Council and Parliament reach provisional political agreement on financial services contracts concluded at a distance, including insurance contracts
On the 6th June 2023, a provisional trilogue agreement was reached between the European Parliament (EP) and the Council on the revised rules concerning the Directive 2002/65/EC on Distance Marketing of Consumer Financial Services (the DMFSD), which also applies to insurance contracts concluded at a distance.
CJEU rules on cost bearing and judicial damages estimations in Antitrust Damages Actions
On 16 February 2023, the Court of Justice of the European Union (the “CJEU”) delivered a ruling in the case of Tráficos Manuel Ferrer SL, D. Ignacio v Daimler AG (Case C-312/21) wherein it held that:
CJEU analyses Austrian law granting compensation to employees who were ordered to isolate
Summary On 15 June 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of Thermalhotel Fontana Hotelbetriebsgesellschaft mbH (“Thermalhotel”),
Borrowers’ right to compensation from banks for unfair loan terms confirmed by the CJEU
In its preliminary ruling delivered on 15 June 2023 in the case of Arkadiusz Szcześniak (“A.S.”) v. Bank M. SA (the “Bank”) (C-520/21), the Court of Justice of the European Union (the “CJEU”) concluded that consumers can demand compensation from banks beyond the reimbursement of monthly instalments paid by them, where the loan agreement with …
Anti-money laundering in Malta
Ganado Advocates has contributed the Malta chapter in the 2023 edition of the International Comparative Legal Guide (ICLG) to anti-money laundering (AML).
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”).