https://www.um.edu.mt/library/oar/handle/123456789/9213 Thu, 09 Apr 2026 20:29:19 GMT 2026-04-09T20:29:19Z https://www.um.edu.mt/library/oar/handle/123456789/103297 Title: Recent developments in the move towards more global transparency and enhanced mutual assistance in direct tax matters Abstract: Tax transparency has become a major challenge across the globe as many jurisdictions have realised that a full opacity might be harmful not only for themselves in terms of reputation but also it would potentially have a negative impact on the global economy. We have observed a new trend over the last decade whereby cross-border cooperation is encouraged and jurisdictions and international organizations are keen to participate to new or enhanced initiatives allowing for more exchange of information and encouraging tax transparency. Chapter 1 will give some background on the change of trend from bank secrecy from automatic exchange of financial information outline with the process towards more cross-border cooperation. In Chapter 2, the content of the recently launched Foreign Act Tax Compliant Act and the international effect of its implementation is analysed. Chapter 3 deals with an examination of the model issued by the OECD, the Common Reporting Standard, including a comparison with the Foreign Tax Compliant Act. The way automatic exchange of information has been implemented and is being enhanced at the level of the European Union will be discussed in chapter 4. Description: M.A. Fin. Serv.(Melit.) Thu, 01 Jan 2015 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/103297 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/13710 Title: Legal consequences of maritime disasters and accidents : a comparative study Abstract: The period between 1954 and the present has been a period during which maritime law has developed drastically. This thesis deals with the legislative initiatives taken by legal institutes, such as the IMO, in order to prevent or limit the effects following accidents or disasters at sea. The main objective of this thesis is to bring to light the present state of maritime law, particularly after a series of maritime incidents during the past years. Even though maritime commerce, trade and activity stretch back thousands of years, there has not always been the presence of comprehensive and efficient rules to prevent and regulate maritime accidents. The accidents and disasters themselves have brought to light the need to create a legal framework in order to regulate this wide sphere of commerce and activity. Nowadays, maritime activity is one of the most renowned method of transport for trading and transporting goods, and for the travel of people for both leisure and work purposes, since it is considered as one of the safest form of transport. The thesis further shows that despite the fact that much has been done with regard to the prevention and control of sea incidents, there is still much to be done in order for this area of law to be completely effective and efficient. This thesis includes an overview of several maritime-related issues, starting with oil pollution, being a chief subject of maritime law, since it affects both the community at large and the marine environment. It surveys the legislation enacted both at international and municipal level, as a result of major oil spills, covering both prevention and control. It then goes on to deal with offshore oil rigs, since today these also pose a threat to the marine environment. Other issues such as safety and security at sea are also dealt with. Description: LL.D. Thu, 01 Jan 2015 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/13710 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/10525 Title: Analysing beneficial ownership in the context of the action 'in rem' Abstract: This dissertation has aimed to address the relevance of beneficial ownership from an admiralty law perspective. Particularly, it has delved into the importance of this phrase in both subsections (a) and (b) of section 742D of the Code of Organisation and Civil Procedure. The analysis has been conducted both with respect to the particular vessel against which a maritime claim arose and any other vessel which shares beneficial ownership with that ship at the time the action is brought. The author has also attempted to acknowledge certain different financial institutions, fiduciary obligations and corporate structuring methods adopted in the shipping industry, in particular the concept of the “one-ship company” which has seen rapid growth worldwide. Being a matter of procedure, the law of the state in which the action is sought is generally the applicable law for interpretation. However, due to the lack of local case-law on the matter, coupled with the inherent international nature of the shipping industry and admiralty account must also be given to foreign adaptations. Therefore, an in depth analysis comparative analysis has been carried out. The concept has been examined according to British legislation and jurisprudence and other relevant jurisdictions bearing in mind the International Arrest Conventions of 1952 and 1999. The author is hopeful that the concept of beneficial ownership has been addressed both from a practical and theoretical approach. Although there are a number of debatable issues and no fixed definition has been established, this dissertation has provided a number of elements or criteria which are of utmost importance when considering what beneficial ownership for the purposes of an action in rem is. These elements merit further examination by the Courts and legislators alike in order to provide legal certainty to both ship owning companies and their creditors. Description: LL.D. Thu, 01 Jan 2015 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10525 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/10523 Title: Non‐executive directors in privately owned companies : is the law in need of change? Abstract: As suggested by the title, the thesis will seek to analyse the position of NEDs in private companies in Malta and whether the law is in need of change. The Board of directors is the highest organ responsible for the management of a company, hence the author looks at developments in corporate governance, a topic of much debate mainly in public listed companies particularly due to a spate of corporate collapses and which led to the introduction of governance codes worldwide. Privately owned companies have to an extent been neglected. Both Malta and the UK do not recognise NEDs in their statutes. Consequently NEDs share equal responsibilities to those of their executive counterparts. Nonetheless limited case law in Malta shows divergent and contradicting opinions. Some judgments take a narrow approach and hold that NEDs are not recognised and hence all directors share equal responsibility, while others disagree stating that NEDs carry out a supervisory function. Similarly, authors and judgments in the UK have recognised the different role of NEDs however stated that statute does not allow them to make a distinction. Various commentators in the UK and Malta agree that the position and different role of the NED should be recognised. The result is that the situation in Malta and UK is still very unclear leaving NEDs in the dark vis-­‐à-­‐vis responsibility and potential liability, an unhappy situation from an economic and legal viewpoint. The author proposes that statute should be in-­‐line with economic realities and at least recognise the NED. The author further proposes the introduction of a governance code for privately owned Maltese companies, namely the ‘ecoda guidance’, recently adopted by the UK. A phased mixed, voluntary and comply-­‐or-­‐ explain approach is proposed. Finally the author suggests practical tips for NEDs, collected from judgments and which should support NEDs in the performance of their role and in mitigating potential exposure to liability. Description: LL.D. Thu, 01 Jan 2015 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/10523 2015-01-01T00:00:00Z