jgħinu biex ikun hemm għarfien iktar faċli tad-dispożizzjonijiet li qed jiġu emendati. Minbarra dawn il-punti ewlenin, wieħed jista’ jaċċessa wkoll il- Linji Gwida. Dawn tal-aħħar għandhom l-għan li jiggwidaw liċ-ċittadin u lill-partijiet interessati kollha matul il-proċess. L-artikoli kollha numerati hawn taħt għandhom x’jaqsmu mal-Att dwar il-Kumpaniji (Kap. 386 tal-Liġijiet ta’ Malta).

• l-Artikoli 2 u 3 — definizzjonijiet ta’ ‘sid benefiċjarju’, ‘offerta ta’ titoli lill-pubbliku’ u ‘Regolament dwar il-Prospett’; lista aġġornata ta’ traspożizzjonijiet tal-UE.

• l-Artikolu 79 — M&As jistgħu jiġu sottomessi b’mod elettroniku, mhux biss stampati fiżikament. Tali sottomissjoni elettronika teħtieġ firma elettronika kwalifikata.

• l-Artikolu 83 — tnaqqis tal-kapital azzjonarju — il-każijiet fejn il-kapital azzjonarju maħruġ ta’ kumpanija jitnaqqas għandu jitwessa’ biex jinkludi każijiet ta’ riżervi mhux distribwibbli; il-proċeduri applikabbli li għandhom jiġu segwiti huma pprovduti wkoll.

• l-Artikolu 84 — wara l-konformità mad-dispożizzjonijiet ta’ dan l-Artikolu, kumpanija tista’ mhux biss tiġi ffurmata bħala kumpanija ta’ investiment b’kapital azzjonarju varjabbli, iżda tista’ tiġi mibdula (konvertita) wkoll.

• l-Artikolu 106 — Akkwist tal-ishma tal-kumpanija stess — tali kanċellazzjoni tista’ sseħħ mingħajr il-ħtieġa li jiġu segwiti d-dispożizzjonijiet tal-Artikolu 83 (dejjem fil-parametri tal-Artikolu 106). Notifika (mhux statutorja) ta’ tali kanċellazzjoni għandha tiġi kkonsenjata lir-Reġistratur għar-reġistrazzjoni fi żmien erbatax-il (14) jum. Penali amministrattiva għandha tapplika f’każ ta’ inadempjenza, b’penali amministrattiva oħra ta’ kuljum sakemm ikompli l-inadempjenza.

• l-Artikolu 107 — Akkwist tal-ishma proprji tal-kumpanija mingħajr l-applikazzjoni tal-Artikolu 106 — emendat biex jinkludi każijiet wara konverżjoni, amalgamazzjoni jew diviżjoni (skont l-Att dwar il-Kumpaniji), konverżjonijiet, fużjonijiet jew diviżjonijiet transkonfinali magħmula skont ir-Regolamenti rilevanti taħt l-Att, jew akkwistati minn azzjonisti li ma jaqblux kif previst fl-Artikolu 107(1)(f) tal-Att.

• Artikolu 109 — Dawk ir-riżervi msemmija fil-paragrafu (b) tal-Artikolu 109 għandhom isiru distribwibbli wara kanċellazzjoni magħmula skont l-Artikoli 106(6) jew 107(2).

• Artikolu 129 — Sejħa ta’ laqgħa ġenerali straordinarja dwar ir-rekwiżizzjoni — Minbarra d-dmir tad-diretturi li jipproċedu li jsejħu laqgħa, ġie introdott rekwiżit ġdid biex l-istess diretturi jorganizzaw il-laqgħa f’perjodu ta’ xahrejn mid-data tad-depożitu tar-rekwiżizzjoni.

• Artikolu 142 — Twessigħ taċ-ċirkostanzi li jiskwalifikaw persuna milli tinħatar/tokkupa il-kariga ta’ direttur jew segretarju tal-kumpanija. L-istanzi jinkludu dawk meta persuna tinstab ħatja ta’ reat ta’ ħasil tal-flus skont it-tifsira tal-Att dwar il-Prevenzjoni tal-Ħasil tal-Flus (Kap. 373), reati predikati assoċjati mal-ħasil tal-flus u l-finanzjament tat-terroriżmu.

• Artikolu 146 — Ir-Reġistratur għandu jiġi infurmat formalment bil-ħatra ta’ amministratur/rappreżentant legali/kwalunkwe persuna inkarigata minn kumpanija wara ħatra magħmula mill-qorti jew mill-awtorità kompetenti. Il-persuna maħtura tinnotifika lir-Reġistratur b’tali riżenja jew tneħħija minn tali pożizzjoni permezz ta’ Formola K(2)* ġdida fi żmien 14-il jum minn tali ħatra/riżenja/tneħħija. L-ebda penali ma tapplika.

• Artikolu 151 — Kumpanija tkun obbligata tinnotifika lir-Reġistratur bl-ewwel ħatra ta’ awditur u għal kull ħatra wara r-riżenja jew it-tneħħija tal-awditur preċedenti. Għalhekk meta l-istess awditur jiġi approvat għal terminu ieħor, in-notifika ma għandhiex għalfejn issir. Se tiġi introdotta Formola F(3) * ġdida. Fin-nuqqas ta’ notifika lir-Reġistratur, japplikaw penali amministrattivi. Il-formola għandha tiġi ppreżentata fi żmien 14-il jum mill-ħatra.

• Artikolu 218 — Issa se tkun id-diskrezzjoni tar-Reġistratur li jippreżenta rikors ta’ likwidazzjoni fil-qorti li jikkonċerna kumpanija partikolari, f’każijiet fejn ikun prattiku li jsir dan jew inkella fejn ikun fl-interess pubbliku.

• Artikolu 224 — emenda għall-verżjoni Maltija biex tiġi allinjata mal-verżjoni Ingliża.

• Artikolu 400 — ir-Reġistratur issa se jkun protett minn kwalunkwe responsabbiltà personali, sakemm l-azzjoni jew l-ommissjoni li tittieħed azzjoni ma tkunx ġejja minn mala fede.

• Artikolu 401 — Id-dmirijiet tar-Reġistratur għandhom jinkludu —
  • it-twettiq ta’ spezzjonijiet fuq il-post fl-uffiċċji rreġistrati tal-kumpaniji biex jiġi kkonfermat li l-azzjonisti u s-sidien benefiċjarji huma dawk żvelati lir-Reġistratur;
  • li tivverifika li l-uffiċċju reġistrat tas-sħubijiet kummerċjali huwa eżistenti u validu;
  • li jistabbilixxi, jamministra u jżomm repożitorju ċentrali tad-data; reġistru ta’ korporazzjonijiet ta’ entitajiet barranin u impriżi li għandhom attività kummerċjali sinifikanti f’Malta; u kwalunkwe reġistru ieħor, li jista’ jkun meħtieġ minn żmien għal żmien, wara konsultazzjoni mal-Ministru responsabbli mir-reġistrazzjoni ta’ soċjetajiet kummerċjali.

• Artikolu 425 — Setgħat tal-Ministru responsabbli mir-reġistrazzjoni ta’ soċjetajiet kummerċjali — se jkun hemm setgħat addizzjonali biex tiġi żgurata l-kapaċità leġiżlattiva biex isiru regolamenti dwar:
  • ir-repożitorju ċentrali tad-data, u kwalunkwe reġistru ieħor li r-Reġistratur jista’ jkun meħtieġ li jżomm fit-twettiq tad-dmirijiet tiegħu, inkluż l-aċċess għall-kwalifiki u l-onorarji;
  • korpi korporattivi rreġistrati, inkorporati, jew iffurmati f’pajjiż ieħor għajr Malta biex jitkomplew jew jiġu kkonvertiti f’kumpanija skont il-liġijiet ta’ Malta, u għal korpi korporattivi ffurmati jew irreġistrati f’pajjiż li mhuwiex Malta biex iwettqu merger transkonfinali jew diviżjoni transkonfinali ma’ jew li jinvolvu kumpanija inkorporata jew li għandha tiġi inkorporata f’Malta.

• Artikoli 213B, 213C, 213D u r-Raba’ Skeda — dawn l-artikoli qed jiġu introdotti jew emendati skont dan, biex jittrasponu Direttiva tal-UE li tirrikjedi li impriża kbira tiżvela informazzjoni dwar it-taxxa lill-pubbliku. Meta kumpanija li teħtieġ li tiżvela informazzjoni lir-Reġistratur tonqos milli tippreżenta tali informazzjoni, għandhom japplikaw penali amministrattivi.

• Il-Ħdax-il Skeda — L-Iskeda tal-Penali qed tiġi emendata biex tirrifletti l-każijiet ta’ penali ġodda msemmija hawn fuq kif xieraq.   

Barra minn hekk, irid jiġi enfasizzat li l-formoli statutorji l-ġodda li qed jiġu introdotti kif stipulat fil-punti ta’ hawn fuq għandhom jidħlu fis-seħħ wara emenda għar-Regolamenti dwar Formoli taħt l-Att dwar il-Kumpaniji. Din l-emenda dalwaqt se sseħħ, madankollu, bħala parti mill-obbligi biex jiġu protetti l-intrapriżi żgħar u ta’ daqs medju, il-Formoli l-ġodda se jidħlu fis-seħħ biss wara xahrejn (2) mill-pubblikazzjoni tar-Regolamenti emendati msemmija. Avviż ieħor se jinħareġ mal-pubblikazzjoni tal-Avviż Legali rispettiv li jemenda tali Regolamenti.

Dr Geraldine Spiteri Lucas
Reġistratur u Kap Eżekuttiv

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The Companies (Amendment) Act, 2024 has been enacted by Parliament and published in the Gazette on 17th of May 2024.

The scope of the amending Act are two-fold and include provisions required for the transposition of an European Union Directive relating to the obligation of certain large undertakings to publish their tax information report alongside the respective financial statements, and secondly, provisions introduced on a national initiative. The latter comprise a wide range of legislative articles, including added duties to the Registrar, corresponding legislative power for the Minister responsible from the registration of commercial partnerships to issue legal notices, regulations and guidelines with respect to the new added functions of the Registrar, to clarify and simplify certain procedures in relation to the reduction of share capital, cancellation of shares and ancillary matters thereto, and to ensure legal certainty relating to cross-border operations and linguistic disparities.

Without overcomplicating the situation, the below are key points which may help towards the better understanding of the provisions being amended. Apart from these key points, one may also access the User Guidelines which seek to guide the citizen and all stakeholders throughout the process. All articles numbered below relate to the Companies Act (Cap. 386 of the Laws of Malta).

• Articles 2 & 3 – definitions of ‘beneficial owner’, ‘offer of securities to the public’ and ‘Prospectus Regulation’; updated list of EU transpositions.

• Article 79 – M&As may be submitted electronically, not just physically printed. Such electronic submission requires a qualified e-signature.

• Article 83 – reduction of share capital – the instances whereby the issued share capital of a company is reduced shall be widened to include instances of non-distributable reserves; the applicable procedures to be followed are also provided.

• Article 84 – following compliance with the provisions of this article, a company may not only be formed as an investment company with variable share capital, but also be converted into.

• Article 106 – Acquisition of company’s own shares – such cancellation may take place without having to follow the provisions of article 83 (always within the parameters of article 106). A notice (not statutory form) of such cancellation needs to be delivered to the Registrar for registration within fourteen (14) days. An administrative penalty shall apply in case of default, with a further daily administrative penalty up until the default continues.

• Article 107 – Acquisition of company’s own shares without the application of article 106 – amended to include instances following a conversion, amalgamation or division (under the Companies Act), cross-border conversions, mergers or divisions made pursuant to the relevant Regulations under the Act, or acquired from dissenting shareholders as provided in article 107(1)(f) of the Act.

• Article 109 – Those reserves referred to in paragraph (b) of article 109 shall become distributable following a cancellation made pursuant to articles 106(6) or 107(2).

• Article 129 – Convening of extraordinary general meeting on requisition – Apart from the duty of the directors in proceeding to convene a meeting, a new requirement is introduced for the same directors to hold the meeting within a two-month period from the date of the deposit of the requisition.

• Article 142 – Widening of the circumstances disqualifying a person from being appointed/hold the office of director or company secretary. Instances will include those when a person is found guilty of an offence of money laundering within the meaning of the Prevention of Money Laundering Act (Cap. 373), associate predicate offences to money laundering and financing of terrorism.

• Article 146 – The Registrar is to be formally informed of an appointment of an administrator/legal representative/any person in charge of a company following an appointment made by the court or competent authority. The person appointed will notify the Registrar of such, or of a resignation or removal from such a position through a new Form K(2)* within 14 days of such an appointment/resignation/removal. No penalties will apply.

• Article 151 – A company will be obliged to notify the Registrar of an auditor’s first appointment and for every appointment thereafter, following the resignation or removal of the previous auditor. Thus when the same auditor is approved for another term, the notification need not be done. A new Form F(3)* will be introduced. Failing to notify the Registrar, administrative penalties will apply. Form is to be filed within 14 days from appointment.

• Article 218 – It will now be the Registrar’s discretion to file a winding up application in court concerning a particular company, in cases where it is either practical to do so or else where it is in the public interest.

• Article 224 – amendment to the Maltese version to align with the English version.
• Article 400 – the Registrar will now be protected from any personal liability, unless the action or omission to act arises from bad faith.

• Article 401 – Duties of the Registrar will include –
  • carrying on-site inspections at the registered offices of companies to confirm that the shareholders and beneficial owners are those as disclosed to the Registrar;
  • to verify that the registered office of commercial partnerships is existent and valid;
  • to establish, administer and maintain a central data repository; a register of foreign body corporates and undertakings having a significant business activity in Malta; and any other register, which may be required from time to time, following consultation with the Minister responsible from the registration of commercial partnerships.

• Article 425 – Powers of the Minister responsible from the registration of commercial partnerships – additional powers will be given to ensure the legislative capacity to make regulations concerning:
  • the central data repository, and any other register which the Registrar may be required to keep in fulfilment of his duties, including access qualifications thereto and fees;
  • bodies corporate registered, incorporated, or formed in a country other than Malta to be continued or converted into a company under the laws of Malta, and for bodies corporate formed or registered in a country other than Malta to carry out a cross-border merger or cross-border division with or involving a company incorporated or to be incorporated in Malta.

• Articles 213B, 213C, 213D and Fourth Schedule – these articles are being introduced or amended accordingly, to transpose an EU Directive requiring large undertaking to disclose tax information to the public. When a company requiring to disclose information to the Registrar fails to submit such, administrative penalties shall apply.

• Eleventh Schedule – Penalties Schedule is being amended to reflect the foregoing instances of new penalties accordingly.       

Furthermore, may it be highlighted that the new statutory forms being introduced as stipulated in the foregoing points shall enter into force following an amendment to the Companies Act (Forms) Regulations. This amendment will soon take place, however, as part of the obligations to protect small and medium sized enterprises, the new Forms will only become effective following two (2) months from the publication of the said amended Regulations. Another notice will be issued in due course upon the publication of the respective Legal Notice amending the Forms Regulations.

Dr Geraldine Spiteri Lucas
Registrar & CEO