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Garnishee Orders – Recent Amendments to the Code of Organisation and Civil Procedure Could Place Significant Administrative Burden on Banks Banking & Finance

Garnishee Orders – Recent Amendments to the Code of Organisation and Civil Procedure Could Place Significant Administrative Burden on Banks

This article was written by​ Dr Neeraj Bharwani and Dr Michael Psaila Act No. LXII of 2021 (the "Act") was published in the Government Gazette on the 29th October 2021 introducing several amendments to the provisions dealing with garnishee orders in the Code of Organisation and Civil Procedure, Chapter 12 of the Laws of Malta (the "COCP"). Briefly, the Act has extended the list of assets that cannot be subject to a garnishee order to include:(i) Private pensions and pensions issued by foreign governments up to the amount established for the highest pension issued by the Government; (ii) Benefits and subsidies…
Neeraj Bharwani
12th November 2021
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The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts 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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ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR) 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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EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework. 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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MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures Banking & FinanceCOVID19 MeasuresLegal Updates

MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures

Following up from the statement made by the European Banking Authority (EBA) relating to the temporary capital and operation relief provided to credit institutions, the EBA has issued a further statement to clarify the application of this framework. This statement addresses specifically the classification of loans in default, the identification of forborne exposures and their accounting treatment.In relation to the provision of general moratoria by national governments and EU bodies, the EBA emphasised that it is vital for the classification of exposures to reflect any deterioration of asset quality in a timely and acccurate manner. The EBA also states that…
MamoTCV Advocates
27th March 2020
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The Central Bank of Malta Issues Directive 17 in view of Social Distancing Requirements Banking & FinanceCOVID19 MeasuresLegal Updates

The Central Bank of Malta Issues Directive 17 in view of Social Distancing Requirements

On 25th March 2020, following the advice of the Maltese health authorities to the public to pursue social distancing, the Central Bank of Malta (CBM) issued Directive 17, which implements temporary precautionary measures with respect to essential services provided by credit and financial institutions. This Directive entered into force on 26th March 2020 and outlines the minimum service expectations to be provided by commercial banks and financial institutions with the aim of reducing the number of persons visiting their branches each day. These measures mainly concern:(a) the deposit and withdrawal of cash; (b) the deposit, encashment and clearing of paper…
Nicole Portelli
27th March 2020