Skip to main content

Insights

News_RBT.png
The Court of Justice of the European Union Gives Preliminary Ruling on Unfair Terms in a Mortgage Loan Agreement 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
News_MFSA.png
MFSA issues circulars in the light of COVID-19 outbreak COVID19 MeasuresInsurance & Reinsurance

MFSA issues circulars in the light of COVID-19 outbreak

Amidst the constant unfolding of the situation surrounding the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has recently issued a number of circulars targeted at the local financial services sector in general and also sector specific.  The following is an overview of the COVID-19 related circulars issued by the MFSA between the 10th March and the 13th March 2020: A.MFSA General Circularsa)MFSA expects licensed firms to have in place COVID-19 Contingency and Business Continuity PlansOn the 10th March 2020, MFSA issued a general circular applicable to all local financial services reguslated entities highlighting the MFSA expectations that regulated firms take…
Romina Bonnici
17th March 2020
News_Brn.png
Identity Malta Agency – COVID-19: Current Implemented Measures COVID19 MeasuresImmigration

Identity Malta Agency – COVID-19: Current Implemented Measures

With respect to the outbreak of COVID-19, Identity Malta Agency have communicated the below information, which shall be implemented with immediate effect:1. Customer Care DeskThe customer care desk will not be engaging in direct contact with individuals. Nonetheless, should assistance be required, any queries may be forwarded to eresidence.ima@gov.mt or call on 00356 2590 4800.2. Third country nationals and the single permitAny employee, whose residence card is set to expire between 13th March and 31st March, shall communicate this with their employer who is to carry out the renewal through Identity Malta's online platform. Identity Malta will only accept applications…
Julian Fenech Adami
16th March 2020
News_gsk1.png
Covid 19 – Employment Measures COVID19 MeasuresEmployment and Industrial Relations

Covid 19 – Employment Measures

COVID 19 – Employment MeasuresThe coronavirus has started taken its toll on Maltese business with many employers, especially those in the tourism and entertainment industry, having to shut down their operations temporarily. This article addresses the main queries which are being asked by employers in view of the current situation. What is quarantine leave?On the 13th March 2020, Legal Notice 62 of 2020 (the Minimum Special Leave Entitlement (Amendment) Regulations) came into force to make provision for quarantine leave. Quarantine leave is defined as "leave to be granted to the employee without loss of wages in such cases where the…
Christine Calleja
16th March 2020
News_dsk3.png
MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020

In a circular issued following the press release published by the European Central Bank ("ECB") on 12th March, the MFSA informed licensed credit institutions and the general public that the measures introduced by the ECB in terms of the aforementioned press release are to apply in their entirety to all credit institutions licensed under the Banking Act (Chapter 371 of the laws of Malta) with immediate effect and until further notice.These measures include the following: Banks can fully use capital and liquidity buffers, including Pillar 2 Guidance; Banks will benefit from relief in the composition of capital for Pillar 2…
Nicole Portelli
16th March 2020
News_dsk2.png
MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020

In a circular issued on Friday 13th March, the MFSA called upon Financial institutions to inform it of any adverse change in customer behaviour, imminent difficulties in ensuring the continuity of services and/or to inform it should contingency plan/s be put into effect. Financial Institutions were also encouraged to communicate with critical service providers to understand and ascertain how services continuity shall be ensured.The MFSA further communicated that it is constantly monitoring developments in relation to the spread of COVID-19 and that it is in close cooperation with the Central Bank of Malta and the European Supervisory Authorities.The full circular…
Nicole Portelli
16th March 2020