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Banking & Finance

The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts

This article was written by​ Dr Michael Psaila and Mr Neeraj Bharwani.Directive No 19 on the Use of Cheques and Bank Drafts ('the Directive') was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts ('paper-based instruments') drawn on Maltese banks and financial institutions. Furthermore, institutions which exercise their passporting rights to provide their services in Malta, post office giro payment institutions and the Central Bank of Malta ('Bank') when acting as a payment service provider, and any natural or legal person making use of…
Michael Psaila
21st July 2021
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Banking & Finance

ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR)

On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the "ESAs") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation ("SFDR"). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors. In their joint statement, the ESAs recommend that during the interim period between 10th March, 2021 (the date upon which most of the provisions on sustainability-related disclosures laid down under the SFDR will apply) to the application date…
Simon Pullicino
1st March 2021
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Banking & Finance

EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework.

On 19 August, 2020 the EBA published its response to the European Commission's Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing (ML/FT), largely throwing its support behind the Commission's Action Plan. In its response, the EBA has provided technical input designed to better guide the Commission in its implementation of the Action Plan. In the EBA's view, a comprehensive assessment of the current EU AML/CFT framework is necessary to ensure that the EU and the Member States are well-equipped with an effective set of tools in its AML/CFT arsenal. In endorsing the Action Plan,…
Simon Pullicino
24th August 2020
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Banking & Finance

The Court of Justice of the European Union Gives Preliminary Ruling on Unfair Terms in a Mortgage Loan Agreement

FactsCase C-125/18, "Marc Gomez del Moral Guasch vs. Bankia SA" concerns a request to the European Court of Justice (the "ECJ") for a preliminary ruling from Juzgado de Primera Instancia No 38 de Barcelona (Court of First Instance No. 38, Barcelona, Spain) in relation to the fairness or otherwise of a contractual term governing the variable ordinary and remunerative interest rate in a mortgage loan agreement. Under the agreement in question, the interest rate payable by Mr Gomez del Moral Guasch was to vary according to the reference index based on the mortgage loans granted by the Spanish savings banks,…
Nicole Portelli
17th March 2020
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Banking & FinanceNews

MFSA Issues Guidance on the Charging of Negative Interest

The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector.Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a maintenance fee may be charged in case of excessively high balances.Click here to access The Circular. Disclaimer This document…
Roberta Peresso
28th September 2018
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Banking & FinanceNews

MFSA Issues Guidance on the Charging of Negative Interest

The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector.Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a maintenance fee may be charged in case of excessively high balances.Click here to access The Circular. Disclaimer This document…
Roberta Peresso
28th September 2018