Ganado SARL > Luxembourg, Luxembourg > Firm Profile
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Ganado SARL > Firm Profile
Ganado Advocates is a leading commercial law firm predominantly servicing an international client base through its two locations in Malta and Luxembourg. In 2019, the firm opened an office in Luxembourg (Ganado SARL) specifically aimed at servicing clients operating within the asset management space. The establishment of this office forms part of the firm’s expansion plan into new European markets.
Ganado SARL is specifically aimed at:
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- assisting clients throughout the whole cycle of a fund set-up, from identifying the type of fund structure that is more suited to the clients’ needs, to the drafting of fund and contractual documentation, the submission/negotiation with regulatory authorities, and the establishment of SPV, feeder and parallel structures;
- post launch, assisting with implementation of regulatory updates, compliance, closings, investment transactions, fund reorganisation and other ongoing legal support needed post-closing, including in case of exit procedures;
- assisting Luxembourg management companies and alternative investment fund managers in their establishment as well as providing advice throughout their existence, in particular in terms of updating and implementing their internal policies, agreements and fund documentation to the continuous changes driven by the regulatory environment; and
- advising on all regulatory matters impacting the fund, asset and the wealth management industry.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Asset Management | Natalia Hernandez | [email protected] | +352 2787 2545 |
Lawyer Profiles
Photo | Name | Position | Profile |
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Natalia Hernandez | Natalia Hernandez is a Partner within the investment services and funds team… | View Profile |
Staff Figures
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Post-termination non-compete clauses in employment contracts
5th August 2024 On April 23, the US’ Federal Trade Commission (US FTC) published the final version of a rather controversial new rule,The battle between Malacalza and the European Central Bank
25th July 2024 Shareholders’ Rights vs Supervisory Authority In the case T-134/21, Malacalza Investimenti Srl and Vittorio Malacalza (the “Applicants”), shareholders of the Italian bank, Banca Carige,The dynamics of multi-generational family businesses
24th July 2024 Family businesses, often spanning generations, possess a unique dynamic that necessitates special attention and care.Artificial intelligence in Malta
23rd July 2024 Ganado Advocates has contributed the Malta chapter in the 2024 edition of the Chambers Artificial Intelligence Global Practice Guide.Anti-money laundering in Malta
23rd July 2024 Ganado Advocates has re-contributed the Malta chapter in the 2024 edition of the International Comparative Legal Guide (ICLG) to Anti-Money Laundering (AML).CJEU annuls resolution board’s decision due to lack of transparency
18th July 2024Introduction and Background
On the 8th of May 2024 following an action for annulment by German credit institution Max Heinr.
ESMA publishes Report on Suspicious Transaction and Order Reports (“STORs”)
17th July 2024 Today, the European Securities and Markets Authority (“ESMA”) has published its Annual Report on Suspicious Transaction and Order Reports (“STORs”),Publication of the Malta Financial Services Authority Act (Digital Operational Resilience Act (DORA)) Regulations, 2024
17th July 2024 As the date of application of Regulation (EU) 2022/2554 (“DORA” or the “Regulation”) is drawing closer, on the 16th July, 2024,The CJEU Rules on the Obligation of Traders when Online Contracts are concluded
11th July 2024Introduction
On the 30th of May 2024, the Court of Justice of the European Union (the “CJEU”) laid down its preliminary ruling in the case of VT and UR v Conny GmbH[1],Competition Law and Labour Markets – EU Commission Looks at Wage-Fixing and No-Poach Agreements
8th July 2024 In recent years, competition authorities in the US have focused quite heavily on tackling anti-competitive practices in labour markets,No cutting corners in state aid assessment
4th July 2024The Court of Justice confirms the European Commission’s mandatory obligation in determining the existence of aid prior to assessing compatibility with the Internal Market
CSDDD – Whatever happened to article 25?
2nd July 2024 Many will have heard of the relatively recent adoption of the Corporate Sustainability Due Diligence Directive (CSDDD or CS3D) by the European Parliament back in April 2024.European Competition and Regulatory Law Review (CoRe)
27th June 2024 Chris Grech has authored a case note in the European Competition and Regulatory Law Review (CoRe).Contracts of work and the burden of proof
26th June 2024Introduction
In the case Aretrop Limited (C49725) (the “Claimant Company”) vs Foundation for Tomorrow’s Schools (the “Foundation”) & the Hon. Dr. Justyne Caruana in her capacity as Education Minister (the “Hon. Minister”),In detail: Enforcing the EU Ship Recycling Regulation
25th June 2024 Last month, The Merchant Shipping Directorate published a notice concerning the enforcement of the EU Ship Recycling Regulation No. 1257/2013[1],Publication of the EU AML/CFT Legislative Package in the EU’s Official Journal
24th June 2024 On 19th June 2024, the EU has published the AML/CFT legislative package in its Official Journal, comprising of the following legislative texts:GRC in Malta: Board Committees – Driving effective governance and maximising director potential
24th June 2024 The role of Board committees has significantly evolved during past years as a direct consequence of ever-increasing regulation,‘Tour De France’ and ‘Tour De X’… Confusing? The General Court of the EU thinks otherwise.
20th June 2024 In a judgment delivered by the General Court of the European Union (the “Court”) on the 12 June 2024 in the case of Societe du Tour de France (“Plaintiff”) vs European Union Intellectual Property Office (“EUIPO”) and FitX Beteiligungs GmbH (“FitX”),The Small Commercial Yacht Code (sCYC) 2024 proving popular
20th June 2024 The Small Commercial Yacht Code (sCYC) 2024[1] updates and replaces the applicable requirements for Commercial Yachts smaller than 24 metres contained within the current Commercial Yacht Code (CYC) 2020[2].CJEU decides in favour of the European Super League and declares FIFA & UEFA rules as contrary to EU Competition Law
18th June 2024 On 21 December 2023, the Court of Justice of the European Union (the ‘’CJEU’’) delivered a preliminary ruling whereby it concluded that the Fédération internationale de football association (“FIFA’’) Statues (the “FIFA/UEFA Rules”) infringed EU Competition law,Brussels 1 Recast – Interpreting the Grounds for the Refusal of Recognition of Judgements
14th June 2024On the 21st of March 2024 the Court of Justice of the European Union (the “CJEU”) delivered a preliminary ruling (C-90/22) clarifying the scope of the grounds for the refusal to recognise judgements of EU Member States in terms of Regulation (EU) No 1215/2012 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matters (“Brussels 1 Recast” or the “Regulation”).
Ganado Advocates supporting AIJA conference in Malta
10th June 2024 The International Association of Young Lawyers (AIJA) will host an event in Malta from June 13th to 15th titled ‘Setting Sails in Turbulent Times’.ESMA’s Statement on Best Practices for Information Sharing in Pre-Close Calls in terms of MAR
5th June 2024 On 29th May 2024, the European Securities and Markets Authority (“ESMA”) issued a statement relating to the applicable requirements and corresponding good practices for issuers to consider when engaging in pre-close calls sessions with financial analysts in light of the Market Abuse Regulation (“MAR”).Conflicts of Interest for CASPs under MiCA
4th June 2024 The European Securities and Markets Authority (ESMA) recently published its Final Report covering conflicts of interest for crypto-asset service providers (CASPs).The special privilege granted under Maltese Law for the payment of outstanding crew wages
30th May 2024 In a decision delivered by the First Hall of the Civil Court (the ‘Court’) on the 21st of March 2024 in the names of Paul Falzon vs. Il-Bastiment ‘Sky’ (IMO No. 8597011),GRC in Malta: The Compliance Officer as a strategic partner – Beyond regulatory oversight
29th May 2024 Compliance officers are responsible for ensuring that their organisation complies with applicable laws and regulations, and in a regulated sector like financial services,Virtual IBANs: the EBA’s report on their issuance and regulation
27th May 2024 Virtual IBANs (“vIBANs”) are increasingly being used as payment account identifiers across the EU to redirect payments, yet the definition and the appropriate regulatory treatment thereof remains ambiguous.Revising Chapter 3 of the Financial Institutions Rulebook – MFSA issues new Consultation Document
24th May 2024 The MFSA has, on 21 May 2024, issued a consultation on the revised Chapter 3 of the Financial Institutions Rulebook (‘FIR/03’) which will be applicable to both payment institutions and electronic money institutions once finalised.‘Equal Pay for Work of Equal Value’ the importance of comparing like with like
23rd May 2024 In a decision handed down by the Industrial Tribunal (the ‘Tribunal’) on 5th October 2022 in the names James D’Anastas vs Wembley Stores Company Limited (and confirmed by the Court of Appeal on 12th July 2023),Navigating Malta’s financial landscape: Ganado Advocates hosts Milan event
21st May 2024 On May 16th, Ganado Advocates and the Maltese Embassy in Italy collaborated to host an event in Milan focusing on regulatory developments in the Maltese financial services industry.If the shoe fits, register the design in time
16th May 2024 In ‘Puma v European Union Intellectual Property Office’ (Case T-647/22), decided on 6 March 2024,Harmonising ESG and sustainable fund names across the EU – New ESMA Guidelines
15th May 2024 Further to the public statement issued on 14 December 2023, ESMA has issued a final report outlining the guidelines in relation to fund names which utilise ESG or sustainability-related terms (the “Guidelines”).Ganado Advocates at the IFSP Annual Conference 2024
15th May 2024 The Institute of Financial Services Practitioners is set to host its annual conference on 22 May, 2024, at the Hilton Malta.GRC in Malta: The role of succession planning in corporate governance
14th May 2024 This article outlines the importance of succession planning as a basic tenet of good corporate governance.The GCEU comments on the Enduring Nature of a Trademark’s Reputation
9th May 2024 On the 24th of April 2024, the General Court of the European Union (the “GCEU” or the “Court”),Financial Services Compliance in Malta
3rd May 2024 Ganado Advocates has contributed the Malta chapter in the 2024 edition of Lexology Panoramic: Financial Services Compliance.Corporate M&A in Malta
3rd May 2024 Ganado Advocates has contributed the Malta chapter in the 2024 edition of the Chambers Corporate M&A Global Practice Guide.Court Auction of Sea Vessels: Notice to Creditors
2nd May 2024The Court of Appeal, in its Superior Jurisdiction, composed of Chief Justice Mark Chetcuti, Mr Justice Christian Falzon Scerri and Madam Justice Josette Demicoli, in the case Mediterranean Trading Shipping Co Limited vs the Vessel M/T Turu and others,
Unlocking value: ESG due diligence as a catalyst for growth
30th April 2024 Luke Hili has contributed an article, that featured on the IFLR1000 portal, titled ‘Unlocking value: ESG due diligence as a catalyst for growth’.Keeping up with EU ETS and MRV obligations
30th April 2024 As of 1st January 2024, the European Union (“EU”), welcomed the updated EU Emission Trading System (the “EU ETS”) rules which were duly extended to cater for the maritime sector by means of Directive (EU),The Donations to Voluntary Organisations Rules, 2024
29th April 2024 Recently, the Donations to Voluntary Organisations Rules, 2024 (the “Rules”) were published by means of Legal Notice 86 of 2024.Judicial co-operation in civil matters and the recognition and enforcement of judgments in civil and commercial matters.
25th April 2024 In a dispute concerning a conflict of international jurisdiction, the Court of Justice (First Chamber) ruled on the applicability of the Brussels Ia Regulation[1] to agreements conferring jurisdiction from the perspective of the existence of an international element.GRC in Malta: The Pillars of Sound Financial Crime Compliance: A Comprehensive Guide
23rd April 2024 As the various practices employed by criminals to disguise economic benefits from illicit activities continuously evolve, organisations should be well-equipped to manage risks arising from such trends.DORA voluntary dry run exercise to ensure preparedness ahead of it becoming applicable
22nd April 2024 In its latest circular, the MFSA highlights the launch of a dry run ad hoc exercise by the European Supervisory Authorities (ESAs) and participating competent authorities such as the MFSA itself.Sanctions in shipping: navigating the 12th package of sanctions against Russia
18th April 2024 Council Regulation (EU) 2023/2878 of December 18, 2023, amending Regulation (EU) No. 833/2014 resulted in the adoption of the 12th package of sanctions against Russia,Maltese Parliament approves updates to the VFA Act ahead of MiCA
18th April 2024 The Maltese Parliament has just approved updates to the Virtual Financial Assets Act (Chapter 590, Laws of Malta) (“VFA Act”) to ensure further alignment with the Markets in Crypto-Assets Regulation (MiCA).Steering through Corporate Governance: The Company Defunct Procedure and its implications
12th April 2024 In its judgement delivered on the 1 March 2024 in the names of Dr. Cedric Mifsud (for and on behalf of Rene Edwin Bultena, the “Plaintiff”) vs The Registrar of Companies (the “Respondent”),Reform of Circular CSSF 02/77 on NAV calculation errors and investment breaches
11th April 2024Introduction
The CSSF published Circular CSSF 24/856 on investor protection in the event of a NAV calculation error, non-compliance with investment rules, and other errors (“Circular 24/856”) on 29 March 2024.Proportionality is vital for a regulation of this nature
9th April 2024 DORA represents a significant milestone in the EU’s efforts to strengthen the cybersecurity and operational resilience of financial entities.Deciphering passenger consent – the ECJ’s latest ruling on flight reimbursement
4th April 2024On 21 March 2024, the European Court of Justice (“ECJ”) gave a preliminary ruling on the interpretation and scope of Regulation No 261/2004 of the European Parliament and of the Council establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (the “Regulation”) in relation to case C-76/23 pertaining to the method of reimbursement following a flight cancellation.
CSSF (Luxembourg) publishes Circular and FAQs on the AML/CFT Summary Report RC
4th April 2024 On the 29 February 2024, the Commission de Surveillance du Secteur Financier (“CSSF”),The OECD publishes report on the 2024 edition on Competition Trends
3rd April 2024 On 6 March 2024, the Organisation for Economic Co-operation and Development (“OECD”) published its report on global competition trends based on data from 77 OECD and non-OECD jurisdictions for the year 2022 (“Report”).Amendments to the competitive bidding rules for installations producing electricity from Renewable Energy Sources Regulations
2nd April 2024 For a number of years the Government of Malta has sought to encourage the development of renewable energy projects through the grant of feed-in-tariffs.MFSA circular and feedback statement re amendments to PCC regulations
28th March 2024 On 28th March 2024 the Malta Financial Services Authority (the “MFSA”) issued a Circular and Feedback Statement on the amendments to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations (the “PCC Regulations”),European Commission updates market definition notice
27th March 2024 On 8 February 2024, the European Commission (‘Commission’) published the revised Commission Notice on the definition of the relevant market for the purposes of Union competition law (‘Revised Notice’).CJEU deliberates on the distinction between the issuance of E-money and payment services
27th March 2024 Introduction Following AG Sánchez-Bordona’s opinion last October, the European Court of Justice (“ECJ”) delivered on 22 February 2024,MFSA sends letter to management bodies about its 2024 DORA ambitions
26th March 2024 DORA (the Digital Operational Resilience Act or Regulation 2022/2554) and the DORA Amending Directive (Directive 2022/2556) shall apply from 17 January 2025.Will DORA impact the scope of MFSA’s Guidance on (amongst others) ICT Risk Management and Outsourcing Arrangements?
26th March 2024 As the date of application of Regulation (EU) 2022/2554 (the “Regulation” or, as more commonly known, “DORA”) is looming large on the horizon,Malta M&A Watch: Amendments in Maltese Law facilitating Cross- Border Activity
25th March 2024 The scope of the amendments is to fully transpose Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law,Adapting to MiCA: ESMA’s recent publications for the Crypto Industry
25th March 2024Introduction
The European Securities and Markets Authority (ESMA) has kept up the momentum ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA) this year.The CJEU rules on the liability for the payment of VAT arising from fraudulently issued invoices
21st March 2024 Introduction The Court of Justice of the European Union (the “CJEU”) in Case C-442/22, Dyrektor Izby Administracji Skarbowej w Lublinie, has ruled on the basis of Article 203 of Council Directive 2006/112/EC on the Common System of Value Added Tax (hereinafter the “VAT Directive”),Regulatory Round-Up: Examining Recent updates in respect of MiCAR
15th March 2024Maltese Parliament debating amendments to the VFA Act
Bill No. 88, Virtual Financial Assets (Amendment) Bill (the “Bill”) is one of the next pending items on the Parliament of Malta’s agenda.A creditor’s obligation to assess the creditworthiness of a consumer
14th March 2024 In examining the case of Nárokuj s.r.o. v EC Financial Services, a.s (C-755/22), the Court of Justice of the European Union (the “CJEU”) considered the obligation which banks are subject to prior to the granting of credit to consumers.DORA Trifecta – Three delegated regulations adopted by the Commission
14th March 2024 Three delegated regulations under the Regulation on digital operational resilience for the financial sector (Regulation (EU) 2022/2554 or “DORA”) have been adopted by the European Commission.GRC in Malta: Independent Thinkers for Effective Board Governance
11th March 2024 It is acknowledged that governance set-ups can differ between organisations and there is no set-up which is better than another or which is free from flaws.Liability for data breaches and the recognition of non-material damage under the GDPR
7th March 2024 On December 14, 2023, the Court of Justice of the European Union ("CJEU") delivered a landmark judgment, following the request of a preliminary ruling,GRC in Malta: Governance and ESG – Navigating the Intersection between Profit and Purpose
5th March 2024 Governance and ESG The term “ESG” (Environmental, Social and Governance) has gained significant attention in recent years, much to the delight or dismay of interested parties.The Parties’ Free Choice of EU Jurisdiction
29th February 2024 On 8 February 2024, the Court of Justice of the European Union (“CJEU”), in delivering a preliminary ruling in the name of Inkreal s.r.o. v. Dúha reality s.r.o. (C-566/22) reached a controversial conclusion that parties established in the same Member State may agree on the jurisdiction of the courts of another Member State to settle their contractual disputes even if the contract does not have any other international element or connection with the chosen Member State.The interplay between ESG and succession planning in Maltese family businesses
28th February 2024 The acronym ESG (which stands for Environmental, Social, and Governance) has become one of the buzzwords pervading discussions across various media platforms and at conferences over the recent months and will definitely gain further traction in the years to come.AIFMD II – A step closer to entry into force
27th February 2024 On 26 February 2024, the Council of the European Union announced that it adopted the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) and the UCITS Directive (2009/65/EU), commonly referred to as the ‘AIFMD II’ (2021/0376 (COD)).Faster Credit Transfers: EU Council adopts Regulation on Instant Payments
27th February 2024 The EU Council has, on 26 February 2024, given the green light for the proposed regulation for instant payments in the single market.The MFSA consults on a draft Conduct of Business Rulebook for Banks
27th February 2024 Deposit accounts, payment accounts, electronic money and certain categories of lending are amongst the in-scope Retail ProductsListen: Merger control in Malta
26th February 2024 In the fourth episode of the Ganado Meets Corporate Podcast, Dr Clement Mifsud-Bonnici, Senior Associate at Ganado Advocates, speaks with Office of Competition's Director General, Godwin Mangion where together they discussed merger control law in Malta.MFSA Shifts to Outcomes-Based Supervision in 2024
26th February 2024 The Malta Financial Services Authority (“MFSA”) has released its Supervisory Priorities for 2024, outlining a change to an outcomes-based approach to supervision.Market Abuse: Zip Your Lip!
22nd February 2024 In March 2022, the European Court of Justice (ECJ) gave a preliminary ruling[1] in yet another case about the unlawful disclosure of inside information – this time by a journalist (Mr A) who informed some sources about a story he was going to publish in a prominent British newspaper regarding two takeover bids which were rumoured to be launched over the next few weeks.Tiktok’s request for suspension of “Gatekeeper” status under Digital Markets Act dismissed by EU General Court
22nd February 2024 On 9 February 2024, the General Court of the European Union (the “GC”) rejected the application issued by Bytedance Ltd – TikTok’s parent company (the “Applicant”) – for interim measures vis-à-vis the EU Commission’s challenged decision to designate it as a “Gatekeeper” under the Digital Markets Act (the “Decision”).Strengthening Cyber Resilience: ICT Third-Party Risk for Insurers under DORA
21st February 2024 In the digital age, insurance companies are not only guardians of financial protection but also stewards of sensitive customer data.Insurance update: The Nature and Art of Financial Supervision (Volume IX)
21st February 2024 The 1st February 2024 marked the publication by the Malta Financial Services Authority (“MFSAs”) of its 9th volume from its series on ‘The Nature and Art of Financial Supervision’.Sustainable Finance- Whats in store for 2024
20th February 2024 Now that the Christmas turkey has been consumed and digested, and the leftover chocolate logs have been reduced to their very last slice, the time is ripe to turn our attention (however begrudgingly!) to the year ahead.Changing the terms of a credit agreement and forbearance policies and measures new obligations on lenders in consumer and residential property credit agreements
8th February 2024 Amendments to the Consumer Credit Regulations, S.L. 378.12 (the “Consumer Credit Regulations”) and to the Credit Agreements for Consumers Relating to Residential Immovable Property,Dyson loses a lengthy legal battle against the European Commission
8th February 2024 On 11th January 2024, the Court of Justice of the European Union (“CJEU”) dismissed the action for compensation of damages of €176.1 million brought by Dyson.Malta launches preliminary market consultation on Floating Solar Farms
7th February 2024 On the 31st January 2024, the Ministry for the Environment, Energy and the Regeneration of the Grand Harbour, launched a Preliminary Market Consultation (“PMC”) to assess market appetite for the development of floating solar technology projects, including photovoltaic farms within the territorial sea of the Maltese Islands.[1] This forms part of the Maltese Government’s strategy to becoming carbon neutral by 2050. A site situated 4 nautical miles from the Maltese coast has been identified as a potential location for the development and operation of floating solar farms, with the capacity of generating up to 50 megawatts of energy. These floating solar farms will be directly connected to the Maltese power station in Delimara, feeding directly into the national grid. The PMC identifies the following key considerations for the development of such floating solar technology project:-
- Optimal land utilisation
- Enhanced energy generation
- Environmental Compatibility
- Reduced Transmission Losses
- Adaptability to water depth
- Diversification and Security of Energy Sources
- Innovation
Author: Saman Bugeja
Footnotes [1] A link to the PMC Document may be found here
The European Commission publishes its report highlighting active competition enforcement in the pharma sector
6th February 2024 On 26 January 2024, the European Commission (the “Commission”) published its report (the “Report”),CSP Rulebook Update
1st February 2024 On the 23rd of January 2024, the Malta Financial Services Authority (the “MFSA”) released a circular,AG Szpunar opines on the procedural limitations to the Single Economic Entity Doctrine
1st February 2024 On 11 January 2024, in ‘AB Volvo v Transsaqui SL’, AG Szpunar handed down his opinion (“AG Szpunar’s Opinion”) on the applicability (or rather the lack thereof) of the single economic entity doctrine in relation to procedural matters.From Intern to Advocate: Meet Chris Grech
31st January 2024 Chris Grech started his journey with Ganado Advocates as an Intern in the summer of 2018 as part of Ganado Advocates' summer internship programme.ESMA Consults on the ‘Classification of Crypto-Assets as Financial Instruments’ and ‘Reverse Solicitation’ under MiCA
30th January 2024 The European Securities and Markets Authority (ESMA) has just published two consultation papers on two important aspects under the Markets in Crypto Assets Regulation (MiCA), namely:GRC in Malta: Preparing for Regulatory Compliance Visits – Best Practices for Success
29th January 2024 The receipt of a letter informing a licence holder that the MFSA will carry out a compliance visit is generally met with trepidation at best, and often with panic.The EU AI Act – A landmark in global AI regulation
25th January 2024 In a milestone achievement, the European Parliament, Council and Commission have recently reached a provisional agreement on the European Union Artificial Intelligence Act (the "Act"),Passengers’ right to compensation when pre-emptively denied boarding
25th January 2024Introduction
In ‘FW v LATAM Airlines Group SA’, decided on 26 October 2023, the European Court of Justice (“ECJ”) delivered a preliminary ruling in relation to the rights of passengers pre-emptively denied boarding a flight they had booked.GARI – The Global Aviation Resource Index
25th January 2024Ganado Advocates have contributed to The Global Aviation Resource Index (GARI) on the Maltese aspects.
The EU AI Act – A landmark in global AI regulation
25th January 2024 In a milestone achievement, the European Parliament, Council and Commission have recently reached a provisional agreement on the European Union Artificial Intelligence Act (the "Act"),Passengers’ right to compensation when pre-emptively denied boarding
25th January 2024Introduction
In ‘FW v LATAM Airlines Group SA’, decided on 26 October 2023, the European Court of Justice (“ECJ”) delivered a preliminary ruling in relation to the rights of passengers pre-emptively denied boarding a flight they had booked.GARI – The Global Aviation Resource Index
25th January 2024Ganado Advocates have contributed to The Global Aviation Resource Index (GARI) on the Maltese aspects.
Update of CSSF FAQs with respect to PRIIPs KIDs
24th January 2024 On 28 December 2023, the Commission de Surveillance du Secteur Financier (the “CSSF”) has updated the following FAQs with respect to PRIIPs KIDs:MFSA Circular on the Newly Published Accountancy Profession (General Accounting Principles in respect of certain Eligible Entities) Regulations, 2023 (Legal Notice 299 of 2023)
24th January 2024 In the 2022 Annual Report of the Malta Financial Services Authority (“MFSA”), the Authority referred to the discussions which were being held with the Malta Insurance Management Association and the Malta Institute of Accountants in preparation for IFRS 17 and in particular the possibility of exempting categories of (re)insurance undertakings.Balancing Acts: Navigating Maltese Rent Laws through the Lens of Human Rights
24th January 2024 The case Josephine Mangion et. (the “Plaintiffs”) vs. George Grech et. (the “Defendants”) was brought before the First Hall Civil Court (Constitutional Jurisdiction) (the “Court”) on the 30 November 2023, and was presided over by Honourable Judge Dr Francesco Depasquale.Governance and management of climate-related and environmental risks as two of the ECB’s supervisory priorities for 2024-2026
24th January 2024 On the 19 December 2023, the European Central Bank published the results of its Supervisory Review and Evaluation Process (SREP)[1] for 2023 and its supervisory priorities for the years 2024-2026[2].Litigation in Malta
24th January 2024 Ganado Advocates has contributed the Malta chapter in the 2024 edition of the Chambers Litigation Global Practice Guide.Technology’s anonymity can ‘destroy businesses’ by spreading wrong or ambiguous information
24th January 2024 Max Ganado, Consultant at Ganado Advocates, was recently interviewed by Malta CEO.mt.Malta further enhances its aviation legislative framework through the introduction of the new Air Navigation Act
24th January 2024 Malta has continued to strengthen and streamline its aviation legal framework, through the coming into force of the Air Navigation Act, Cap. 641 of the Laws of Malta (the “Act”), on the 1st January, 2024. The Act, through Art. 99, effectively repeals the:Secured creditor’s omissions during bankruptcy proceedings did not prejudice other creditors
24th January 2024 The case of AMG Cold Stores Limited et vs Bank of Valletta P.L.C et was decided by the Court of Appeal in its Superior Jurisdiction on 25 October 2023.Sustainability and Intellectual Property in Malta
24th January 2024 Philip Mifsud and Sasha Muscat have authored the Malta chapter in a new open-access book funded by LIDC - the International League of Competition Law - titled 'Sustainability Objectives in Competition and Intellectual Property.'Sustainability and Intellectual Property in Malta
24th January 2024 Philip Mifsud and Sasha Muscat have authored the Malta chapter in a new open-access book funded by LIDC - the International League of Competition Law - titled 'Sustainability Objectives in Competition and Intellectual Property.'Agreement reached on the proposed Anti-Money Laundering Regulation (“AMLR”) and Sixth Anti-Money Laundering Directive (“AMLD6”)
23rd January 2024 On 18th January 2024, the European Council (“EC”) and European Parliament (“EP”) reached a political agreement on the proposed:Listen: Malta’s role for Foreign Direct Investors
23rd January 2024 In the second episode of the ‘Ganado Meets Corporate’ podcast, Mario Galea, chairperson of The National Foreign Direct Investment Screening Office (“NFDIS”), talks about the role of the Foreign Direct Investment, the EU and its role today in Malta.Agreement reached on the proposed Anti-Money Laundering Regulation (“AMLR”) and Sixth Anti-Money Laundering Directive (“AMLD6”)
23rd January 2024 On 18th January 2024, the European Council (“EC”) and European Parliament (“EP”) reached a political agreement on the proposed:Listen: Malta’s role for Foreign Direct Investors
23rd January 2024 In the second episode of the ‘Ganado Meets Corporate’ podcast, Mario Galea, chairperson of The National Foreign Direct Investment Screening Office (“NFDIS”), talks about the role of the Foreign Direct Investment, the EU and its role today in Malta.EIOPA’s 2nd Report on the Application of the Insurance Distribution Directive (the “IDD”)
18th January 2024 Following two extensive surveys carried out with the EU national competent authorities, EIOPA issued the results of its findings on the impact of the IDD on consumers, insurance distributors and supervisory activities.Strict Liability of Airline Carriers under the Montreal Convention
18th January 2024 On 6 July 2023, the European Court of Justice (‘ECJ’) delivered a preliminary ruling concerning a request on the interpretation of Articles 17(1), 29 and 35 of the Convention of Certain Rules for International Carriage by Air, concluded in Montreal on 28 May 1999 (‘Montreal Convention’).EIOPA’s 2nd Report on the Application of the Insurance Distribution Directive (the “IDD”)
18th January 2024 Following two extensive surveys carried out with the EU national competent authorities, EIOPA issued the results of its findings on the impact of the IDD on consumers, insurance distributors and supervisory activities.Strict Liability of Airline Carriers under the Montreal Convention
18th January 2024 On 6 July 2023, the European Court of Justice (‘ECJ’) delivered a preliminary ruling concerning a request on the interpretation of Articles 17(1), 29 and 35 of the Convention of Certain Rules for International Carriage by Air,Practical Law Global
17th January 2024 Philip Formosa has authored the Malta chapter featured in the 2023 edition of the Digital Copyright Directive Toolkit on Practical Law.Practical Law Global
17th January 2024 Philip Formosa has authored the Malta chapter featured in the 2023 edition of the Digital Copyright Directive Toolkit on Practical Law.Navigating Change: Examining Proposed Amendments to the Condominium Act
16th January 2024 The Government recently released a White Paper entitled “Reforming the Condominium Act” which invited comments on proposed changes to be made to such Act.The European Commission requests feedback on competition in the virtual worlds and generative AI markets
16th January 2024 The European Commission (the “Commission”) has on 9 January 2024 launched a call for contributions (the ‘‘Call for Contributions’’) to better understand the virtual worlds and generative AI markets and how the EU’s competition law framework can safeguard innovation and maintain fair competition.Publication of Malta’s 2023 National Risk Assessment
15th January 2024 Malta’s National Coordinating Committee on combating money laundering and funding of terrorism (“NCC”) has published a revised version of Malta’s National Risk Assessment (“NRA”).Consumer inertia – service providers should not be at fault when consumers fail to read policy documents
15th January 2024 There is little doubt that despite the importance of reading the terms included in policy documents, very few people actually read them.Guarantees of Origin of Electricity and of Energy in Malta
8th January 2024 Guarantees of Origin (“GOs”) are electronic documents which confirm that a specific quantity of electricity was produced through high-efficiency cogeneration or from renewable energy sources.Directive 93/13/EEC and mandatory statutory or regulatory provisions in consumer contracts
8th January 2024 Summary On 6 July 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of FS, WU vs. First Bank SA (Case C-593/22), considered the applicability of article 1(2) and the thirteenth recital of Directive 93/13/EEC on unfair terms in consumer contracts (“Directive 93/13”).MFSA publishes New Chapter 3 of the VFA Rulebook ahead of MiCA
8th January 2024 The Malta Financial Services Authority (MFSA) has just published a circular outlining that the new version of Chapter 3 of the VFA Rulebook shall become applicable in two stages.Agreement reached on the establishment of the Anti-Money Laundering Authority (“AMLA”)
8th January 2024 On 13th December 2023, the European Council and European Parliament have provisionally reached an agreement to establish the Anti-Money Laundering Authority (“AMLA” or “the Authority”).Navigating Digital Waters: ICT Risk Management Under DORA
8th January 2024Introduction
In an era dominated by digital advancements, the Digital Operational Resilience Act (DORA) stands as a pivotal framework designed to fortify the digital landscape within the European Union (EU).MFSA launches Consultation Process covering Chapter 2 of the VFA Rulebook
8th January 2024 The Malta Financial Services Authority (“MFSA”) has kept the momentum going ahead of the implementation of the Markets in Crypto-Asses Regulation (“MiCA”). We expect MiCA to have a significant impact on the EU/ EEA market in relation to crypto-assets.The Consumer Credit Directive Revamped
8th January 2024 Introduction Personal loans and overdrafts, credit cards and short-term credit products are amongst the commonest consumer lending products offered by banks and financial institutions to satisfy a variety of consumer needs.European Council and European Parliament agrees to criminalise violation of EU sanctions
8th January 2024 On 12th December 2023, the European Council and European Parliament have come to a provisional political agreement on the introduction of criminal offences and penalties for the violation of EU sanctions.Possession versus Tolerance: The salient element of the Actio Spolii
8th January 2024 In its judgement delivered on the 14 December 2023, in the names of Oreste Attard and Patricia Attard (collectively the “Plaintiffs”) vs Russell Attard and Alistair Attard (collectively the “Defendants”),FIAU Thematic Review on Company Service Providers when providing Company Formation Services
8th January 2024 On 14th December 2023, the Financial Intelligence Analysis Unit (“FIAU”) published the results of a thematic review carried out during the first quarter of 2023 on Corporate Service Providers (“CSPs”) adherence to Regulation 7(1)(c) of the Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR’) following the issuing of the IPs Part II for CSPs in December 2020.CJEU ruling on the notion of ‘processing’ in the context of mobile apps
8th January 2024 The convergence of public health imperatives and individual data protection rights has come under scrutiny in a recent landmark case delivered on the 5 October 2023 by the European Court of Justice (ECJ),The standard of proof required in ‘Unfair Prejudice’ actions
4th January 2024 On 18 March 2021, in the case of ‘Naico Limited v Rosa Limited et.’, the Civil Court (Commercial Section), presided over by Judge Joseph Zammit McKeon, delved into the standard of proof required for ‘unfair prejudice remedy’ actions under Article 402 of the Companies Act (Chapter 386 of the Laws of Malta) (“the Act”) to be successful.Empowering Sustainable Energy: The role of energy communities in the European Union
4th January 2024 Energy communities in the European Union (EU) are a concept designed to promote decentralized, community-based energy production and consumption.: Geo-blocking activation keys for Steam platform diminishes the EU Digital Single Market
4th January 2024 On 27 September 2023, the General Court of the European Union affirmed the European Commission’s finding that the geo-blocking keys used on the Steam platforms breached Article 101 of the Treaty of Functioning of the European Union (“TFEU”).The war on Asymmetric Jurisdiction Clauses
4th January 2024 Asymmetric jurisdiction clauses – or so-called ‘lop-sided’ jurisdiction clauses – have become market practice in many industries. Most loan facilities give lenders the power to sue not only in the court specified, but also any other competent court of its choosing, while the borrowers are limited to only one.Succession planning, ESG and appointment of independent directors in family run businesses
4th January 2024 Malta's business landscape is currently undergoing a significant transformation concerning issues of succession planning, ESG challenges and the involvement of independent directors in family-run enterprises.Pedelecs do not qualify as ‘vehicles’ – the ECJ clarifies
4th January 2024 On 12 October 2023, the European Court of Justice (the “ECJ”) responded to a request for preliminary ruling from the Belgian Court of Cassation (the “Referring Court”).The FIAU issues a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes and Related Service Providers
4th January 2024 The FIAU has today published a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (‘CISs’) and other related service providers (“Service Providers”).Malta M&A Watch: Update on Foreign Direct Investment in the EU
4th January 2024 On 19 October 2023, the European Commission (the ‘‘Commission’’) published its third annual report (the ‘‘Report’’) on Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (the ‘‘FDI Regulation’’).The GCEU declares the Belgian Excess Profits Tax Scheme as breaching the EU Rules on State Aid
4th January 2024 On 20 September 2023, the General Court of the European Union (“GCEU”), in the case of Belgium v. Commission (Case T-131/16 RENV), in direct contrast to its initial decision in 2019, confirmed the findings reached by the European Commission (“Commission”) in 2016.EU’s Carbon Border Adjustment Mechanism comes into effect
4th January 2024 On the 1 October 2023, the European Union's Carbon Border Adjustment Mechanism (“CBAM”) entered into effect, starting with a transitional phase that runs until the end of 2025 (the Transitional Period”).Understanding DORA: Strengthening Europe’s Digital Infrastructure
4th January 2024 Introduction In an increasingly digitized world, where reliance on digital services and technology has become paramount, ensuring the resilience and security of critical infrastructure is of utmost importance.What is the Bletchley Declaration and why does it matter for AI safety?
4th January 2024Background
On the 1st & 2nd November, the world’s first AI Security Summit was hosted within the UK. Representatives from 28 nations, including the USA, China, France and Japan, all convened in Bletchley Park to discuss the implications of the rapid advancement of highly capable general purpose AI models known as ‘Frontier AI’.AG sets out the delineation between a payment service and e-money issuance
4th January 2024 In the context of a request for preliminary ruling brought before the Court of Justice of the European Union (the “CJEU”) in the case of ABC Projektai UAB v. Lietuvos banks (C-661/22),MFSA updates the Corporate Governance Manual for Directors of Collective Investment Schemes
4th January 2024 On the 30th of September 2023, the Malta Financial Services Authority (the“MFSA”) issued a Circular wherein it announced the publication of a revamped version of its Corporate Governance Manual for Directors of Collective Investment Schemes.MFSA issues Circular making the appointment of Independent Non-Executive Directors mandatory for Insurance Agents, Insurance Brokers and Retirement Scheme Administrators
4th January 2024 On November 7th, 2023, the Malta Financial Services Authority (“MFSA”) issued a Circular addressing the structure and composition of the Board of Directors of certain licensed entities (the “Circular”).Are airlines liable to reimburse the costs of repatriation flights?
4th January 2024 On 8 June 2023, the European Court of Justice (“ECJ” or the “Court”) gave a preliminary ruling on the interpretation and scope of Regulation No 261/2004 of the European Parliament and of the Council establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (the “Regulation”) in relation to case C-49/22 pertaining to the reimbursement of fees paid for a repatriation flight.Connecting bridges: Embassy of Malta in Germany and Ganado Advocates host two successful events in Germany
4th January 2024 The Embassy of Malta in the Federal Republic of Germany, in collaboration with Ganado Advocates, recently hosted two successful business breakfast events: on November 14 and 15 in Frankfurt and Berlin respectively.Max Ganado shares his insights on DAOs at the AIBC Europe conference
4th January 2024 Last week, Max Ganado, Consultant at Ganado Advocates, attended the AIBC Europe conference and participated in a panel discussion on DAOs (Decentralised Autonomous Organisations). The event was organised between the 13th and 17th of November in Malta.Shipping emissions reporting: The way forward
4th January 2024 Through the publishing of its latest Merchant Shipping (‘MS’) Notice, namely MS Notice 182, Transport Malta shines the spotlight on the recent amendments made to Regulation (EU) 2015/57 (‘MRV Regulation’),Breach of Fiduciary Obligations
4th January 2024 On the 4 October 2023, the First Hall Civil Court, presided by Hon. Justice Anna Felice, in the case of Associated Supplies Limited (C-2891) versus Joseph Mizzi discussed the fiduciary obligations that arise during one’s employment.New Employment Agencies Regulations (LN270 of 2023) published
4th January 2024 New Employment Agencies Regulations (LN270 of 2023) were issued today the 23rd of November 2023.Shipping & maritime law newsletter – Issue No. 35 (November 2023)
4th January 2024 The 35th issue of the shipping newsletter is now available.Ganado Advocates co-hosts 15th annual Employment Case Law Conference
4th January 2024Ganado Advocates, in collaboration with Ten Yards Legal and BCGL Advocates, co-organised the 15th edition of the Employment Case Law Conference, held on November 29th, 2023, at Salini Resort.
ECJ restates the ABCs of resale price maintenance
4th January 2024 On 29 June 2023, in ‘Super Bock Bebidas,SA, AN, BQ v Autoridade da Concorrência’,Proposed adjustments to the size criteria for micro, small, medium-sized and large companies
28th November 2023 On 13th September 2023, the European Commission (Commission) proposed certain amendments to Directive (EU) 2013/34 (Accounting Directive) in order to amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation.The need to shift towards greener capital markets
9th October 2023 In the second episode of the Ganado Meets Green Finance Podcast, Dr Luke Hili, Associate at Ganado Advocates, speaks with Steve Ellul, CEO of Project Green, to discuss the latest developments and challenges in the field of sustainable finance in Malta.ESMA issues Second Consultation Package under MiCA
6th October 2023 The European Securities and Markets Authority (ESMA) has just published its Second Consultation Package under the Markets in Crypto-Assets Regulation (MiCA).Family Business in Malta – Managing Business and Family relationships
3rd October 2023 The first part of this article delved into succession issues in family businesses and the importance of early succession planning. This article will be considering into the value of having governance structures on place and how such structures are critical to ensure the continuity of such businesses.The right to restore a company on the Register of Companies
27th September 2023 In Richard Mark Verby (passaport Ingliż numru [omissis] kif debitament rappresentat minn Roberta Giorgio (K.I. nru [omissis]) vs Ir-Reġistratur tal-Kumpanniji,Family Business in Malta – The Way Forward
22nd September 2023 Family businesses have long been the backbone of Malta's economy, with a number of them dating back generations.At what point does trying to keep the company going become fraudulent trading?
22nd September 2023 The case Catherine Buhagiar u Frank Buhagiar (the “Plaintiffs”) vs. Claudio Caruana u Josephine Caruana għal kull interess li jista’ jkollha (the “Defendants”) was brought before the Court of Appeal (the “Court”) on the 12 July 2023,MiCA Update: Consultation Process on the Proposed Updates to Chapter 3 of the VFA Rulebook
18th September 2023 The new Markets in Crypto-Assets Regulation (MiCA), which will establish the first harmonised regime for crypto-assets across the EU, entered into force in June 2023.Implementation of SFDR – European Commission launches consultation
15th September 2023 On 14 September 2023, the European Commission launched a public consultation as well as a targeted consultation to seek feedback on the implementation of the Sustainable Finance Disclosure Regulation (“SFDR”).Trade Marks and Historical Symbols: Registering the Maltese Cross as a European Union Trade Mark
14th September 2023 In Case R0405/2022-1, decided on the 20 March 2023, the European Union Intellectual Property Office’s (the “EUIPO”) First Board of Appeal (the “Board of Appeal”) annulled the EUIPO’s refusal of the Bailiwick of Brandenburg of the Chivalric Order of Saint John of the Hospital at Jerusalem’s (the “Applicant”) application to register a mark containing the Maltese Cross, as an EU trade mark.Malta M&A Watch: European Commission continues to examine below turnover threshold transactions using Article 22 EUMR
12th September 2023 Article 22 of the EU Merger Regulation (‘‘Article 22 EUMR’’) continues to make headlines with the European Commission (the ‘‘Commission’’) claiming jurisdiction over two new transactions only last month.MFSA Circular regarding various amendments to the Investment Services Rulebooks
11th September 2023 On 4th September 2023, the Malta Financial Services Authority (the “MFSA”) issued a Circular outlining various amendments made to the Investment Services Rulebooks, ensuring inter alia that they are aligned with European legislation.The General Court sheds light on the notion of ‘Detriment to a Trademark’s Reputation’
6th September 2023 Article 8(5) of Regulation (EU) 2017/1001 on the European Union Trademark (the “EU Trademark Regulation”) provides that claims based on a trademark with a reputation can in principle be made irrespective of whether the goods or services covered by the contested trademark application are dissimilar to those for which the earlier,Let’s stop taking the maritime industry for granted
6th September 2023 The facts and figures relating to how much the maritime industry contributes to the Maltese economy have been referenced countless times and they are substantial.DORA: the MFSA’s expectations in terms of minimum preparations
5th September 2023 The target date of 17 January 2025 has by now become synonymous with compliance by financial firms with Regulation (EU) 2022/2554 and Amending Directive (EU) 2022/2556 on Digital Operational Resilience for the Financial Sector (“DORA” and the “Amending Directive”).Proposed amendments to the Exclusive Economic Zone Act and ancillary laws
31st August 2023 The Exclusive Economic Zone Act (the “EEZ Act”), as enacted in 2021, catered for the establishment of an Exclusive Economic Zone (“EEZ”) adjacent to Malta’s territorial waters.Consumers’ right to withdraw from off-premises contracts already performed
30th August 2023 The Court of Justice of the European Union (the “CJEU”) assessed the right of withdrawal from a contract concluded off-premises available to consumers in its preliminary ruling delivered on 17 May 2023 in the case of DC v. HJ (C-97/22).COA calls for legislative action to address a lacuna identified in Article 402 of the Companies Act
30th August 2023 Basing its argument on the Latin maxim ‘ubi lex voluit dixit, ubi noluit tacuit’ (“Where the law willed, it spoke, where it did not want, it was silent”), the Court of Appeal in Miclis Company Limited v. Kevin Fitzpatrick et. (July 2023) upheld the claim that the law does not grant an appellant the right to appeal an order given under Article 402(3) CA.Mergers & Acquisitions (M&A) Expected To Bounce Back in 2024
28th August 2023 High interest rates, a more stringent regulatory environment and increased foreign direct investment supervision especially by European states could be the main factors behind the current lull being experienced in the mergers and acquisitions market in Malta.The capital markets are also exposed to money laundering
25th August 2023 The capital markets are one of the most powerful instruments in promoting economic growth and wealth creation as they facilitate the movement of vast amounts of capital from different geographical regions with relative ease.Sanctions – Impact on Shipping │ Malta Focus
25th August 2023 Ganado Advocates co-organised a webinar, together with Ship Management International, entitled ‘Sanctions – Impact on Shipping│Malta Focus’. This webinar, that was held in May, shed light on the continuing international enforcement of sanctions and their far-reaching consequences.Representative Actions Directive transposed into Maltese law
25th August 2023 On 25 June 2023, the Maltese law transposing the Representative Actions Directive came into force.Reforming Digital Payments – Introducing the new Payment Services proposals
25th August 2023 Introduction On 28 June 2023, the European Commission published a number of draft proposals as part of its ambitious plan to open up financial data and reform digital payments. One of these draft proposals relates to a Payment Services package which is aimed at replacing the current PSD2.Protection of natural persons with regard to the processing of personal data
25th August 2023 In a request for a preliminary ruling requested by the Higher Regional Court, Germany to the European Court of Justice,Pre-contractual remedies are on the rise according to the PCRB’s 2022 annual report
25th August 2023 A report on the workings of the Public Contracts Review Board (PCRB) in 2022 has been published recently.Not every mere infringement of the GDPR may result in compensation
25th August 2023 2023 marks 5 years since the adoption of the General Data Protection Regulation (‘‘GDPR’’), and whilst the relevant stakeholders have become largely accustomed to it, questions about its interpretation and enforcement still crop up requiring preliminary rulings from the CJEU.New Guidance: Practical Guidance for Economic Operators: Detecting and Preventing Sanctions Evasion and Circumvention in Trade
25th August 2023 Background Economic operators play a vital role in ensuring that the sanctions regime is effective. Non-compliance with the sanctions regime by economic operators will dilute the effectiveness of the sanctions being imposed by the EU,Malta M&A Watch: Regulation of Foreign Subsidies
25th August 2023 Earlier this year, the Foreign Subsidies Regulation (Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market) (the “FSR”) entered into force.Lithuanian national railway abused its dominant position in the freight market
25th August 2023 On 12 January 2023, the Court of Justice of the European Union (CJEU) upheld the General Court’s decision on imposing a fine of around €20 million on the Lithuanian national railway company in the judgement of Lietuvos gelezinkeliai v Commission (Case C-42/21 P).How easy is it to charter your yacht?
25th August 2023 While the idea of chartering luxury yachts to offset operational expenses is great in theory, leasing a yacht can be trickier than one would think and it is advisable that one is properly educated and seeks guidance, to avoid disappointment and unnecessary costs.FIAU publishes its AML / CFT Supervisory Plan for 2023 – 2024
25th August 2023 The Financial Intelligence Analysis Unit (“FIAU”) has just published its AML/CFT Supervisory Plan for the year 2023/2024 (“Supervisory Plan 2023/2024”).EU Court’s Landmark Ruling: Restricting Financial Ties to Combat Money Laundering and Terrorism Financing
25th August 2023 On March 2, 2023, the European Union's Court of Justice (CJEU) affirmed the legitimacy of penalties and administrative actions levied by the Financial and Capital Market Commission (FKTK) against PrivatBank to mitigate potential involvement in money laundering and terrorist financing.EU Commission adopts adequacy decision on EU – US Data Privacy Framework
25th August 2023 On the 10th of July 2023, the EU Commission adopted its adequacy decision (the “Decision”) for the EU- US Data Privacy Framework (the “DPF”) through which it concluded that those US companies which subscribe to the DPF and adhere to its provisions will ensure an adequate level of protection,ESMA issues public statement in relation to sustainability disclosures in prospectuses
25th August 2023 On the 11th of July 2023, the European Securities and Markets Authority (ESMA) published a statement[1] underlining its expectations with respect to the nature and extent of sustainability disclosures to be included in both equity and debt prospectuses prepared in accordance with the Prospectus Regulation.[2]ESMA and EBA issue Inaugural Consultation Packages under MICA
25th August 2023 Introduction The Markets in Crypto-assets Regulation (MiCA), the first European framework for cryptoassets, was published in the Official Journal on 9 June 2023 and entered into force on 29 June 2023.CJEU paves the way for the General Court to re-assess the effect of the acquisition of O2 by Three
25th August 2023 In a judgement delivered by the Court of Justice of the European Union (the “CJEU” or the “Court”) on the 13 July 2023, in the case of Commission vs CK Telecoms UK Investments Ltd (“CK Telecoms”),CJEU clarifies legal consequences of invalid loan agreement due to unfair terms
25th August 2023 Summary On 27 April 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of MJ vs. AxFina Hungary Zrt. (Case C-705/21),Damages: Fishing vessel gutted by fire
23rd August 2023 The First Hall, Civil Court, presided by Mr Justice Francesco Depasquale, on the 6 June 2023, in the case "Emanuel Sant (Mary Sant succeeded the acts in this case on the death of her husband) vs Andrew Schembri and Christopher Sant personally and in representation of Sea Star Cruises Company Limited" held, among other things,EU Member State’s Foreign Investment Screening Framework under the CJEU’s Lens
21st August 2023 On the 13 July, 2023, the Court of Justice of the European Union (“CJEU”), delivered a ruling in the case of Xella Magyarország Építőanyagipari Kft. v. Innovációs és Technológiai Miniszter, that has shaped the way Regulation (EU) 2019/452 on Foreign Direct Investment (the “EU FDI Regulation”) is to be interpreted.MFSA publishes observations from inspections with issuers
14th August 2023 On 9 August 2023, the Malta Financial Services Authority (“MFSA”) published a circular with its observations following numerous market abuse-related supervisory inspections which it has been carrying out with Maltese issuers since 2018.Malta M&A Watch: Regulation of Foreign Subsidies – Impact on M&A Transactions
10th August 2023 With the Foreign Subsidies Regulation (Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market) (the “FSR”)[1] and the Commission Implementing Regulation (EU) 2023/1441 (the “Implementing Rules”) having now entered into force,Malta: a state-of-the-art regulatory framework for cryptocurrencies
10th August 2023 Cryptocurrencies have transformed finance, created investor opportunities, and disrupted traditional institutions.Proposals for an improved European Banking Union framework – Part II
3rd July 2023 In the first part of this article, we dealt briefly with the European Commission’s proposals to further strengthen and ensure the proper application of the existing common framework for managing bank failures,Proposals for an improved European Banking Union framework – Part I
3rd July 2023 Following the global financial crisis of 2008 – 2009, the European Union embarked on a journey towards achieving a Banking Union for Eurozone countries,Opposing trade mark registrations in the realm of financial institutions
3rd July 2023 The Court of Appeal (Inferior Jurisdiction) (the "Court") presided by Mr Justice Lawrence Mintoff on the 22 March 2023,Proposals for an improved European Banking Union framework – Part I
3rd July 2023 Following the global financial crisis of 2008 – 2009, the European Union embarked on a journey towards achieving a Banking Union for Eurozone countries, where harmonisation and integration across euro area banking systems are the key objectives. Much has been achieved in building this Banking Union, however, more work is underway.Major and emerging ML/FT risks identified by the EBA in its report on payment institutions
3rd July 2023 The scale and nature of the money laundering and terrorism financing (“ML/TF”) risk associated with the payment institutions (“PI”) sector and the extent to which PIs’ anti-money laundering and combatting of financing of terrorism (“AML/CFT”) systemsCouncil and Parliament reach provisional political agreement on financial services contracts concluded at a distance, including insurance contracts
3rd July 2023 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
3rd July 2023 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
3rd July 2023 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
3rd July 2023 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 unfair terms is declared null and invalid.Anti-money laundering in Malta
3rd July 2023 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
3rd July 2023 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?
3rd July 2023 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
3rd July 2023 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
3rd July 2023 “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 March 2023.MiCA – Landmark crypto regulation approved by EU Parliament
3rd July 2023 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
3rd July 2023 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?
3rd July 2023 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
3rd July 2023 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
3rd July 2023 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
3rd July 2023 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).The inclusion of maritime shipping activities in the EU Emission Trading System Directive
3rd July 2023 The European Parliament and the Council of the European Union reached a provisional agreement on the 17th of December 2022,EU directive relating to corporate cross-border mobility transposed into Maltese law
3rd July 2023 On 7th February 2023, three new regulations were published which transposed into Maltese law EU Directive No. 2019/2121 (the “Directive”) amending EU Directive No. 2017/1132 on cross-border conversions,Going green: How Malta’s economy is embracing sustainability
3rd July 2023 Sustainability has been growing in importance within the financial sector, particularly over the past few years.The non-disclosure of material facts in insurance contracts
3rd July 2023 In the recent case Malcolm Vassallo (the “Plaintiff”) vs. Citadel Insurance p.l.c (the “Defendant”) decided on the 1 March 2023,One step closer to establishing a European Green Bond Standard
3rd July 2023 On the 1st of March 2023, EU lawmakers announced an agreement on the creation of a European Green Bond Standard (EuGB).The inclusion of maritime shipping activities in the EU Emission Trading System Directive
5th June 2023 The European Parliament and the Council of the European Union reached a provisional agreement on the 17th of December 2022, whereby they adopted the European Commission’s proposal to include maritime transport activities in the existing ‘Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC’ (EU ETS Directive).The non-disclosure of material facts in insurance contracts
5th June 2023 In the recent case Malcolm Vassallo (the “Plaintiff”) vs. Citadel Insurance p.l.c (the “Defendant”) decided on the 1 March 2023, the Honourable Judge Lawrence Mintoff was requested to determine and examine what constitutes a “material fact” and the “non-disclosure of a material fact” when purchasing an insurance policy. The case was decided before the Court of Appeal (sitting in its inferior jurisdiction) (the “Court”).EIOPA Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities
8th March 2023 On the 3rd February 2023, the European Insurance and Occupational Pensions Authority (EIOPA) issued a Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities (“Supervisory Statement”). The EIOPA Supervisory Statement follows a public consultation which was launched by the European Authority on the 29th July 2022 relating to the use of governance arrangements in third countries (“Consultation Paper”).Creditors’ right to request the dissolution and winding up of a company in default
8th March 2023 In its judgment on the 23 January 2023, the First Hall Civil Court (Commercial Section) (hereinafter the “Court”) presided by Mr. Justice Ian Spiteri Bailey delved into the salient features of a request made to the court for the dissolution and winding up of a company by a creditor or creditors of such company by means of an application in terms of Article 218(1) of the Companies Act, Chapter 386 of the Laws of Malta (the “Act”).Abuse of a dominant position: Attributability of distributors’ conduct to the supplier and exclusivity clauses in distribution contracts
8th March 2023 On 19 January 2023, the Court of Justice of the European Union (the “CJEU”) delivered a ruling in the case of Unilever Italia Mkt. Operations Srl v Autorità Garante della Concorrenza e del Mercato (Case C-680/20) wherein it held that:The regime for crypto-asset service providers under the Markets in Crypto-Assets Regulation
8th March 2023 The Markets in Crypto-Assets Regulation (MiCA or the Regulation) will introduce the first European framework for crypto-assets. The regime covers three main types of crypto-assets, namely asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto-assets (a catch-all category for tokens that are not ARTs or EMTs).Revision of prices in Government Supply Contracts resulting from the war in Ukraine
8th March 2023 The Department of Contracts (“DOC”) has published a second circular (the “Supply Guidelines”) which guides a contractor in filing a claim for compensation arising out of the Ukrainian conflict where the public contract in question has a supply element. It is important to note that the wording used by DOC’s Supply Guidelines is not limited to public supply contracts but regulates “public contracts involving supplies”. Our understanding is that a compensation claim can be submitted even in the context of a works or services contract, as long as the claim in question concerning the supplies element. However, the contract value must exceed €10,000 (excluding VAT).Repeal of Companies Act (Public Companies – Annual General Meetings) Regulations
8th March 2023 The Companies Act (Public Companies – Annual General Meetings) Regulations (the “Original Regulations”) were promulgated during the COVID-19 pandemic to (1) extend the period for holding of annual general meetings, and filing of audited accounts; and (2) authorise the holding of remote or virtual general meetings by certain public companies.Juridical interest in the context of insurance claims
8th March 2023 On the 22 June 2022, in the case of ‘A. Pace Balzan v Citadel Insurance p.l.c.’, the Court of Appeal in its inferior jurisdiction, presided over by Judge Lawrence Mintoff, delved into the concept of juridical interest in the context of an insurance claim.Women’s representation in the finance industry
26th October 2022 In the latest episode of the ‘Ganado Meets Finance’ podcast, Stephanie Farrugia, senior associate at Ganado Advocates, speaks with Paulianne Nwoko, managing director of Apex Fund Services Ltd, on the representation of women in finance.The New Banking Rule 25 on the Financial Holding Companies and Mixed Financial Holding Companies Regime
26th October 2022 On the 28 July 2022 the Malta Financial Services Authority (the “MFSA”) issued a new Banking Rule, namely BR/25 on Financial Holding Companies and Mixed Financial Holding Companies (“BR/25”).The future of financial services in Malta
26th October 2022 In the first episode of the ‘Ganado Meets Finance’ podcast, Ganado Advocates’ Managing Partner Andre Zerafa speaks with MFSA CEO Joseph Gavin about regulation, supervision and the future of the industry.Listen to the podcast here: https://open.spotify.com/episode/55yqlCMx0JFSFMALbvIqGm The experience for Joseph Gavin as the MFSA’s CEO has been a fascinating and busy journey so far. He does, however, believe that notwithstanding the finance industry being dampened for a while by the pandemic and Malta’s greylisting by FATF, admirable progress has since been made and we now seem to be in a clear path which has given rise to a much greater sense of confidence among practitioners, regulators and the industry in general. The financial services sector remains diverse and there is a very strong base for the continued growth of the sector. Going forward, Gavin says that the MFSA needs to be seen as an effective regulator, gatekeeper, supervisor and enforcer which is committed to supporting the industry, particularly in terms of identifying growth opportunities as well as niche growth opportunities. The MFSA has recently carried out an internal assessment to identify aspects which need to be enhanced to further engage with the sector. The MFSA continues to strive to improve efficiencies and processes, and also assisting in changing the framework to allow for wider growth opportunities. Forward looking: On a global level, technology is advancing swiftly and overtaking steadily. In the eyes of Gavin, this will be one of the MFSA’s biggest challenges in the coming years. Both short-term and long-term changes will need to be undertaken to ensure that Malta’s platforms are and remain operative and effective. Considering, Gavin deems there to be great prospects for our payment and e-money institutions. Innovation: When it comes to innovation, the MFSA wishes to place itself in a more competitive position when compared to the larger jurisdictions, which may be done by making processes more efficient, expanding the capacity of Malta’s legal and financial instruments, and by developing and allowing for new products, such as a notified PIF (product information file). Competition: There are various areas of the financial services sector which are indeed competitive but there is still the need for more proportionality. This will accommodate competitiveness within the EU and allow smaller jurisdiction, like Malta, to compete effectively with other larger jurisdictions. Where the opportunity arises, Malta should negotiate revisions to the EU framework and put forward the proportionality argument.
MFSA’s supervisory priorities for the next few years
The MFSA has a very comprehensive strategy in terms of supervisory priorities. For instance, in the banking sector, the MFSA’s priority will be to continue to supervise closely while working towards consolidation. The insurance sector, on the other hand, is a well-established sector and is very well covered by insurance legislation and has a good variety of innovative structures (such as the protected cell company legislation). Interestingly to note, the insurance sector has sustained itself very well throughout the pandemic. As regards payment institutions, that there has been a significant growth in the sector both in terms of volume of payments and activity passing through the various regulated firms. The MFSA continues to be supportive of innovation. There is an opportunity for firms to develop technology and change the way of doing business, which the MFSA encourages, using the sandbox. While noting that there is also great potential for the asset management sector in Malta, Gavin says that a number of things need to be improved, including (i) our legislative framework; (ii) our engagement with the industry; and (iii) the arrival of international depositaries. The arrival of the international depositary, or the opening up of the restriction which exists at the level of the AIFMD (requiring a local depositary for the Alternative Investment Fund (the AIF)) would be very welcome by the industry.The blockchain island
The regime Malta has for virtual financial assets is probably one of the best in the world. Presently, the island has around 15 operators and 15 virtual financial assets agents. Although the industry isn’t the largest, Ganado Advocates’s managing partner Andre Zerafa deems it strong enough for Malta to be able to build on what there is, and this needs to be done particularly in response to the needs of the investors, who deem exposure to crypto assets to be extremely important.Conclusion
It is clear that Malta and the MFSA are open for business, which needs to continue to be compliant with the expectations both at EU level and even at a national level. From 2008-2016, Malta has had exponential growth and while the country has seen some consolidation in the past two years in particular, it is now ready for the next challenge.Author: Bettina Gatt May 27, 2022
The dissolution and winding up of a company when unable to pay its debts
26th October 2022 In its judgement delivered on 25 February 2021, in the names “Dr. Antoine Naudi as special attorney on behalf of the foreign company UR s.r.l vs. Talocan Ltd of Malta”, the Civil Court (Commercial Section), presided over by Hon. Justice Joseph Zammit McKeon, analysed the requirements necessary to uphold a dissolution and consequential winding up request in terms of Article 214 (2) (a) (ii) of the Companies Act, Chapter 386 of the Laws of Malta.PSD3 – Through the lens of the European Banking Authority
26th October 2022 The main objectives of the Payment Services Directive (EU) 2015/2366 (PSD2), transposed under Maltese law by inter alia the Financial Institutions Act, Chapter 376 of the Laws of Malta (FIA), were mainly to create a safer and more secure space for payments, to enhance protection for European Consumers and businesses and to contribute to an integrated and efficient European payments market. However, as Maired McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union stated: “The PSD2 has driven innovation in retail payments, to the benefit of consumers and financial service providers. It is now time to take stock with all stakeholders, and prepare our next steps. We want to boost innovation and increase consumer choice in payments and open finance, while keeping the companies and people who generate data in control”. With regards to this, the European Commission launched a public consultation to collect evidence regarding the application of the PSD2 together with any benefits and challenges which may have been encountered and any amendments which may be appropriate.PSD3 brewing? EU Commission launches consultations revising the Second Payment Services Directive
26th October 2022 In line with the EU Digital Finance Strategy and the EU Retail Payments Strategy, the European Commission has just launched a series of consultation documents primarily aimed to collect market feedback on open finance rules and on any potential amendments to the EU Payment Services Directive 2015/2366 (“PSD 2”) – which directive sets out the legal foundation for the development of an integrated internal market for payment services within the EU and inter alia sets out rules on licensing regimes for payment institutions, open banking, and rights and obligations of payment services users and providers.New opportunities within the Maltese insurance market
26th October 2022 In the third episode of ‘Ganado meets Finance’ podcast, Matthew Bianchi, partner and head of the insurance practice at Ganado Advocates meets the Malta Insurance Managers’ Association Chairperson Elizabeth Carbonaro.New market abuse Q&As
26th October 2022 The European Securities and Markets Authority (“ESMA”) recently updated its question and answer document on the Market Abuse Regulation (“MAR”). The updated document sees the introduction of two new questions and their corresponding answers which, broadly, provide that:MSE’s strategy and the outlook for the Maltese capital markets
26th October 2022 In the second episode of the ‘Ganado Meets Finance’ podcast, Nicholas Curmi, partner and head of the capital markets practice at Ganado Advocates, meets the Malta Stock Exchange’s Executive Chairman Joseph Portelli for a frank chat on the inner workings of the Malta Stock Exchange, and the way forward for the Maltese capital markets space.Malta becomes one of the first EU Member States to integrate with BORIS
26th October 2022 In terms of the Fifth and Sixth EU Anti-Money Laundering Directives [1] (“AMLDs”), the European Commission issued a communication accompanied by a series of reports paving the way forward for further discussions on the improvement of the anti-money laundering EU framework.Exploring DORA – the key features
26th October 2022 The reliance of financial entities on the use of technology within their business infrastructure is increasingly on the rise, given that it helps save on costs, increases efficiency and ultimately benefits consumers by offering a better end product. A number of insurance undertakings are in fact increasingly incorporating ‘tech’ within their product-lines and services, as well as within their operational functions in the course of creating, distributing or administering insurance products.ECJ rules on the passenger’s right to compensation from non-EU air carriers
26th October 2022 The European Court of Justice (the “ECJ”), on 7 April 2022, delivered a preliminary ruling with regards to Regulation (EC) No 261/2004 which establishes common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (the “Air Passenger Rights Regulation”) and as a result, has extended the scope for passengers to seek compensation. In particular, for delays pertaining to connecting flights consisting of two legs which are serviced by non-EU air carriers.EBA issues Guidelines on policies and procedures in relation to Compliance Management and the role and responsibilities of the AML/CFT Compliance Officer
26th October 2022 On 2 August 2021, the European Banking Authority (the “EBA”) launched a public consultation on the on policies and procedures in relation to compliance management and the role and responsibilities of the anti-money laundering and counter financing of terrorism (“AML/CFT”) compliance officer under Article 8 and Chapter VI of Directive (EU) 2015/849 [1].Artificial Intelligence in the Medical Field – Dr. Paul Micallef Grimaud
3rd August 2021 In the third episode of the “Ganado Meets Tech” podcast, Ganado Advocates’ IP/TMT partner Paul Micallef Grimaud, met with consultant nuclear medicine physician, Dr. Andrew Mallia, Professor Alexiei Dingli – University of Malta Senior Lecturer of Artificial Intelligence and entrepreneur and lawyer Dr. Gege Gatt to look at how AI is positively impacting the health sector and providing us with unprecedented levels of cure and health management, whilst also discussing the legal and ethical risks involved.- Investment funds