https://www.um.edu.mt/library/oar/handle/123456789/28355 Tue, 26 May 2026 21:09:27 GMT 2026-05-26T21:09:27Z https://www.um.edu.mt/library/oar/handle/123456789/29482 Title: The civil liability of credit rating agencies : a comparative perspective Abstract: The aim of this thesis is to explore the potential civil liability of credit rating agencies towards investors and issuers in the European Union following the coming into force of the Regulation 1060/2009 on credit rating agencies and its subsequent amendments. CRAs have been blamed for playing a major role in triggering the 2008 global financial crisis and failing to avert a meltdown in global financial markets, as well as for being overly aggressive in rating Eurozone countries’ creditworthiness and thereby exacerbating the financial crisis. The reforms presented in these regulations have the goal of enhancing the quality of structured products, increasing the transparency of rating methodologies, reducing investor over-reliance on ratings and guaranteeing more stability for sovereign issuers. Among other things, the latest iteration of the regulation on credit rating agencies, in the new Article 35a, establishes a civil liability regime for CRAs, allowing for claims to be made against the rating agencies in certain defined scenarios. However, the European legislator did not create a complete and elaborate European civil liability norm defining all of its constituent elements, rather the CRA Regulation III provides only a rudimentary liability concept for CRAs. This concept has to be complemented by the relevant applicable national law. The ultimate conclusion which this thesis arrives at is that with no decided cases on the matter, there is still much legal uncertainty surrounding the way in which the new civil liability regime will applied in any of the Member States. Description: LL.D. Sun, 01 Jan 2017 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/29482 2017-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/29470 Title: A critical analysis of the regulation of crowdlending : a local perspective Abstract: This thesis critically analyses the problems that came about following the 2008 financial crisis, and the effects of such problems on enterprising individuals and SMEs. There were a number of solutions to the finance gap created, and these options will be briefly discussed before then analysing thoroughly the role crowd funding, and especially Crowdlending has played in finance. The thesis exposes the lack of legislative preparedness for the introduction of such a Crowdlending model in Malta, and also the reluctance of Maltese to venture for alternative means of financing and the use of FinTech. Crowdlending is an international solution offered to the global problem of the finance gap and this thesis has delved into the different ways various jurisdictions have gone about regulating such a sector and what prompted the regulation of such a sector. The UK, which has the most advanced regulatory system, is discussed in depth to see what led to unrelenting growth in the sector in conjunction with successful regulation. The thesis then elicits the benefits and disadvantages that arise when regulating such a sector. Crowdlending utilizes technology to offer financial services and hence there is the predominant possibility of cross-border transactions taking place and jurisdictional issues may arise. The different cross-border scenarios that may arise are analysed to see how current regulation would apply to such scenarios. The thesis then sets out a number of regulatory proposals that could facilitate the introduction of Crowdlending in Malta, besides setting out the need to regulate as a means to kick-start the sector and as a means to offer another solution to access financing in Malta. The mitigation of risk, by building trust, and facilitating such investment is a vital factor that could lead to increased economic growth. Description: LL.D. Sun, 01 Jan 2017 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/29470 2017-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/29447 Title: A historical appreciation of the principles of intellectual property relevant to copyright Abstract: Intellectual property law is facing a new frontier with the onset of further globalisation and further technological development. Copyright is no exception in this regard and with a culture of expanding on the same legal mores in spite of the ever-changing landscape it is pertinent to re-evaluate the underlying principles and events which the regime is based upon in order to prevent obfuscations in the thinking behind the already elusive concept of copyright. A multi-pronged approach is warranted; with a historical appreciation of copyright examined in a Maltese and global context to underline those events which made copyright possible. Apart from this it is also pertinent to examine the underlying concepts of copyright and assess their functioning within different historical eras. Finally it is also worth taking a first principles approach to the theoretical precepts of copyright and intellectual property in general to clarify the salient points which need to be addressed to solve current and future problems within the regime. Description: LL.D. Sun, 01 Jan 2017 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/29447 2017-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/29419 Title: The development element within the World Trade Organisation Abstract: The purpose of this thesis is to examine what has been done, what is being done and what should be done at the World Trade Organisation (WTO) level with a view to foster the economic development of developing countries through the increase of their capability to trade. This is a serious source of concern and one of the major challenges for the WTO. The poorest countries on the planet need help, but even though the leaders of the wealthiest nations persist in proclaiming that they are pro-development, the truth is that they keep on protecting themselves while leaving developing countries and least developed countries behind. The WTO agreements are full of provisions aimed at alleviating poverty; however, in reality, these fit into a trend of one-size-fits-all which does not work, since different countries have different needs. This thesis argues that important lessons are to be learnt; that is, that developing countries need constant support, market access and the elimination of trade barriers. It also focuses on the way forward for developing countries. At present, the Doha Development Round is in a state of stalemate. Developing countries appear to have been completely side-lined by global powers. This thesis thus intends to identify the main reasons why the Doha Rounds are static, and attempts to examine the WTO’s special and differential treatment provisions in the context of developing countries. The WTO has failed to live up to its promises over the past years, which exposes a wider problem in the global community. Proper and long-lasting solutions to global economic problems can only be realised once global competitiveness between countries is genuine; that is, when global interest overrides self-interest. Description: LL.D. Sun, 01 Jan 2017 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/29419 2017-01-01T00:00:00Z