Ganado Advocates
FinTech Guide 2024
About
Ganado Advocates is a leading commercial law firm with a particular focus on the corporate, financial services and maritime /aviation sectors, predominantly servicing international clients doing business through Malta. The firm also promotes other areas such as tax, pensions, intellectual property, employment and litigation. The firm traces its roots back to the early 1900s, and is today one of Malta’s foremost law practices, consistently ranking as a leading firm in all its core sectors. Ganado Advocates has over the past decades contributed directly towards creating and enhancing Malta’s hard-won reputation as a reliable and effective international centre for financial and maritime services. Today, the firm continues to provide high standards of legal advisory services to support and enhance Malta’s offering.
Ranked Offices
Provided by Ganado Advocates
- Valletta171 Old Bakery Street, Valletta, Malta, Malta, VLT 1455
- Web: www.ganado.com
- Tel: (+356) 21 23 54 06
- View ranked office
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Articles, highlights and press releases
300 items provided by Ganado Advocates
Keeping up with EU ETS and MRV obligations
As of 1st January 2024, the European Union (“EU”), welcomed the updated EU ETS rules which were duly extended to cater for the maritime sector by means of Directive 2023/959 of the European Parliament and of the Council of 10th May 2023 amending Directive 2003/87/EC establishing a system for...
The Donations to Voluntary Organisations Rules, 2024
Recently, the Donations to Voluntary Organisations Rules, 2024 (the “Rules”) were published by means of Legal Notice 86 of 2024.
Judicial Cooperation and Enforcement of Civil and Commercial Judgments
In a dispute concerning a conflict of international jurisdiction, the Court of Justice (First Chamber) ruled on the applicability of the Brussels Ia Regulation[1] to agreements conferring jurisdiction from the perspective of the existence of an international element.
GRC in Malta: The Pillars of Sound Financial Crime Compliance: A Comprehensive Guide
As the various practices employed by criminals to disguise economic benefits from illicit activities continuously evolve, organisations should be well-equipped to manage risks arising from such trends.
CJEU decides in favour of the European Super League and declares FIFA & UEFA rules as contrary to EU
On 21 December 2023, the Court of Justice of the European Union delivered a preliminary ruling whereby it concluded that the Fédération internationale de football association Statues infringed EU Competition law, specifically Article 101 and Article 102 of the Treaty on the Functioning of the Europe
DORA voluntary dry run exercise to ensure preparedness ahead of it becoming applicable
In its latest circular, the MFSA highlights the launch of a dry run ad hoc exercise by the European Supervisory Authorities (ESAs) and participating competent authorities such as the MFSA itself.
Sanctions in shipping: Navigating the 12th package of sanctions against Russia
Council Regulation (EU) 2023/2878 of December 18, 2023, amending Regulation (EU) No. 833/2014 resulted in the adoption of the 12th package of sanctions against Russia, with the aim of imposing additional import and export bans combating sanctions circumvention and closing loopholes.
Maltese Parliament approves updates to the VFA Act ahead of MiCA
The Maltese Parliament has just approved updates to the Virtual Financial Assets Act (Chapter 590, Laws of Malta) (“VFA Act”) to ensure further alignment with the Markets in Crypto-Assets Regulation (MiCA).
Steering through Corporate Governance: The Company Defunct Procedure and its implications
In its judgement delivered on the 1 March 2024 in the names of Dr. Cedric Mifsud vs The Registrar of Companies, the First Hall Civil Court, Commercial Section, presided over by Hon. Justice Ian Spiteri Bailey, delved into the Company Defunct Procedure and a request by the Plaintiff for the.....
Reform of Circular CSSF 02/77 on NAV calculation errors and investment breaches
The CSSF published Circular CSSF 24/856 on investor protection in the event of a NAV calculation error, non-compliance with investment rules, and other errors on 29 March 2024.
Proportionality is vital for a regulation of this nature
DORA represents a significant milestone in the EU’s efforts to strengthen the cybersecurity and operational resilience of financial entities.
CSSF Publishes Circular & FAQs on AML/CFT Report RC
On the 29 February 2024, the Commission de Surveillance du Secteur Financier (“CSSF”), issued Circular CSSF 24/854 (the “Circular”) titled “Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”) and applicable FAQs on the SRRC.
Deciphering passenger consent – the ECJ’s latest ruling on flight reimbursement
On 21 March 2024, the European Court of Justice (“ECJ”) gave a preliminary ruling on the interpretation and scope of Regulation No 261/2004 of the European Parliament and of the Council establishing common rules on compensation and assistance to passengers in the event of denied boarding and of...
The OECD publishes report on the 2024 edition on Competition Trends
On 6 March 2024, the Organisation for Economic Co-operation and Development (“OECD”) published its report on global competition trends based on data from 77 OECD and non-OECD jurisdictions for the year 2022 (“Report”).
Updates to Renewable Energy Bidding Rules
For a number of years the Government of Malta has sought to encourage the development of renewable energy projects through the grant of feed-in-tariffs.
MFSA circular and feedback statement re amendments to PCC regulations
On 28th March 2024 the Malta Financial Services Authority issued a Circular and Feedback Statement on the amendments to the Companies Act Regulations, a New Chapter 17 to the Insurance Rules titled ‘Cell Companies carrying on Business of Insurance’
CJEU deliberates on the distinction between the issuance of E-money and payment services
Following AG Sánchez-Bordona’s opinion last October, the European Court of Justice (“ECJ”) delivered on 22 February 2024, a preliminary ruling in the case ‘ABC Projektai UAB v Lietuvos bankas’ outlining the distinction of what qualifies as a payment service under Directive (EU) 2015/2366 (“PSD2”)...
European Commission updates market definition notice
On 8 February 2024, the European Commission (‘Commission’) published the revised Commission Notice on the definition of the relevant market for the purposes of Union competition law ('Revised Notice').
Will DORA impact the scope of MFSA’s Guidance on (amongst others) ICT Risk Management and Outsourcin
As the date of application of Regulation (EU) 2022/2554 is looming large on the horizon, the MFSA has issued a critical Circular which lays to rest the conundrum entities falling in scope of MFSA’s regulatory remit have been pondering on in the space of ICT risk management and digital operational...
MFSA sends letter to management bodies about its 2024 DORA ambitions
DORA (the Digital Operational Resilience Act or Regulation 2022/2554) and the DORA Amending Directive (Directive 2022/2556) shall apply from 17 January 2025.
Adapting to MiCA: ESMA’s recent publications for the Crypto Industry
The European Securities and Markets Authority (ESMA) has kept up the momentum ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA) this year.
Malta M&A Watch: Amendments in Maltese Law facilitating Cross- Border Activity
The scope of the amendments is to fully transpose Directive 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive 2017/1132 as regards the use of digital tools and processes in company law, and to ensure legal certainty in implementing Directive 2019/2121 of...
The CJEU rules on the liability for the payment of VAT arising from fraudulently issued invoices
The Court of Justice of the European Union in Case C-442/22, Dyrektor Izby Administracji Skarbowej w Lublinie, has ruled on the basis of Article 203 of Council Directive 2006/112/EC on the Common System of Value Added Tax, that employees may be declared personally responsible to pay amounts of VAT..
Regulatory Round-Up: Examining Recent updates in respect of MiCAR
Bill No. 88, Virtual Financial Assets (Amendment) Bill (the “Bill”) is one of the next pending items on the Parliament of Malta’s agenda.
DORA Trifecta - Three delegated regulations adopted by the Commission
Three delegated regulations under the Regulation on digital operational resilience for the financial sector (Regulation (EU) 2022/2554 or “DORA”) have been adopted by the European Commission.
A creditor’s obligation to assess the creditworthiness of a consumer
In examining the case of Nárokuj s.r.o. v EC Financial Services, a.s (C-755/22), the Court of Justice of the European Union (the “CJEU”) considered the obligation which banks are subject to prior to the granting of credit to consumers.
GRC in Malta: Independent Thinkers for Effective Board Governance
It is acknowledged that governance set-ups can differ between organisations and there is no set-up which is better than another or which is free from flaws.
Liability for data breaches and the recognition of non-material damage under the GDPR
On December 14, 2023, the Court of Justice of the European Union delivered a landmark judgment, following the request of a preliminary ruling, in the case of VB v. Natsionalna agentsia za prihodite whereby the Court examined, among other aspects, liability and non-material damage under the EU...
GRC in Malta: Governance and ESG - Navigating the Intersection between Profit and Purpose
The term “ESG” (Environmental, Social and Governance) has gained significant attention in recent years, much to the delight or dismay of interested parties.
The Parties’ Free Choice of EU Jurisdiction
On 8 February 2024, the Court of Justice of the European Union (“CJEU”), in delivering a preliminary ruling in the name of Inkreal s.r.o. v. Dúha reality s.r.o. (C-566/22) reached a controversial conclusion that parties established in the same Member State may agree on the jurisdiction of the courts
Keeping up with EU ETS and MRV obligations
As of 1st January 2024, the European Union (“EU”), welcomed the updated EU ETS rules which were duly extended to cater for the maritime sector by means of Directive 2023/959 of the European Parliament and of the Council of 10th May 2023 amending Directive 2003/87/EC establishing a system for...
The Donations to Voluntary Organisations Rules, 2024
Recently, the Donations to Voluntary Organisations Rules, 2024 (the “Rules”) were published by means of Legal Notice 86 of 2024.
Judicial Cooperation and Enforcement of Civil and Commercial Judgments
In a dispute concerning a conflict of international jurisdiction, the Court of Justice (First Chamber) ruled on the applicability of the Brussels Ia Regulation[1] to agreements conferring jurisdiction from the perspective of the existence of an international element.
GRC in Malta: The Pillars of Sound Financial Crime Compliance: A Comprehensive Guide
As the various practices employed by criminals to disguise economic benefits from illicit activities continuously evolve, organisations should be well-equipped to manage risks arising from such trends.
CJEU decides in favour of the European Super League and declares FIFA & UEFA rules as contrary to EU
On 21 December 2023, the Court of Justice of the European Union delivered a preliminary ruling whereby it concluded that the Fédération internationale de football association Statues infringed EU Competition law, specifically Article 101 and Article 102 of the Treaty on the Functioning of the Europe
DORA voluntary dry run exercise to ensure preparedness ahead of it becoming applicable
In its latest circular, the MFSA highlights the launch of a dry run ad hoc exercise by the European Supervisory Authorities (ESAs) and participating competent authorities such as the MFSA itself.
Sanctions in shipping: Navigating the 12th package of sanctions against Russia
Council Regulation (EU) 2023/2878 of December 18, 2023, amending Regulation (EU) No. 833/2014 resulted in the adoption of the 12th package of sanctions against Russia, with the aim of imposing additional import and export bans combating sanctions circumvention and closing loopholes.
Maltese Parliament approves updates to the VFA Act ahead of MiCA
The Maltese Parliament has just approved updates to the Virtual Financial Assets Act (Chapter 590, Laws of Malta) (“VFA Act”) to ensure further alignment with the Markets in Crypto-Assets Regulation (MiCA).
Steering through Corporate Governance: The Company Defunct Procedure and its implications
In its judgement delivered on the 1 March 2024 in the names of Dr. Cedric Mifsud vs The Registrar of Companies, the First Hall Civil Court, Commercial Section, presided over by Hon. Justice Ian Spiteri Bailey, delved into the Company Defunct Procedure and a request by the Plaintiff for the.....
Reform of Circular CSSF 02/77 on NAV calculation errors and investment breaches
The CSSF published Circular CSSF 24/856 on investor protection in the event of a NAV calculation error, non-compliance with investment rules, and other errors on 29 March 2024.
Proportionality is vital for a regulation of this nature
DORA represents a significant milestone in the EU’s efforts to strengthen the cybersecurity and operational resilience of financial entities.
CSSF Publishes Circular & FAQs on AML/CFT Report RC
On the 29 February 2024, the Commission de Surveillance du Secteur Financier (“CSSF”), issued Circular CSSF 24/854 (the “Circular”) titled “Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”) and applicable FAQs on the SRRC.
Deciphering passenger consent – the ECJ’s latest ruling on flight reimbursement
On 21 March 2024, the European Court of Justice (“ECJ”) gave a preliminary ruling on the interpretation and scope of Regulation No 261/2004 of the European Parliament and of the Council establishing common rules on compensation and assistance to passengers in the event of denied boarding and of...
The OECD publishes report on the 2024 edition on Competition Trends
On 6 March 2024, the Organisation for Economic Co-operation and Development (“OECD”) published its report on global competition trends based on data from 77 OECD and non-OECD jurisdictions for the year 2022 (“Report”).
Updates to Renewable Energy Bidding Rules
For a number of years the Government of Malta has sought to encourage the development of renewable energy projects through the grant of feed-in-tariffs.
MFSA circular and feedback statement re amendments to PCC regulations
On 28th March 2024 the Malta Financial Services Authority issued a Circular and Feedback Statement on the amendments to the Companies Act Regulations, a New Chapter 17 to the Insurance Rules titled ‘Cell Companies carrying on Business of Insurance’
CJEU deliberates on the distinction between the issuance of E-money and payment services
Following AG Sánchez-Bordona’s opinion last October, the European Court of Justice (“ECJ”) delivered on 22 February 2024, a preliminary ruling in the case ‘ABC Projektai UAB v Lietuvos bankas’ outlining the distinction of what qualifies as a payment service under Directive (EU) 2015/2366 (“PSD2”)...
European Commission updates market definition notice
On 8 February 2024, the European Commission (‘Commission’) published the revised Commission Notice on the definition of the relevant market for the purposes of Union competition law ('Revised Notice').
Will DORA impact the scope of MFSA’s Guidance on (amongst others) ICT Risk Management and Outsourcin
As the date of application of Regulation (EU) 2022/2554 is looming large on the horizon, the MFSA has issued a critical Circular which lays to rest the conundrum entities falling in scope of MFSA’s regulatory remit have been pondering on in the space of ICT risk management and digital operational...
MFSA sends letter to management bodies about its 2024 DORA ambitions
DORA (the Digital Operational Resilience Act or Regulation 2022/2554) and the DORA Amending Directive (Directive 2022/2556) shall apply from 17 January 2025.
Adapting to MiCA: ESMA’s recent publications for the Crypto Industry
The European Securities and Markets Authority (ESMA) has kept up the momentum ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA) this year.
Malta M&A Watch: Amendments in Maltese Law facilitating Cross- Border Activity
The scope of the amendments is to fully transpose Directive 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive 2017/1132 as regards the use of digital tools and processes in company law, and to ensure legal certainty in implementing Directive 2019/2121 of...
The CJEU rules on the liability for the payment of VAT arising from fraudulently issued invoices
The Court of Justice of the European Union in Case C-442/22, Dyrektor Izby Administracji Skarbowej w Lublinie, has ruled on the basis of Article 203 of Council Directive 2006/112/EC on the Common System of Value Added Tax, that employees may be declared personally responsible to pay amounts of VAT..
Regulatory Round-Up: Examining Recent updates in respect of MiCAR
Bill No. 88, Virtual Financial Assets (Amendment) Bill (the “Bill”) is one of the next pending items on the Parliament of Malta’s agenda.
DORA Trifecta - Three delegated regulations adopted by the Commission
Three delegated regulations under the Regulation on digital operational resilience for the financial sector (Regulation (EU) 2022/2554 or “DORA”) have been adopted by the European Commission.
A creditor’s obligation to assess the creditworthiness of a consumer
In examining the case of Nárokuj s.r.o. v EC Financial Services, a.s (C-755/22), the Court of Justice of the European Union (the “CJEU”) considered the obligation which banks are subject to prior to the granting of credit to consumers.
GRC in Malta: Independent Thinkers for Effective Board Governance
It is acknowledged that governance set-ups can differ between organisations and there is no set-up which is better than another or which is free from flaws.
Liability for data breaches and the recognition of non-material damage under the GDPR
On December 14, 2023, the Court of Justice of the European Union delivered a landmark judgment, following the request of a preliminary ruling, in the case of VB v. Natsionalna agentsia za prihodite whereby the Court examined, among other aspects, liability and non-material damage under the EU...
GRC in Malta: Governance and ESG - Navigating the Intersection between Profit and Purpose
The term “ESG” (Environmental, Social and Governance) has gained significant attention in recent years, much to the delight or dismay of interested parties.
The Parties’ Free Choice of EU Jurisdiction
On 8 February 2024, the Court of Justice of the European Union (“CJEU”), in delivering a preliminary ruling in the name of Inkreal s.r.o. v. Dúha reality s.r.o. (C-566/22) reached a controversial conclusion that parties established in the same Member State may agree on the jurisdiction of the courts