Mar
01

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

News_ESA
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 10 th March, 2021 (the date upon which most of the provisions ...
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Aug
24

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

News_AML
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 o...
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Mar
17

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

News_RBT
Facts Case 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...
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Sep
28

MFSA Issues Guidance on the Charging of Negative Interest

News_Mamo
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 ma...
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