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EULaw

Payments Insights #6 – EU Legislative Drafting Status of PSD3 and PSR Banking & FinanceFinTech

Payments Insights #6 – EU Legislative Drafting Status of PSD3 and PSR

When the Second Payment Services Directive ('PSD2') replaced the First Payment Services Directive, the EU had solidified the regulatory architecture governing payment services across the single market; and this has served the ecosystem well for the past decade. On 18th May 2026, the Chair of the European Parliament's Committee on Economic and Monetary Affairs wrote to the EU Council Presidency to confirm that if the EU Council transmits its position on the Third Payment Services Directive (“Proposed PSD3”) and the Payment Services Regulation (“Proposed PSR”) in its current form, the Committee will recommend adoption at second reading without amendment. The…
Mario Mizzi
27th May 2026
The EU AI Act
European Commission Proposes Updated EU Cybersecurity Act (The Cybersecurity Act 2) DORAGDPRTelecoms, Media & Technology

European Commission Proposes Updated EU Cybersecurity Act (The Cybersecurity Act 2)

On 20 January 2026, the Proposal for a Regulation for the EU Cybersecurity Act (‘The Cybersecurity Act 2’) was published by the European Commission to update and replace Regulation (EU) 2019/881 (the “2019 Cybersecurity Act”). The Proposal was introduced in response to major changes in cybersecurity threats as well as the weaknesses identified in the 2019 Cybersecurity Act. Since the adoption of the 2019 Cybersecurity Act, cyberattacks have become more frequent and sophisticated, increasingly targeting critical infrastructures, essential services and digital supply chains. At the same time, growing geopolitical tensions and the EU’s reliance on technologies from third countries have…
Mamo TCV Advocates
30th January 2026
NIS 2 and Critical Entities Resilience Framework Enter into Force in Malta DORAGDPRTelecoms, Media & Technology

NIS 2 and Critical Entities Resilience Framework Enter into Force in Malta

Two long-awaited Legal Notices published on Friday, 23rd January 2026 have brought into force key elements of Malta’s cybersecurity and resilience framework, implementing two recent EU legislative developments. Entry Into Force of the NIS 2 Directive Legal Notice 22 of 2026 brought Subsidiary Legislation 460.41, the Measures for a High Common Level of Cybersecurity Across the European Union (Malta) Order, into force on Friday, 23rd January 2026. This Subsidiary Legislation transposes the EU Network and Information Systems Directive II (more commonly known as ‘NIS 2’) into Maltese law and is brought into force as already previously published without substantial substantive…
Mamo TCV Advocates
26th January 2026
Valletta Skyline
Malta’s Shariah-Compliant Funds Framework Investment Services & Funds

Malta’s Shariah-Compliant Funds Framework

Malta’s recent revamp of its Shariah-compliant investment funds framework is a strategic move to attract investors and asset managers from the Middle East and North Africa (‘MENA’), including family offices from the Gulf region (‘GCC’) to the EU’s southernmost jurisdiction. The Malta Financial Services Authority (‘MFSA’) informed the industry through a circular about this update in November 2025. This update continues positioning the islands as a bridge between Europe and Sharia finance. Being EU and Eurozone currency member, Malta offers MENA investors a seamless point of entry into the EU’s single financial market. For Middle Eastern fund promoters looking to…
Mario Mizzi
24th November 2025
Highest EU Court in Luxembourg
CJEU preliminary rulings as a path towards further investment law harmonisation Investment Services & FundsLitigation & Dispute Resolution

CJEU preliminary rulings as a path towards further investment law harmonisation

The preliminary reference procedure under Article 267 of the Treaty on the Functioning of the European Union (TFEU) constitutes a mechanism by which the Court of Justice of the European Union (CJEU) ensures the uniform interpretation and application of Union law across the Member States. In the specific context of EU financial regulation, this procedural instrument assumes a distinctive function: that of enabling organic harmonisation within the internal market. By facilitating a judicial dialogue between national courts and the CJEU, the preliminary ruling mechanism operates as a decentralised yet effective method of aligning national interpretations of key provisions within directives…
Mario Mizzi
14th July 2025
Person using a credit card
Payments Insights #5 – When CASPs Overlap PSPs Banking & FinanceFinTech

Payments Insights #5 – When CASPs Overlap PSPs

The EU’s Markets in Crypto-Assets Regulation (MiCA) provides in Article 70(4) that a crypto-asset service provider (CASP) offering payment services related to its crypto activities must either obtain a payment institution authorisation itself or partner with an authorised payment service provider (PSP) under PSD2. This reflects the “dual nature” of certain crypto-assets: notably, MiCA classifies e-money tokens (i.e. stablecoins) as electronic money, meaning they are not only crypto-assets under MiCA but also “funds” under the Second Payment Services Directive (PSD2). In practice, this dual status raised uncertainty about whether CASPs dealing in stablecoins need a separate PSD2 licence in addition…
Katya Tua and Mario Mizzi
4th July 2025