/library/oar/handle/123456789/16641 2025-11-06T21:46:03Z /library/oar/handle/123456789/103324 Title: The implications of lease accounting changes : an analysis on the banking industry Abstract: The current lease standard IAS 17 has been criticised for permitting companies to account for similar transactions in different ways, compelling analysts to adjust for lease obligations not recognised on the balance sheet. In order to overcome this issue, a new lease standard IFRS 16 was issued in January 2016. The most evident change in IFRS 16 relates to the removal of operating leases, such that under the new standard all lease transactions will be shown on the balance sheet. The new standard consequently has various implications on companies. This dissertation examines the main implications of the new accounting standard on the banking industry from three perspectives; the implications on banks as lessees, the effects on capital requirements, and the impact on banks as lenders. Each perspective is analysed through interviews with informed respondents in the light of comparative literature and research. It is evident that the new standard will have a considerable impact on balance sheets, change debt structures, increase administrative burden, alter leverage ratios, and affect the behaviour of companies with lease commitments. Conversely, results from the analysis of the bank as a lessee shows that the changes in the accounting standard are immaterial for the financial statements, given that lease commitments are not significant. The findings from the analysis on capital requirements suggest that although prudential regulators have not commented on the way forward, respondents were fairly neutral to the effects, again given that the amounts are immaterial. Finally, results on the analysis of banks as lenders reveal that debt covenants may be breached, and consequently covenants will need to be renegotiated before IFRS 16 becomes effective in 2019 once endorsed by the EU. Description: M.A. Fin. Serv.(Melit.) 2016-01-01T00:00:00Z /library/oar/handle/123456789/18223 Title: ‘Pre-packaged’ reorganization : introducing an alternative debt restructuring mechanism within Maltese insolvency law and practice Abstract: Within the Maltese Shores, there are three recognised debt-restructuring procedures that could be pursued by a company that finds itself in financial distress. In the authors view, there is space within the current legislative framework for a fourth-kind of debt restructuring mechanism, which has not yet been explored within the context of national law. This tool is known as ‘pre-packaging’. ‘Pre-packs’ are a hybrid form of debt restructuring mechaism that lies between a court-supervised Company Recovery Procedure and an out-of-court private workout. This tool allows the swift sale of a business’ assets in order to eradicate the company’s debts. The swift nature of ‘prepackaging’ could however at times be controversial, as some of its qualities may seem to be unethical and contrary to the rights provided by our Companies Act. The first chapter of this paper shall illustrate the restructuring procedures that are already prevalent in Maltese insolvency law and practice, discussing the pros and cons of the current legislative framework. The second chapter shall offer a deeper insight into what ‘pre-packs’ really are and how they work in foreign jurisdictions, focusing mainly on legislation and regulations found in the United States and the United Kingdom in this regard. The third chapter, meanwhile, shall explore the possibility of introducing ‘pre-packs’ into Maltese insolvency law and practice through our current legislative framework, while at the same time comparing our national insolvency structure to the British equivalent. The reasoning behind this comparison lies in the fact that Maltese insolvency proceedings and regulations are heavily influenced by British laws, despite the lack of implementation of ‘pre-packs’ as of yet. While staking the claim for the introduction of ‘pre-packs’ as an ancillary form of reorganisation, the author shall also delve into the ethical problems that one may face when trying to implement this form of debt restructuring. Description: LL.B. 2016-01-01T00:00:00Z /library/oar/handle/123456789/17754 Title: The regulation of estate agents : a proposal Abstract: As matters currently stand real estate agents are not subject to any specific regulation in Malta. The aims of this study are to examine such a lacuna in Maltese legislation and to look through the approach taken by the local courts. Due to this legal pitfall, any person may claim to be an estate agent since there is no legal framework regulating estate agency work. The contribution of Estate Agents to the Gross Value Added in the years 2010-3 was about 5.9% per annum, which is substantial enough to warrant the need to regulate estate agents. The recent publication of a White Paper issued by the former Parliamentary Secretary for Competitiveness And Economic Growth, in a bid to regulate the estate agents, highlights the importance of establishing a comprehensive legal framework in this field, thus regulating estate agents. However, in areas where it has been felt that the White Paper is not envisaging a foolproof legal framework, the present author analyses foreign jurisprudence so as to propose better solutions. This study has incorporated some elements found in jurisprudences abroad, particularly in the France, Ireland, Italy, New South Wales and Victoria in Australia, New Zealand and United Kingdom. This research study suggests that the regulation of estate agents requires the enactment of a Real Estate Agents Act. This necessitates a clear definition of who would be regulated by the proposed Act; what are the required licensing requirements; the responsible administrative body; and the consideration of statutory rights and obligations. Thus, such rules would provide guidance on the day-to-day work of estate agents. This study shows that mandatory registration with a regulatory authority is the way forward, since this would safeguard the accountability of estate agents as well as provide effective and active supervision, which in turn promotes consumer protection. Description: LL.B. 2016-01-01T00:00:00Z /library/oar/handle/123456789/17751 Title: The EU Directive on the Protection of Trade Secrets Abstract: Perceiving the problems triggered by a lack of consistent framework for the legal protection of trade secrets across the European Union and the need to nurture innovation and creativity within the internal market, in November 2013 the European Commission undertook to propose a Directive which harmonises the minimum safeguards provided by the 28 Member States. The first chapter of this research project gives an overview of the current fragmented scenario, highlighting the existing divergences between Member States’ laws to protect businesses from the misappropriation of their undisclosed know-how. The options explored by the Commission to combat the unlawful acquisition, use and disclosure of trade secrets across the EU are outlined, whilst analysing the reasons why a Directive was deemed to be the preferred option. The second chapter delves into the main features of the initial proposal as drafted by the Commission, namely the common definition and redress mechanisms available to trade secret holders introduced by the Directive. This chapter also sheds light on the criticism which the initiative received from civil society, claiming that a legislation intended to foster innovation and regulate fair competition between businesses will result in a blanket right to corporate secrecy, suppressing citizens’ freedoms and their right to make informed decisions. The third chapter comparatively analyses the amendments made to the Commission’s draft in the final compromise text negotiated between Council and Parliament’s Committee on Legal Affairs. The final sections of the research project critically examine whether the Commission’s objectives have been reached and whether the approved Directive strikes a balance between corporate and democratic interests. Description: LL.B. 2016-01-01T00:00:00Z