Innovative Technology Arrangements and Services Act

L.N. 389 of 2020

INNOVATIVE TECHNOLOGY ARRANGEMENTS AND

SERVICES ACT

(CAP. 592)

Innovative Technology Arrangements and Services Act

(Amendment) Regulations, 2020

IN EXERCISE of the powers conferred by article 20(2)(a) and (f)

of the Innovative Technology Arrangements and Services Act, The

Minister responsible for Finance and Financial Services and the

Parliamentary Secretary for Financial Services and Digital Economy,

on the advice of the Malta Digital Innovation Authority, has made the

following regulations:-

(1) The title of these regulations is the Innovative

Technology Arrangements and Services Act (Amendment)

Regulations, 2020 and these regulations shall be read and construed as

one with the Innovative Technology Arrangement and Services Act,

hereinafter referred to as the ''principal Act''.

(2) These regulations shall come into force on such date as the

Minister responsible for Finance & Financial Services and the

Parliamentary Secretary for Financial Services and Digital Economy

may by notice in the Gazette appoint.

The First Schedule to the principal Act shall be amended as

(a) items 2 and 3 thereof shall be renumbered as items 3

and 4 respectively; and

(b) immediately after item 1 thereof there shall be added

the following new item

''2. Software and other architectures, not

necessarily used in the context of DLT, smart contracts and

related applications as well as other similar arrangements,

but which are used or meant to be used, as a stand-alone or

as part of a solution in sectors and areas which are deemed

to be of a risky or critical nature, where their failure or

misuse could amongst other things result in loss of life,

grave prejudice to the well-being and rights of natural

persons, significant asset loss or damage and significant

damage to the environment.''.

€0.09