Administrative penalties: the right to a fair hearing
The case Insignia Cards Limited (the “Plaintiff”) vs. il- Korp ghall-Analizi ta’ Informazzjoni Finanzjarja u L-Avukat Tal-Istat (the “Defendant”, the “FIAU”) was brought before the Constitutional Court (the “Court”) on the 24 May 2023,
AML internal audits: A need or a must?
Just over €4,150,000,000. This is the total amount of penalties imposed on financial institutions globally for their lack of compliance with anti-money laundering obligations in 2022.
EBA – legal certainty under PSD3 through merging and demerging of services
The Payment Services Directive (2015/2366 or “PSD2”) which came into effect in January 2018, arguably did not stand the test of time – loose drafting and the rapid evolution of the banking and payments world,
Is the payee information provided to the payer accurate and meaningful? – a PSP’s obligation under the PSD
“A payer’s PSP is required to provide that payer with information enabling the payee who benefited from a payment transaction to be identified and not only the information which that PSP, after making its best efforts, has available with regard to that payment transaction” – judgement of the Court of Justice (CJEU) of the 16 …
MiCA – Landmark crypto regulation approved by EU Parliament
Introduction On 20th April 2023, the European Parliament gave its final blessing to the new Markets in Crypto-Assets Regulation (“MiCA”).
One step closer to establishing a European Green Bond Standard
On the 1st of March 2023, EU lawmakers announced an agreement on the creation of a European Green Bond Standard (EuGB).
EMIR 3.0: Strike three for regulating the European derivatives market?
On 7 December 2022, the Commission put forward a proposal[1] to amend the European Market Infrastructure Regulation[2] (EMIR) with the aim of encouraging clearing of derivative transactions by simplifying clearing procedures and increasing the resilience and efficiency of Central Clearing Counterparties (CCPs) in the EU.
The implementation of Directive 2019/1023: Restructuring and insolvency
Ganado Advocates contributed the Malta chapter in a publication that seeks to analyse the implementation of Directive (EU) 2019/1023 across EU Member States. The article looks at how Malta has implemented the Directive as part of a joint project between INSOL Europe and LexisPSL tracking its implementation within the EU.
ESMA issues revised guidelines on MiFID II product governance requirements
On 27 March 2023, the European Securities and Markets Authority (“ESMA”) published a Final Report: Guidelines on MiFID II product governance requirements (the “Final Report”).
ESMA postpones annual IFRS amendment of ESEF to 2024
On the 10th of May 2023, ESMA announced its decision to postpone to 2024 the 2023 annual IFRS amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS).