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Banking & Finance

Mamo TCV Advocates - DORA Services
Banking & FinanceCapital MarketsDORAFinTechInsurance & Reinsurance

Six Months Until DORA: MamoTCV Advocates Launches Detailed Overview

On the 17th of January 2025, the Digital Operational Resilience Act (DORA) will become applicable across the EU, including Malta. Maltese financial entities and ICT providers have 6 months to prepare for the new legal obligations that shall be imposed. In conjunction, on the 17th of January 2025, the Malta Financial Services Authority Act (Digital Operational Resilience Act (DORA)) Regulations, shall also come into force, further regulating the matter in Malta. We have recently launched our DORA microsite (www.doramalta.com) with easily understandable information which can serve as your reference point for available guidance. This document does not purport to give legal, financial…
Mamo TCV Advocates
17th July 2024
Mamo TCV Advocates - DORA Services
Banking & FinanceCapital MarketsDORAInsurance & ReinsuranceTelecoms, Media & Technology

Are you ready for DORA?

The ‘Digital Operational Resilience Act’ or “DORA” (Regulation (EU) 2022/2554) shall be enhancing and improving Information and Communications Technology (‘ICT’) operational risk requirements across various financial sectors. Subsequently, it imposes obligations on a vast array of different financial entities, as well as certain ICT service providers that assist such financial entities. These financial entities include the following: Credit institutions Account information service providers Investment firms Alternative Investment Fund Managers Crypto-asset service providers Payment institutions Central securities depositories Credit rating agencies Data reporting service providers Insurance and reinsurance undertakings Insurance intermediaries Crowdfunding service providers Mamo TCV Advocates can provide assistance by…
Mamo TCV Advocates
18th June 2024
Mamo TCV Advocates: Proposed Amendments to the Depositor Guarantee Scheme Directive. Such proposal has been adopted by the European Parliament on 24 April 2024.
Banking & Finance

European Parliament Adopts Amendments to the Depositor Guarantee Scheme Directive

On the 24th of April 2024 the European Parliament (hereunder the ‘EP’) adopted the Proposal for the amendments to the Directive 2014/49/EU as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation and transparency (the Directive hereunder referred to as the ‘DGSD’). The EP adopted the proposal with additional amendments to be assessed in line with the applicable European legislative process and, hence, the text is not final. These amendments are part of the proposed European package amending the framework on banks’ crisis management . One of the concepts considered under the DGSD is that…
Sarah Zerafa Lewis
4th June 2024
Mamo TCV Advocates: Payments Insights #3 – Existing and Upcoming Strong Customer Authentication Requirements for PSPs
Banking & FinanceFinTech

Payments Insights #3 –
Existing and Upcoming Strong Customer Authentication Requirements for PSPs

When the Second Payment Services Directive1 (‘PSD2’) replaced the First Payment Service Directive, the European Union (‘EU’) introduced the requirement of Strong Customer Authentication (‘SCA’). SCA enhances the security of electronic payments through additional layers of authentication with the aim to mitigate payment fraud. As we noted in the previous Payment Insight, the European Banking Authority (the ‘EBA’) opines that SCA requirements have been successful in preventing payments fraud resulting from the theft of customers’ credentials. In view of this, the upcoming amendments to the payment services regime will see the SCA requirements being enhanced in the proposed Payment Services…
Sarah Zerafa Lewis and Mario Mizzi
30th May 2024
Mamo TCV Advocates: The Central Bank of Malta repeals Directive no. 18 on Moratorium on Credit Facilities with immediate effect. Find out more about this update here.
Banking & Finance

CBM Repeals Directive no. 18 on Moratorium on Credit Facilities

The Central Bank of Malta repeals Directive no. 18 on Moratorium on Credit Facilities in Exceptional Circumstances On 3 May 2024 the Central Bank of Malta (hereunder the ‘CBM’) repealed Directive No. 18 on Moratorium on Credit Facilities in Exceptional Circumstances (hereunder the ‘Directive’). The main objective of the Directive, which had come into force on 13 April 2020, was to implement the provisions of regulation 6 of the Moratorium on Credit Facilities in Exceptional Circumstances Regulations (Subsidiary Legislation 465.40) which regulations were issued under the Public Health Act (Chapter 465 of the Laws of Malta) in order to provide…
Mamo TCV Advocates
7th May 2024
Mamo TCV - Legal Article
Banking & Finance

Court of Appeal (Inferior Jurisdiction) Orders the Reinstatement of Bank Accounts

Bank Accounts were reinstated after Bank failed to give justified reasons for termination under AML/CFT obligations. 1. Facts of the Case APS Bank p.l.c. (hereinafter 'the Bank’) had informed a customer (hereunder ‘the Appellant’) that, after the Bank’s internal policies and procedures were revised, the Bank was no longer in a position to provide banking services to her and, that consequently, their contractual relationship was being terminated. The Appellant lodged a complaint before the Arbiter for Financial Services in Malta (hereunder ‘the Arbiter’) claiming that the Bank had terminated the banking relationship unfairly, without a valid reason and contrary to…
Sarah Zerafa Lewis
2nd May 2024