Ganado Advocates > Valletta, Malta > Firm Profile
Ganado Advocates Offices
171 OLD BAKERY STREET
VALLETTA VLT 1455
Malta
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Ganado Advocates > The Legal 500 Rankings
Malta > Aviation Tier 1
Ganado Advocates‘ practice garners praise from clients for its ‘unsurpassed knowledge of the Maltese aviation sector‘. The ‘very experienced‘ team stands out for its ‘deep knowledge of the Maltese legal and regulatory environment‘ pertaining to aviation matters. Daniel Aquilina has extensive experience in handling aircraft registrations, the enforcement of aircraft mortgages, and aircraft acquisition and leasing mandates. Matthew Xerri is ‘an excellent lawyer who has fostered strong business relationships in the industry‘.Practice head(s):
Testimonials
‘Ganado Advocates communicates efficiently and effectively in giving clear legal advice that is build on a strong foundational understanding of the law and their clients. They effectively retain and use knowledge of their clients and the industry to provide targeted and commercially driven advice. ’
‘Matthew Xerri is an excellent lawyer who has fostered strong business relationships in the industry which is immeasurable in obtaining quick results for customers. ’
‘In my view, the Ganado Aviation team’s core strength is its knowledge of and the relationship it maintains with the Maltese aviation authorities. They have been able to leverage this relationship to ensure that closings have taken place as scheduled notwithstanding last minute roadblocks. This has lead to seamless interactions with aviation authorities in Malta, even in circumstances which would otherwise potentially delay closings. ’
‘Matthew Xerri has been excellent to work with. In additional to being available at short notice to assist with last minute questions and issues, Matthew is responsive and present for the clients when needed. I have absolute confidence in Matthew to complete the Maltese aspects of my transactions professionally and quickly to the highest standards. ’
‘Unsurpassed knowledge of the Maltese aviation sector.’
‘Matthew Xerri is outstanding and always willing to go to the extra mile to get a transaction over the line.’
‘They are professional and can offer assistance across the full domain of aviation finance which is how we have come to know them.’
‘They are very professional, meet deadlines, know their business and offer practical solutions. They are very willing to invest time and effort on developing products.’
Malta > Banking, finance and capital markets Tier 1
Ganado Advocates ‘offers a one stop shop for all legal advice related to banking, finance and capital markets’. Conrad Portanier is well versed in representing domestic and international financial institutions, and Leonard Bonello, who leads the fintech group, is an expert in handling blockchain-based projects and derivatives matters. Matthew Bianchi is a key name for insurance matters, and Nicholas Curmi specialises in capital markets, with a solid track record in advising on securities work. Catherine Formosa is very experienced in regulatory issues.Practice head(s):
Other key lawyers:
Testimonials
‘High-level expertise. Professional service. Friendly and loyal staff. Knowledge, experience and qualifications. Eye for detail. ’
‘Conrad Portanier, Catherine Formosa and Nick Curmi are very knowledgeable on the subjects in question and pleasant to work with. They always explain clearly and support the client in their requirements and offer practical, well-tailored and thought-out solutions.’
‘The firms offers a one stop shop for all legal advice related to banking, finance and capital markets. As a team there is an exceptional collaboration between them, and customer receives one final advice incorporating the inputs of the various teams each with expertise in own field. They are always very knowledge about latest regulation as well as they have visibility and information of what is developing in the markets both from regulation and best market practices.’
‘Matthew Bianchi has an excellent ability of understanding clients’ issues, identifying a solution and carrying it through to execution. The rest of the team are equally knowledgeable and very responsive. ’
‘Leonard Bonello is our go to partner for banking and regulatory advice. Leonard is very knowledgeable and experienced in this practice areas and always provides well-thought out reliable advice. ’
‘Ganado Advocates is definitely the leading firm. The Company has a very long history and an excellent reputation. Due to Ganado’s size, organization and their connections to other large law firms on a global scale, Ganado is an outstanding anchorpoint in Malta for more complex international transactions. Ganado has shown, that they do not only provide the most professional service, but also that they are ahead of the curve incorporating potential developments in the legal environment. ’
‘Conrad Portanier- Over the years, we were thrilled by his competence, his professionality and the depth and consistency of his advice. Furthermore, Nicholas Curmi was the legal key player in successfully implementing some complex capital market transactions.’
‘Their ability to listen, understand and to provide excellent, timely and correct advice. They make themselves available and work around clients’ busy schedules. Catherine Formosa and Leonard Bonello are exceptional. ’
Key clients
M&Z plc
APS Bank plc
BNF Bank plc
Dino Fino Finance plc
International Finance Corporation
Merkanti Holding plc
Media and Games Invest SE
Together Gaming Solutions plc
Catena Media plc
Raketech Group plc
Qawra Palace plc
Bank of Valletta plc
Work highlights
- Advised on the first bond issuance by BNF Bank plc and the listing of the bonds on the Malta Stock Exchange.
- Acted as Maltese counsel to Bank of Valletta plc on its Euro Medium Term Notes issuance.
- Advised APS Bank plc on its IPO and listing on the Malta Stock Exchange.
Malta > Commercial, corporate and M&A Tier 1
Ganado Advocates stands out in the Maltese legal market for its ‘bench strength and knowledge‘. The team’s workload include M&A, joint ventures, restructurings and reorganisations, and company formations. Stephen Attard regularly acts as corporate counsel to blue-chip companies, private equity and hedge fund managers, and investment funds. Nikolai Muscat Farrugia assists with the formation of companies and day-to-day corporate support. Simon Schembri, Annalise Papa and senior associate Christina Scicluna field expertise in cross-border transactions, corporate structuring matters, and TMT and fintech work.Practice head(s):
Other key lawyers:
Testimonials
‘The team is knowledgeable about the relevant law and provides pragmatic and helpful commercial advice.’
‘Stephen Attard outstanding partner and whole team offer unique personalized service.’
‘Ganado are one of the larger legal firms with expertise in a very wide range of areas. Their experience in serving and supporting various industries is second to none.’
‘Professional, knowledgeable and approachable – always available and understanding. ’
‘Ganado Advocates were able to demonstrate not only their legal knowledge but also how to apply the legislation into the context of the commercial transaction and advice accordingly.’
‘Far and away the most significant firm in terms of bench strength and knowledge.’
‘First their knowledge, and second their focus on advice/service which is delivered to solve client queries or problems. We were particularly impressed by Christina Scicluna, Senior Associate.’
‘We have dealt mostly with Stephen Attard, who has always displayed an enormous depth of knowledge and dealt with every matter assiduously.’
Malta > Dispute resolution Tier 1
Ganado Advocates is a strong choice for construction disputes, maritime and admiralty claims, company law cases and intellectual property litigation. Practice head Antoine Cremona is an ‘outstanding counsel’, with established strength in handling litigation and international arbitration pertaining to shareholder disputes and construction contracts. Louis Cassar Pullicino is a highly regarded practitioner, with an excellent track record in advising on admiralty and shipping claims. Paul Micallef Grimaud and Matthew Brincat are key names for IP, TMT and employment law disputes. The ‘exceptional’ senior associate Clement Mifsud-Bonnici is active in contentious regulatory, state aid, competition and public procurement law work.Practice head(s):
Other key lawyers:
Testimonials
‘This is a very strong team covering both corporate / advisory work and dispute resolution in litigation and arbitration (both commercial and investment). A very experienced team.’
‘Antoine Cremona – outstanding counsel, excellent communications skill and engagement; very good strategist.’
‘Antoine Cremona is experienced, a good tactician who provides cost-effective advice and support.’
‘Clement Mifsud Bonnici has proven to be an exceptional and inspiring individual to work with. It is not merely a lawyer-client relationship. Clement has been there when needed, during the most urgent, and sometimes untimely circumstances that our industry has to deal with. The wealth of knowledge, coupled with unlimited patience of Clement whereby he guided us through very complex litigation is second to none.’
‘Stand out people are Clement Mifsud Bonnici and Antoine Cremona. They are both excellent. Well rehearsed in litigation matters and are well respected by the Judiciary. Both have very different styles but work well together to ensure the client is comfortable.’
‘They have managed to handle and tackle an emergency arbitration in a very short period of time which means that they have familiarized themselves with the client’s brief very expeditiously. They have a good base of knowledge in international arbitrations.’
‘Antoine Cremona, Clement Mifsud Bonnici and Louis Cassar Pullicino are very approachable, highly technical and have the sufficient experience to undertake the provision of legal services.’
‘The firm is a one stop shop with overarching legal expertise servicing both preparation of complex legal documentation, both for EU and national requirements, and litigation. ’
Malta > Fintech Tier 1
Clients laud Ganado Advocates as ‘the go to consultants when it comes to the fintech industry‘. The ‘very responsive‘ team is regularly instructed in blockchain and cryptocurrency matters, and it is also well-regarded for its ability to handle licensing and regulatory issues in connection with investment services. Practice head Leonard Bonello is sought after for his expertise in assisting with blockchain-focused work, while James Debono is noted for his capabilities in handling fintech, blockchain and crowdfunding mandates. The team is also able to draw on the expertise of in-house regulatory experts Paul Falzon and James Farrugia.Practice head(s):
Other key lawyers:
Testimonials
‘The team at Ganado are very responsive to the market and bring a lot to the table and are considered to be the go to consultants when it comes to the fintech industry. We very much appreciate the collaboration we have going with them and they are considered to be our trusted fintech consultant.’
‘Firm is strong on e-money and payment services, has supported us across a number of matters including passporting and other authorisations. The industry and regulator knowledge / contacts are very helpful and mean we trust Ganado for insightful and practical advice.’
‘Leonard Bonello gives clear practical advice.’
Malta > Intellectual property Tier 1
Ganado Advocates‘ team has an excellent track record in handling the full spectrum of IP work, ranging from contractual matters and licensing agreements to trade mark, patent and copyright disputes. The group is highly recommended for advising on pan-European registration of trade marks and patents, and is equally strong in assisting with anti-counterfeiting actions. Practice head Paul Micallef Grimaud regularly advises on the registration and enforcement of IP rights, IP infringement cases, anti-counterfeit measures, and trade mark and design oppositions. Senior associate Philip Formosa brings expertise in assisting with agreements involving the exploitation of IP rights, and data protection and compliance matters.Practice head(s):
Other key lawyers:
Testimonials
‘The legal team at Ganado Advocates has a professional outreach, is highly experienced and dedicated in the area of law on which legal advice or opinions are sought. ’
‘The individuals with whom we have engaged place a lot of emphasis on establishing a personalised relationship which leads to the better understanding of the client’s issues and therefore delivers the best result in terms of legal advice and support. ’
‘I have been working with Dr Philip Formosa for the past few years, and I can honestly say that I value his work ethic, availability, honesty, and knowledge in his field. ’
‘Always thinking outside the box.’
Malta > Investment funds Tier 1
Ganado Advocates‘ team ‘provides a wealth of in-depth knowledge and hands-on practical experience‘ in the investment funds industry. The practice regularly advises fund managers, investment firms, and fund custodians and start-ups on all aspects of Maltese and EU law and regulation pertaining to investment funds work. Andre Zerafa co-heads the group alongside in-house financial regulatory expert James Farrugia and is well-versed in advising on the structuring of alternative investment funds, UCITS funds and other retail funds. Marina Grech and David Borg-Carbott are active in a range of transactional and regulatory matters.Practice head(s):
Andre Zerafa; James Farrugia
Other key lawyers:
Testimonials
‘Ganado Advocates cut through the small talk and really focus on what matters. This means a good level of service delivery whilst being mindful of costs. ’
‘Ganado Advocates provides a wealth of in-depth knowledge and hands-on practical experience to its clients, across a number of areas, including investment services and fund management business. The diverse team of professionals addressing client needs make Ganado Advocates a stellar service provider in the local industry. ’
‘Andre Zerafa has deep knowledge and experience of the industry. Good support from their associates.’
‘The team are very specialised and knowledgeable in the investment funds sector. They are always clear and concise when advising and readily available to assist. ’
‘David Borg-Carbott has always been of great help whenever we required assistance. However, it must be said that the whole team have always delivered when needed. ’
‘The unmatched quality of their professionals makes the team at Ganado Advocates stand out. Every individual within the firm possesses a strong technical background and years of invaluable experience. While the firm’s services might come at a premium, the value they provide is undoubtedly worth it. Their unparalleled commitment to excellence makes them a top choice for those seeking legal counsel. ’
‘Andre’s dedication to his clients is truly commendable. What sets him apart is his approach to legal counsel. He doesn’t merely offer legal advice; he acts as a counsellor, providing pragmatic solutions and clear guidance on what paths to take and what to avoid. His insights are not driven by a desire to increase lawyer fees but are genuinely aimed at ensuring the best outcomes for his clients. His ability to blend legal expertise with practical wisdom makes him a standout partner at Ganado Advocates.’
‘Very highly respected within the industry. They have a good relationship with regulators, allowing for discussions when needed. On top of anything that is happening within the industry, always pro active with regards to new regulatory developments, provides you with practical solutions to any issues/problems.’
Key clients
Augmenta SICAV plc
Diaman Partners Limited
Work highlights
- Assisted Augmenta SICAV plc with the launch of a new sub-fund within a UCITS umbrella scheme.
- Advised Diaman Partners Limited on obtaining regulatory approval from the MFSA for the acquisition of a 20% stake by the Azimut Group in the client.
Malta > Real estate Tier 1
Ganado Advocates‘ ‘timely, efficient and supportive‘ team has established strength in advising on sales and purchases and property leasing matters. FIDIC contractual issues also form a key pillar of the practice. Antoine Cremona, who heads up the department, is very experienced in advising on real estate litigation; he is ably supported by the ‘greatly knowledgeable‘ Anselmo Mifsud Bonnici.Practice head(s):
Other key lawyers:
Testimonials
‘While being one of the larger players in the field in Malta, we appreciate the personalised value that their partners and associates bring to the table. We also note in terms of their interest in Real Estate Practice their knowledge of FIDIC contractual matters.’
‘We work mainly with Antoine Cremona and Anselmo Mifsud Bonnici who are both greatly knowledgeable in the sector and habitually attend meetings together which we find to our great advantage in terms of continuity, sharing of opinions and discussion. Their support in the sector – especially with FIDIC related matters – is unparalleled locally.’
‘One of the team’s main strengths is their ability to unravel complex titles relating to immovable properties.’
‘Very professional service provided – individualised service, timely, efficient and supportive.’
Malta > Shipping Tier 1
Ganado Advocates’ practice stands out for its ‘tremendous strength in depth‘. The team regularly represents financial institutions and shipowners in the registration of vessels and mortgages, yachting matters, and ship finance issues, to name a few areas. Karl Grech Orr and Jotham Scerri-Diacono are recognised for their expertise in advising on ship and yacht registrations and ship mortgages. Daniel Aquilina, Matthew Attard, Caroline Risiott and Matthew Xerri are active on ship finance, loan restructuring and mortgage enforcement matters, as well as shipbuilding contractual issues. Christine Cassar Naudi brings experience in tax matters.Practice head(s):
Other key lawyers:
Testimonials
‘Their practice is very professional. Starting from day one as of the instructions, they respond quickly and handle the matter in a very professional attitude. The questions they raise are to the point which enables also the client to understand the what they need to expect from the file. ’
‘Matthew Attard is handling the case as a maritime professional. His knowledge is not only of law but also the dynamics of the sector as well as the technical side. ’
‘Caroline Risiott is first class and very user friendly. No nonsense and very practical. Always available. Daniel Aquilina is very experienced. ’
‘The firm is very well established in the market. It has knowledge of both the law and the practices in the industry. Especially when matters involve a corporate angle to it, they are a first choice in Malta.’
‘Matthew Attard is very responsive and careful to the commercially sensible nature of the mandate. He is well regarded in the shipping community and well fit also to represent the category’s interests abroad. ’
‘The team was spot on, very professional and fast responding.’
‘Responsive, helpful, good knowledge of cross border issues.’
‘Ganado Advocates have a truly outstanding Shipping practice and are unquestionably one of Malta’s Tier 1 practices. There is tremendous strength in depth across a number of partners and associates, and their value for money is excellent. Always reliable and can be completely trusted to attend to matters promptly and efficiently.’
Malta > Private client Tier 3
Ganado Advocates > Firm Profile
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.
Areas of practice
Financial services: Our financial services and regulatory practices are internationally renowned as country leaders. This practice grouping encompasses the firm’s industry-focused teams servicing asset managers and their funds, banks, insurers and reinsurers, pension schemes and funds, investment firms, payment service providers, e-money institutions, fintech operators, trade finance institutions and other operators in the financial services sphere, with an increasing focus on blockchain and cryptocurrency related work. The practice covers all corporate, regulatory and transactional work and, in conjunction with lawyers from other practice areas, litigation, dispute resolution, tax and regulatory.
Corporate, M&A and capital markets: The firm regularly advises on major corporate and capital markets transactions in Malta, for the benefit of international corporate groups and private equity firms. This practice provides the full range of transactional corporate legal services, having long standing experience in assisting foreign clients in establishing local presence across all commercial sectors. The firm also operates a Corporate Services and Governance team focused in particular on supporting the boards of both regulated and non-regulated businesses.
Shipping, yachting and aviation: Ship registration, ship finance and admiralty law are at the heart of the firm’s maritime law practice. The firm was a pioneer in this field and its specialist maritime lawyers hold leading industry expertise and provide dependable support and advice, making the firm amongst the most established in this area. While very active in the yacht and superyacht space, the firm was also a prime mover in the development of local aviation law; today it regularly advises aircraft financiers, owners, lessors and operators.
Litigation and dispute resolution: Traditionally prominent in commercial and civil litigation, we have represented clients in some of the largest and most complex commercial and maritime litigation in Malta. This includes arrests and judicial sales of vessels, salvage and other maritime disputes, corporate and financial services, and insurance claims. Today, we also offer highly specialised litigation in the fields of corporate disputes, insolvency, intellectual property, public procurement, competition law, funds, press law and international arbitration.
Corporate finance and tax: Ganado Advocates has one of the largest and longest-established tax practices amongst Maltese law firms. The firm’s multidisciplinary team of legal and tax specialists regularly advises corporate and individual high net worth clients, both international and local, on all aspects of Maltese tax legislation and their impact, whether at structuring stage, transactional or on an ongoing basis.
Private client, trusts and foundations: Regularly involved in structuring and providing general legal advice on trusts and foundations, the firm actively provides ongoing assistance to various Maltese based (local and international) trustees, administrators of foundations and other fiduciaries on regulatory aspects of their fiduciary activities. It regularly assists private clients with their various legal needs, ranging from estate planning to setting up the appropriate trustees for them (which includes Private Trust Companies). This includes, where required, the acquisition of Maltese citizenship by naturalisation for exceptional services by direct investment, as a second citizenship.
Labour and employment: This practice encompasses the full range of employment services, including advice on litigious and non-litigious employment law matters, industrial relations, employment benefits and pensions.
Environment, energy and renewable energy: Ganado Advocates has been at the forefront of the significant developments in this dynamic and ever changing sector in Malta and advises a wide variety of clients on both regulatory and commercial issues, including drafting and negotiating power purchase agreements, assisting with public procurement, implementing EU Directives into local law and advising on ship-sourced pollution issues. The firm has also experienced increasing interest from industry stakeholders acting as intermediaries in the recycling of hazardous waste on account of Malta’s central Mediterranean location, its ratification of the most important environmental Conventions and an efficient and proactive regulator.
Intellectual property, media, entertainment and technology: We advise clients on the full range of contentious and non-contentious issues in the technology, media and entertainment space. Services include the registration of trademarks, advice on and drafting of IP agreements, and representing clients in IP infringement lawsuits. The firm leads a project for the Government of Malta bringing together the various Malta-based legal and advisory service providers with a view to overhauling the current IP legal framework and providing solid and innovative legislative solutions to the IP industries, not least involving blockchain and digital currencies. The team also leads the firm’s privacy law practice, assisting all clients on their ongoing GDPR requirements, including data subject requests and investigations by the Information and Data Protection Commissioner. In the media space, the team regularly advises and assists, including through the legal representation in Court, key local players on legal matters relating to journalistic freedoms, freedom of information and defamation.
Competition/european law: Our competition and EU law practitioners have gained substantial recognition in this field, advising clients and public authorities in all industry sectors serviced by the firm and frequently also engaging in privatisations and public procurement processes. Besides regularly providing advice on antitrust issues affecting agreements between undertakings and abuse of dominance, merger control and State aid law, we often represent undertakings in competition investigations and litigation as well as merger notifications.
Construction: The firm has one of the leading international construction law practices in Malta with specialist focus on FIDIC contracts and construction arbitration. Lawyers practising in this area have specific academic qualifications in international construction contracts and construction dispute resolution. The firm has assisted developers, financiers, contractors and engineers in a significant number and across a wide range of large scale construction projects in Malta, from major infrastructural works, to waste management and recycling plants, hospitality, residential and marina developments. We also regularly assist in all matters relating to real estate and in the design and execution of procurement models for major construction works.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Shipping and Aviation | Daniel Aquilina | daquilina@ganado.com | +356 2123 5406 |
Corporate Finance and Tax | Stephen Attard | sattard@ganado.com | +356 2123 5406 |
Insurance and Pensions | Matthew Bianchi | mbianchi@ganado.com | +356 2123 5406 |
Banking and Finance; Fintech and Blockchain | Leonard Bonello | lbonello@ganado.com | +356 2123 5406 |
Employment and Pensions | Matthew Brincat | mbrincat@ganado.com | +356 2123 5406 |
Yachting; Corporate Finance and Tax | Christine Cassar Naudi | ccnaudi@ganado.com | +356 2123 5406 |
Litigation and Dispute Resolution | Louis Cassar Pullicino | lcpullicino@ganado.com | +356 2123 5406 |
Private Client, Trusts and Foundations | Anthony Cremona | acremona@ganado.com | +356 2123 5406 |
Litigation and Dispute Resolution; Construction; Competition/European Law | Antoine G Cremona | agcremona@ganado.com | +356 2123 5406 |
Capital Markets | Nicholas Curmi | ncurmi@ganado.com | +356 2123 5406 |
Investment Services and Funds; Fintech and Blockchain | James Farrugia | jfarrugia@ganado.com | +356 2123 5406 |
Corporate and M&A | Adrian M Gabarretta | agabarretta@ganado.com | +356 2123 5406 |
Shipping | Karl Grech Orr | kgorr@ganado.com | +356 2123 5406 |
Intellectual Property, Media, Entertainment and Technology; Litigation and Dispute Resolution | Paul Micallef Grimaud | pmgrimaud@ganado.com | +356 2123 5406 |
Corporate and M&A | Nikolai Muscat Farrugia | nmuscat@ganado.com | +356 2123 5406 |
Corporate and M&A | Annalise Papa | ampapa@ganado.com | +356 2123 5406 |
Banking and Finance | Conrad Portanier | cportanier@ganado.com | +356 2123 5406 |
Shipping; Environment, Energy and Renewable Energy | Jotham Scerri-Diacono | jsdiacono@ganado.com | +356 2123 5406 |
Corporate and M&A; Fintech and Blockchain | Simon Schembri | sschembri@ganado.com | +356 2123 5406 |
Investment Services and Funds | Andre Zerafa | azerafa@ganado.com | +356 2123 5406 |
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
Rosette Aquilina | Rosette Aquilina is Counsel at Ganado Advocates, forming part of the corporate… | View Profile | |
Daniel Aquilina | Daniel Aquilina is the Partner heading Ganado Advocates’ banking ship finance and… | View Profile | |
Stephen Attard | Stephen Attard heads the firm’s corporate finance and tax department, and has… | View Profile | |
Amanda Attard | Amanda Attard is a Senior Associate within Ganado Advocates’ taxation team with… | View Profile | |
Matthew Attard | Matthew Attard is a Partner within Ganado Advocates’ shipping team, with particular… | View Profile | |
Julienne Bencini | Julienne Bencini is a Senior Associate within Ganado Advocates’ banking and finance… | View Profile | |
Matthew Bianchi | Matthew Bianchi is the Partner heading the firm’s insurance and pensions legal… | View Profile | |
Leonard Bonello | Leonard Bonello is a Partner within Ganado Advocates’ banking and finance team,… | View Profile | |
David Borg-Carbott | David Borg-Carbott is Counsel within the firm’s investment services and funds team… | View Profile | |
Matthew Brincat | Matthew Brincat is a Partner at Ganado Advocates, whose practice mainly revolves… | View Profile | |
George Bugeja | George Bugeja is a Senior Associate in the corporate finance team and… | View Profile | |
Adrian Camilleri | Adrian Camilleri is a Senior Associate within Ganado Advocates’ corporate and litigation… | View Profile | |
Mark Caruana Scicluna | Mark Caruana Scicluna is a Senior Associate within Ganado Advocates’ investment services… | View Profile | |
Nadia Cassar | Nadia Cassar is a Senior Associate within Ganado Advocates’ insurance team. Nadia… | View Profile | |
Christine Cassar Naudi | Christine Cassar Naudi is a Partner within the corporate finance and tax… | View Profile | |
Louis Cassar Pullicino | Louis Cassar Pullicino is a Consultant at Ganado Advocates. He is an… | View Profile | |
Antoine Cremona | Antoine Cremona is a Partner at Ganado Advocates, regularly representing clients in… | View Profile | |
Anthony Cremona | Anthony Cremona leads the trusts and foundations team at Ganado Advocates, advising… | View Profile | |
Nicholas Curmi | Nicholas Curmi heads Ganado Advocates’ capital markets practice, where he advises on… | View Profile | |
James Debono | James Debono is an Associate within Ganado Advocates’ banking and finance team,… | View Profile | |
Mr Paul Falzon | Paul Falzon is a Senior Regulatory Advisor within Ganado Advocates’ investment services… | View Profile | |
Stephanie Farrugia | Stephanie Farrugia is a Senior Associate within Ganado Advocates’ investment services and… | View Profile | |
James Farrugia | James Farrugia spearheads the Ganado Advocates’ investment services and funds licensing and… | View Profile | |
Philip Formosa | Philip Formosa is a Senior Associate within Ganado Advocates’ intellectual property, TMT… | View Profile | |
Catherine Formosa | Catherine Formosa is a Senior Associate within Ganado Advocates’ banking and finance… | View Profile | |
Chiara Frendo | Chiara Frendo is a Senior Associate within Ganado Advocates’ litigation team with… | View Profile | |
Adrian Gabarretta | Adrian Gabarretta is a Consultant at Ganado Advocates. He has advised on… | View Profile | |
Abigail Galea | Abigail Galea is a Senior Associate within the private client team at… | View Profile | |
Max Ganado | Max has been practicing law for close to 40 years. He started… | View Profile | |
Marina Grech | Marina Grech is a Partner within Ganado Advocates’ investment services and funds… | View Profile | |
Karl Grech Orr | Karl Grech Orr is a Partner in the shipping department at Ganado… | View Profile | |
Nicholas Micallef | Nicholas Micallef is a Senior Associate within Ganado Advocates’ investment services and… | View Profile | |
Paul Micallef Grimaud | Paul Micallef Grimaud is a Partner at Ganado Advocates and heads the… | View Profile | |
Philip Mifsud | Philip Mifsud is a Senior Associate within Ganado Advocates’ corporate department, regularly… | View Profile | |
Anselmo Mifsud Bonnici | Anselmo Mifsud-Bonnici is an Associate within Ganado Advocates’ corporate team, assisting clients… | View Profile | |
Clement Mifsud-Bonnici | Clement Mifsud-Bonnici is a Senior Associate at Ganado Advocates. He assists clients… | View Profile | |
Nikolai Muscat Farrugia | Nikolai Muscat Farrugia is a Partner within Ganado Advocates’ corporate team, with… | View Profile | |
Lara Pace | Lara Pace is a Senior Associate within Ganado Advocates’ employment team, regularly… | View Profile | |
Annalise Papa | Annalise Papa is a Partner within Ganado Advocates’ corporate team with particular… | View Profile | |
Lorraine Poole | Lorraine Poole is a Senior Associate within Ganado Advocates’ banking and finance… | View Profile | |
Conrad Portanier | Conrad Portanier’s legal practice focuses on banking and financial law, as well… | View Profile | |
Caroline Risiott | Caroline Risiott is a Senior Associate within Ganado Advocates’ banking ship finance… | View Profile | |
Jan Rossi | Jan Rossi is a Senior Associate within Ganado Advocates’ shipping team. Jan… | View Profile | |
Jotham Scerri-Diacono | Jotham Scerri-Diacono is a Partner within Ganado Advocates’ shipping team, with particular… | View Profile | |
Simon Schembri | Simon Schembri is a Partner within Ganado Advocates’ corporate team. Simon has… | View Profile | |
Stephanie Sciberras | Stephanie Sciberras is a Senior Associate within Ganado Advocates’ corporate governance team,… | View Profile | |
Ms Christina Scicluna | Christina Scicluna is a Senior Associate within Ganado Advocates’ corporate and fintech… | View Profile | |
Robert Taylor East | Robert Taylor-East is a Senior Associate within the firm’s corporate finance and… | View Profile | |
Robert Taylor East | Robert Taylor-East is a Senior Associate within the firm’s corporate finance and… | View Profile | |
Matthew Xerri | Matthew Xerri is a Partner within Ganado Advocates’ shipping and aviation team,… | View Profile | |
Stephanie Zarb Adami | Stephanie Zarb Adami is a Senior Associate within Ganado Advocates’ corporate finance… | View Profile | |
Andre Zerafa | André Zerafa heads Ganado Advocates’ investment services and funds team and he… | View Profile | |
Mario Zerafa | Mario Zerafa is a Senior Associate within Ganado Advocates’ investment services and… | View Profile |
Staff Figures
Number of partners : 20 Number of lawyers : 90+ Total number of staff : 170+Languages
Maltese English Italian FrenchMemberships
Lex MundiDiversity/Community
We at Ganado Advocates have always striven to connect and strengthen our ties with the Maltese community through varied initiatives. We feel it is our duty and our responsibility to give back to the community while earning our livelihood. Our values of integrity and excellence permeate this enterprise just as they are ever present in the professional engagements we take on. All of our professionals and members of staff participate in our commitment to the community with efforts being most often centralised to our Corporate Social Responsibility Committee.
We support a host of non-governmental players in their local and foreign initiatives by assisting them, on a pro-bono basis, with projects requiring legal advice or input. By conducting firm-wide fundraising events and initiatives we are also able to raise much needed funds which the firm often matches and contributes to community projects geared at a gamut of initiatives including the advancement of culture, arts and national heritage, the betterment of the quality of life of the vulnerable, infirm and less fortunate, the education of the community and, last but certainly not least, the safeguarding of the environment and of animal welfare. Our efforts also often take us physically outside of the office on various initiatives such as participation in external community fundraisers and environment clean up campaigns to name but two.
Our assistance, whether legal or in the form of financial contributions, has most recently also extended to aid in the education of underprivileged children abroad. We will, going forward, continue to ensure that our dedication to the community will not only focus on local needs but will also extend beyond our shores as it has done to date.
We are excited about what we do and about the future and also pride ourselves on being at the forefront of legal developments in Malta often proposing legal reform and also assisting Government with its implementation. We are also committed to assisting in the education and training of other lawyers and professionals. Ganado Services Limited, an affiliate of Ganado Advocates, founded the Institute of Legal Studies which has been enrolled as a Voluntary Organisation and is geared towards meeting the growing demand for information about law among the legal and commercial communities in Malta.
We all acknowledge that the range of human experience each one of us possesses embellishes our relationships with each other and with our clients. Our team is therefore open to people from all backgrounds and beliefs as we strive to create a diverse and inclusive professional environment. We ensure that as part of our daily interaction we treat each other with respect and welcome each others’ views and contributions.
Press Releases
Ganado Advocates announces promotions to key leadership positions
26th April 2023 Ganado Advocates is pleased to announce the appointment of Matthew Attard, Marina Grech and Matthew Xerri as new Partners of the firm, effective as of 1st January 2023. The firm is also announcing the promotion of David Borg-Carbott and Rosette Aquilina to ‘Of Counsel’ a role recently introduced by the firm signifying a high level of experience and expertise within the lawyer’s area of practice.The new banking rule on internal governance
24th January 2022 Through a circular issued on the 7 January 2022, the Malta Financial Services Authority (MFSA) advised that Banking Rules BR/01, BR/12, BR/14[1], BR/15 and BR/21 had been revised primarily to transpose Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU (“CRD V”). Additionally, for the first time, the Banking Rules now include a specific banking rule dealing with governance of banks, namely BR/24 on Internal Governance of Credit Institutions. The revisions to the Banking Rules and BR/24 are in force.Stowaways: Legal implications
24th January 2022Introduction
This article discusses stowaways on board ships and vessels generally. Since time immemorial, stowaways have been an ever-present concern for the international community and particularly the shipping industry. In more recent time, we have seen controversy arise as to the manner in which stowaways are treated, by both ship operators and the authorities concerned. For the master and crew, a case of stowaways on board their vessel is always trying, as difficult decisions need to be taken, which, on the one hand respect the human dignity of the stowaway whilst on the other hand, respect both the law and the security and safety requirements of the vessel concerned. In this article, we explore the legal obligations that come into play in such cases and how stowaways are dealt with under Maltese Legislation.Malta’s progress in the space industry
24th January 2022 In the fifth episode of the ‘Ganado Meets Transport’ podcast, Daniel Aquilina, partner within the transport law practice at Ganado Advocates, meets Kristian Zarb Adami, a pioneer in Malta’s space sector.Introduction to the Commercial Yacht – Pleasure Yacht Changeover Guidelines
24th January 2022 In accordance with the Malta Commercial Yacht Code (“CYC”), on the 2nd September 2021, the Merchant Shipping Directorate of Transport Malta issued the ‘Commercial Yacht – Pleasure Yacht Changeover Guidelines’ (“the Guidelines”).ESG considerations for listed companies
24th January 2022What ESG is and what it is not
Increasingly becoming the flavour of the month in business circles and topping the agenda at most conferences, ESG is quite often misrepresented as a synonym for Corporate Social Responsibility (CSR) or a polite way of reminding us that we should print less and recycle more. But ESG is far greater than that and the purpose of this article is to shed some light on what ESG means in practical terms for Maltese issuers.ESG and insurance: Things to look out for in 2022
24th January 2022 2021 will be remembered (or outright forgotten) for a variety of reasons. Indeed, in and amongst the pandemic-related doom and gloom, 2021 may be viewed as a watershed moment for all matters ESG – i.e. environmental (E), social (S) and governance (G) criteria, of course. The pace at which the regulatory landscape has changed over the past year in particular has been nothing short of unrelenting – with the implementation of the ‘Level 1 Disclosures’ found under the Sustainable Finance Disclosures Regulation (“SFDR”) meriting an honourable mention. Additionally, some much-needed, concrete action was also taken locally, with the launch of the much-anticipated Malta ESG Platform towards the latter end of the year providing the market with a number of useful metrics for the assessment of the ESG credentials of companies listed on the Malta Stock Exchange.Can the rights arising from a registered IDERA be restricted by a warrant of prohibitory injunction?
24th January 2022 In its judgment delivered on the 8 November 2021, in the names of Air X Charter Limited and Air X Aircraft Finance I Limited vs. (1) Firm Mamo TCV Advocates as Deputy Curators acting on behalf of Avmax Aircraft Leasing Inc (Canada) (“Avmax”) as beneficial owner of eight (8) aircraft (the “Aircraft”) and Bank of Utah (United States of America) acting as owner trustee of the Aircraft and (2) The Malta Transport Authority, the First Hall Civil Court, presided over by Hon. Justice Robert G. Mangion, examined whether a warrant of prohibitory injunction can be issued to inhibit the holder of a registered Irrevocable Deregistration Export Request Authorisation (“IDERA”) from enforcing its rights arising from an IDERA in Malta.Ganado Meets Transport
7th September 2021 In the first episode of Ganado Meets Transport podcast, Ganado Advocates’ Matthew Xerri, Senior Associate within the shipping and aviation team, met with Captain Charles Pace to discuss the latest developments on Aviation in Malta.Artificial Intelligence in the Medical Field – Dr. Paul Micallef Grimaud
7th September 2021 In the third episode of the “Ganado Meets Tech” podcast, Ganado Advocates’ IP/TMT partner Paul Micallef Grimaud, met with consultant nuclear medicine physician, Dr. Andrew Mallia, Professor Alexiei Dingli – University of Malta Senior Lecturer of Artificial Intelligence and entrepreneur and lawyer Dr. Gege Gatt to look at how AI is positively impacting the health sector and providing us with unprecedented levels of cure and health management, whilst also discussing the legal and ethical risks involved.Legal Developments
The Parties’ Free Choice of EU Jurisdiction
29th February 2024 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 of another Member State to settle their contractual disputes even if the contract does not have any other international element or connection with the chosen Member State.The interplay between ESG and succession planning in Maltese family businesses
28th February 2024 The acronym ESG (which stands for Environmental, Social, and Governance) has become one of the buzzwords pervading discussions across various media platforms and at conferences over the recent months and will definitely gain further traction in the years to come.AIFMD II – A step closer to entry into force
27th February 2024 On 26 February 2024, the Council of the European Union announced that it adopted the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) and the UCITS Directive (2009/65/EU), commonly referred to as the ‘AIFMD II’ (2021/0376 (COD)).Faster Credit Transfers: EU Council adopts Regulation on Instant Payments
27th February 2024 The EU Council has, on 26 February 2024, given the green light for the proposed regulation for instant payments in the single market.The MFSA consults on a draft Conduct of Business Rulebook for Banks
27th February 2024 Deposit accounts, payment accounts, electronic money and certain categories of lending are amongst the in-scope Retail ProductsListen: Merger control in Malta
26th February 2024 In the fourth episode of the Ganado Meets Corporate Podcast, Dr Clement Mifsud-Bonnici, Senior Associate at Ganado Advocates, speaks with Office of Competition's Director General, Godwin Mangion where together they discussed merger control law in Malta.MFSA Shifts to Outcomes-Based Supervision in 2024
26th February 2024 The Malta Financial Services Authority (“MFSA”) has released its Supervisory Priorities for 2024, outlining a change to an outcomes-based approach to supervision.Market Abuse: Zip Your Lip!
22nd February 2024 In March 2022, the European Court of Justice (ECJ) gave a preliminary ruling[1] in yet another case about the unlawful disclosure of inside information – this time by a journalist (Mr A) who informed some sources about a story he was going to publish in a prominent British newspaper regarding two takeover bids which were rumoured to be launched over the next few weeks.Tiktok’s request for suspension of “Gatekeeper” status under Digital Markets Act dismissed by EU General Court
22nd February 2024 On 9 February 2024, the General Court of the European Union (the “GC”) rejected the application issued by Bytedance Ltd – TikTok’s parent company (the “Applicant”) – for interim measures vis-à-vis the EU Commission’s challenged decision to designate it as a “Gatekeeper” under the Digital Markets Act (the “Decision”).Strengthening Cyber Resilience: ICT Third-Party Risk for Insurers under DORA
21st February 2024 In the digital age, insurance companies are not only guardians of financial protection but also stewards of sensitive customer data.Insurance update: The Nature and Art of Financial Supervision (Volume IX)
21st February 2024 The 1st February 2024 marked the publication by the Malta Financial Services Authority (“MFSAs”) of its 9th volume from its series on ‘The Nature and Art of Financial Supervision’.Sustainable Finance- Whats in store for 2024
20th February 2024 Now that the Christmas turkey has been consumed and digested, and the leftover chocolate logs have been reduced to their very last slice, the time is ripe to turn our attention (however begrudgingly!) to the year ahead.Changing the terms of a credit agreement and forbearance policies and measures new obligations on lenders in consumer and residential property credit agreements
8th February 2024 Amendments to the Consumer Credit Regulations, S.L. 378.12 (the “Consumer Credit Regulations”) and to the Credit Agreements for Consumers Relating to Residential Immovable Property,Dyson loses a lengthy legal battle against the European Commission
8th February 2024 On 11th January 2024, the Court of Justice of the European Union (“CJEU”) dismissed the action for compensation of damages of €176.1 million brought by Dyson.Malta launches preliminary market consultation on Floating Solar Farms
7th February 2024 On the 31st January 2024, the Ministry for the Environment, Energy and the Regeneration of the Grand Harbour, launched a Preliminary Market Consultation (“PMC”) to assess market appetite for the development of floating solar technology projects, including photovoltaic farms within the territorial sea of the Maltese Islands.[1] This forms part of the Maltese Government’s strategy to becoming carbon neutral by 2050. A site situated 4 nautical miles from the Maltese coast has been identified as a potential location for the development and operation of floating solar farms, with the capacity of generating up to 50 megawatts of energy. These floating solar farms will be directly connected to the Maltese power station in Delimara, feeding directly into the national grid. The PMC identifies the following key considerations for the development of such floating solar technology project:-
- Optimal land utilisation
- Enhanced energy generation
- Environmental Compatibility
- Reduced Transmission Losses
- Adaptability to water depth
- Diversification and Security of Energy Sources
- Innovation
Author: Saman Bugeja
Footnotes [1] A link to the PMC Document may be found here
The European Commission publishes its report highlighting active competition enforcement in the pharma sector
6th February 2024 On 26 January 2024, the European Commission (the “Commission”) published its report (the “Report”),CSP Rulebook Update
1st February 2024 On the 23rd of January 2024, the Malta Financial Services Authority (the “MFSA”) released a circular,AG Szpunar opines on the procedural limitations to the Single Economic Entity Doctrine
1st February 2024 On 11 January 2024, in ‘AB Volvo v Transsaqui SL’, AG Szpunar handed down his opinion (“AG Szpunar’s Opinion”) on the applicability (or rather the lack thereof) of the single economic entity doctrine in relation to procedural matters.From Intern to Advocate: Meet Chris Grech
31st January 2024 Chris Grech started his journey with Ganado Advocates as an Intern in the summer of 2018 as part of Ganado Advocates' summer internship programme.ESMA Consults on the ‘Classification of Crypto-Assets as Financial Instruments’ and ‘Reverse Solicitation’ under MiCA
30th January 2024 The European Securities and Markets Authority (ESMA) has just published two consultation papers on two important aspects under the Markets in Crypto Assets Regulation (MiCA), namely:GRC in Malta: Preparing for Regulatory Compliance Visits – Best Practices for Success
29th January 2024 The receipt of a letter informing a licence holder that the MFSA will carry out a compliance visit is generally met with trepidation at best, and often with panic.The EU AI Act – A landmark in global AI regulation
25th January 2024 In a milestone achievement, the European Parliament, Council and Commission have recently reached a provisional agreement on the European Union Artificial Intelligence Act (the "Act"),Passengers’ right to compensation when pre-emptively denied boarding
25th January 2024Introduction
In ‘FW v LATAM Airlines Group SA’, decided on 26 October 2023, the European Court of Justice (“ECJ”) delivered a preliminary ruling in relation to the rights of passengers pre-emptively denied boarding a flight they had booked.GARI – The Global Aviation Resource Index
25th January 2024Ganado Advocates have contributed to The Global Aviation Resource Index (GARI) on the Maltese aspects.
The EU AI Act – A landmark in global AI regulation
25th January 2024 In a milestone achievement, the European Parliament, Council and Commission have recently reached a provisional agreement on the European Union Artificial Intelligence Act (the "Act"),Passengers’ right to compensation when pre-emptively denied boarding
25th January 2024Introduction
In ‘FW v LATAM Airlines Group SA’, decided on 26 October 2023, the European Court of Justice (“ECJ”) delivered a preliminary ruling in relation to the rights of passengers pre-emptively denied boarding a flight they had booked.GARI – The Global Aviation Resource Index
25th January 2024Ganado Advocates have contributed to The Global Aviation Resource Index (GARI) on the Maltese aspects.
Update of CSSF FAQs with respect to PRIIPs KIDs
24th January 2024 On 28 December 2023, the Commission de Surveillance du Secteur Financier (the “CSSF”) has updated the following FAQs with respect to PRIIPs KIDs:MFSA Circular on the Newly Published Accountancy Profession (General Accounting Principles in respect of certain Eligible Entities) Regulations, 2023 (Legal Notice 299 of 2023)
24th January 2024 In the 2022 Annual Report of the Malta Financial Services Authority (“MFSA”), the Authority referred to the discussions which were being held with the Malta Insurance Management Association and the Malta Institute of Accountants in preparation for IFRS 17 and in particular the possibility of exempting categories of (re)insurance undertakings.Balancing Acts: Navigating Maltese Rent Laws through the Lens of Human Rights
24th January 2024 The case Josephine Mangion et. (the “Plaintiffs”) vs. George Grech et. (the “Defendants”) was brought before the First Hall Civil Court (Constitutional Jurisdiction) (the “Court”) on the 30 November 2023, and was presided over by Honourable Judge Dr Francesco Depasquale.Governance and management of climate-related and environmental risks as two of the ECB’s supervisory priorities for 2024-2026
24th January 2024 On the 19 December 2023, the European Central Bank published the results of its Supervisory Review and Evaluation Process (SREP)[1] for 2023 and its supervisory priorities for the years 2024-2026[2].Litigation in Malta
24th January 2024 Ganado Advocates has contributed the Malta chapter in the 2024 edition of the Chambers Litigation Global Practice Guide.Technology’s anonymity can ‘destroy businesses’ by spreading wrong or ambiguous information
24th January 2024 Max Ganado, Consultant at Ganado Advocates, was recently interviewed by Malta CEO.mt.Malta further enhances its aviation legislative framework through the introduction of the new Air Navigation Act
24th January 2024 Malta has continued to strengthen and streamline its aviation legal framework, through the coming into force of the Air Navigation Act, Cap. 641 of the Laws of Malta (the “Act”), on the 1st January, 2024. The Act, through Art. 99, effectively repeals the:Secured creditor’s omissions during bankruptcy proceedings did not prejudice other creditors
24th January 2024 The case of AMG Cold Stores Limited et vs Bank of Valletta P.L.C et was decided by the Court of Appeal in its Superior Jurisdiction on 25 October 2023.Sustainability and Intellectual Property in Malta
24th January 2024 Philip Mifsud and Sasha Muscat have authored the Malta chapter in a new open-access book funded by LIDC - the International League of Competition Law - titled 'Sustainability Objectives in Competition and Intellectual Property.'Sustainability and Intellectual Property in Malta
24th January 2024 Philip Mifsud and Sasha Muscat have authored the Malta chapter in a new open-access book funded by LIDC - the International League of Competition Law - titled 'Sustainability Objectives in Competition and Intellectual Property.'Agreement reached on the proposed Anti-Money Laundering Regulation (“AMLR”) and Sixth Anti-Money Laundering Directive (“AMLD6”)
23rd January 2024 On 18th January 2024, the European Council (“EC”) and European Parliament (“EP”) reached a political agreement on the proposed:Listen: Malta’s role for Foreign Direct Investors
23rd January 2024 In the second episode of the ‘Ganado Meets Corporate’ podcast, Mario Galea, chairperson of The National Foreign Direct Investment Screening Office (“NFDIS”), talks about the role of the Foreign Direct Investment, the EU and its role today in Malta.Agreement reached on the proposed Anti-Money Laundering Regulation (“AMLR”) and Sixth Anti-Money Laundering Directive (“AMLD6”)
23rd January 2024 On 18th January 2024, the European Council (“EC”) and European Parliament (“EP”) reached a political agreement on the proposed:Listen: Malta’s role for Foreign Direct Investors
23rd January 2024 In the second episode of the ‘Ganado Meets Corporate’ podcast, Mario Galea, chairperson of The National Foreign Direct Investment Screening Office (“NFDIS”), talks about the role of the Foreign Direct Investment, the EU and its role today in Malta.EIOPA’s 2nd Report on the Application of the Insurance Distribution Directive (the “IDD”)
18th January 2024 Following two extensive surveys carried out with the EU national competent authorities, EIOPA issued the results of its findings on the impact of the IDD on consumers, insurance distributors and supervisory activities.Strict Liability of Airline Carriers under the Montreal Convention
18th January 2024 On 6 July 2023, the European Court of Justice (‘ECJ’) delivered a preliminary ruling concerning a request on the interpretation of Articles 17(1), 29 and 35 of the Convention of Certain Rules for International Carriage by Air, concluded in Montreal on 28 May 1999 (‘Montreal Convention’).EIOPA’s 2nd Report on the Application of the Insurance Distribution Directive (the “IDD”)
18th January 2024 Following two extensive surveys carried out with the EU national competent authorities, EIOPA issued the results of its findings on the impact of the IDD on consumers, insurance distributors and supervisory activities.Strict Liability of Airline Carriers under the Montreal Convention
18th January 2024 On 6 July 2023, the European Court of Justice (‘ECJ’) delivered a preliminary ruling concerning a request on the interpretation of Articles 17(1), 29 and 35 of the Convention of Certain Rules for International Carriage by Air,Practical Law Global
17th January 2024 Philip Formosa has authored the Malta chapter featured in the 2023 edition of the Digital Copyright Directive Toolkit on Practical Law.Practical Law Global
17th January 2024 Philip Formosa has authored the Malta chapter featured in the 2023 edition of the Digital Copyright Directive Toolkit on Practical Law.Navigating Change: Examining Proposed Amendments to the Condominium Act
16th January 2024 The Government recently released a White Paper entitled “Reforming the Condominium Act” which invited comments on proposed changes to be made to such Act.The European Commission requests feedback on competition in the virtual worlds and generative AI markets
16th January 2024 The European Commission (the “Commission”) has on 9 January 2024 launched a call for contributions (the ‘‘Call for Contributions’’) to better understand the virtual worlds and generative AI markets and how the EU’s competition law framework can safeguard innovation and maintain fair competition.Publication of Malta’s 2023 National Risk Assessment
15th January 2024 Malta’s National Coordinating Committee on combating money laundering and funding of terrorism (“NCC”) has published a revised version of Malta’s National Risk Assessment (“NRA”).Consumer inertia – service providers should not be at fault when consumers fail to read policy documents
15th January 2024 There is little doubt that despite the importance of reading the terms included in policy documents, very few people actually read them.Guarantees of Origin of Electricity and of Energy in Malta
8th January 2024 Guarantees of Origin (“GOs”) are electronic documents which confirm that a specific quantity of electricity was produced through high-efficiency cogeneration or from renewable energy sources.Directive 93/13/EEC and mandatory statutory or regulatory provisions in consumer contracts
8th January 2024 Summary On 6 July 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of FS, WU vs. First Bank SA (Case C-593/22), considered the applicability of article 1(2) and the thirteenth recital of Directive 93/13/EEC on unfair terms in consumer contracts (“Directive 93/13”).MFSA publishes New Chapter 3 of the VFA Rulebook ahead of MiCA
8th January 2024 The Malta Financial Services Authority (MFSA) has just published a circular outlining that the new version of Chapter 3 of the VFA Rulebook shall become applicable in two stages.Agreement reached on the establishment of the Anti-Money Laundering Authority (“AMLA”)
8th January 2024 On 13th December 2023, the European Council and European Parliament have provisionally reached an agreement to establish the Anti-Money Laundering Authority (“AMLA” or “the Authority”).Navigating Digital Waters: ICT Risk Management Under DORA
8th January 2024Introduction
In an era dominated by digital advancements, the Digital Operational Resilience Act (DORA) stands as a pivotal framework designed to fortify the digital landscape within the European Union (EU).MFSA launches Consultation Process covering Chapter 2 of the VFA Rulebook
8th January 2024 The Malta Financial Services Authority (“MFSA”) has kept the momentum going ahead of the implementation of the Markets in Crypto-Asses Regulation (“MiCA”). We expect MiCA to have a significant impact on the EU/ EEA market in relation to crypto-assets.The Consumer Credit Directive Revamped
8th January 2024 Introduction Personal loans and overdrafts, credit cards and short-term credit products are amongst the commonest consumer lending products offered by banks and financial institutions to satisfy a variety of consumer needs.European Council and European Parliament agrees to criminalise violation of EU sanctions
8th January 2024 On 12th December 2023, the European Council and European Parliament have come to a provisional political agreement on the introduction of criminal offences and penalties for the violation of EU sanctions.Possession versus Tolerance: The salient element of the Actio Spolii
8th January 2024 In its judgement delivered on the 14 December 2023, in the names of Oreste Attard and Patricia Attard (collectively the “Plaintiffs”) vs Russell Attard and Alistair Attard (collectively the “Defendants”),FIAU Thematic Review on Company Service Providers when providing Company Formation Services
8th January 2024 On 14th December 2023, the Financial Intelligence Analysis Unit (“FIAU”) published the results of a thematic review carried out during the first quarter of 2023 on Corporate Service Providers (“CSPs”) adherence to Regulation 7(1)(c) of the Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR’) following the issuing of the IPs Part II for CSPs in December 2020.CJEU ruling on the notion of ‘processing’ in the context of mobile apps
8th January 2024 The convergence of public health imperatives and individual data protection rights has come under scrutiny in a recent landmark case delivered on the 5 October 2023 by the European Court of Justice (ECJ),The standard of proof required in ‘Unfair Prejudice’ actions
4th January 2024 On 18 March 2021, in the case of ‘Naico Limited v Rosa Limited et.’, the Civil Court (Commercial Section), presided over by Judge Joseph Zammit McKeon, delved into the standard of proof required for ‘unfair prejudice remedy’ actions under Article 402 of the Companies Act (Chapter 386 of the Laws of Malta) (“the Act”) to be successful.Empowering Sustainable Energy: The role of energy communities in the European Union
4th January 2024 Energy communities in the European Union (EU) are a concept designed to promote decentralized, community-based energy production and consumption.: Geo-blocking activation keys for Steam platform diminishes the EU Digital Single Market
4th January 2024 On 27 September 2023, the General Court of the European Union affirmed the European Commission’s finding that the geo-blocking keys used on the Steam platforms breached Article 101 of the Treaty of Functioning of the European Union (“TFEU”).The war on Asymmetric Jurisdiction Clauses
4th January 2024 Asymmetric jurisdiction clauses – or so-called ‘lop-sided’ jurisdiction clauses – have become market practice in many industries. Most loan facilities give lenders the power to sue not only in the court specified, but also any other competent court of its choosing, while the borrowers are limited to only one.Succession planning, ESG and appointment of independent directors in family run businesses
4th January 2024 Malta's business landscape is currently undergoing a significant transformation concerning issues of succession planning, ESG challenges and the involvement of independent directors in family-run enterprises.Pedelecs do not qualify as ‘vehicles’ – the ECJ clarifies
4th January 2024 On 12 October 2023, the European Court of Justice (the “ECJ”) responded to a request for preliminary ruling from the Belgian Court of Cassation (the “Referring Court”).The FIAU issues a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes and Related Service Providers
4th January 2024 The FIAU has today published a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (‘CISs’) and other related service providers (“Service Providers”).Malta M&A Watch: Update on Foreign Direct Investment in the EU
4th January 2024 On 19 October 2023, the European Commission (the ‘‘Commission’’) published its third annual report (the ‘‘Report’’) on Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (the ‘‘FDI Regulation’’).The GCEU declares the Belgian Excess Profits Tax Scheme as breaching the EU Rules on State Aid
4th January 2024 On 20 September 2023, the General Court of the European Union (“GCEU”), in the case of Belgium v. Commission (Case T-131/16 RENV), in direct contrast to its initial decision in 2019, confirmed the findings reached by the European Commission (“Commission”) in 2016.EU’s Carbon Border Adjustment Mechanism comes into effect
4th January 2024 On the 1 October 2023, the European Union's Carbon Border Adjustment Mechanism (“CBAM”) entered into effect, starting with a transitional phase that runs until the end of 2025 (the Transitional Period”).Understanding DORA: Strengthening Europe’s Digital Infrastructure
4th January 2024 Introduction In an increasingly digitized world, where reliance on digital services and technology has become paramount, ensuring the resilience and security of critical infrastructure is of utmost importance.What is the Bletchley Declaration and why does it matter for AI safety?
4th January 2024Background
On the 1st & 2nd November, the world’s first AI Security Summit was hosted within the UK. Representatives from 28 nations, including the USA, China, France and Japan, all convened in Bletchley Park to discuss the implications of the rapid advancement of highly capable general purpose AI models known as ‘Frontier AI’.AG sets out the delineation between a payment service and e-money issuance
4th January 2024 In the context of a request for preliminary ruling brought before the Court of Justice of the European Union (the “CJEU”) in the case of ABC Projektai UAB v. Lietuvos banks (C-661/22),MFSA updates the Corporate Governance Manual for Directors of Collective Investment Schemes
4th January 2024 On the 30th of September 2023, the Malta Financial Services Authority (the“MFSA”) issued a Circular wherein it announced the publication of a revamped version of its Corporate Governance Manual for Directors of Collective Investment Schemes.MFSA issues Circular making the appointment of Independent Non-Executive Directors mandatory for Insurance Agents, Insurance Brokers and Retirement Scheme Administrators
4th January 2024 On November 7th, 2023, the Malta Financial Services Authority (“MFSA”) issued a Circular addressing the structure and composition of the Board of Directors of certain licensed entities (the “Circular”).Are airlines liable to reimburse the costs of repatriation flights?
4th January 2024 On 8 June 2023, the European Court of Justice (“ECJ” or the “Court”) 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 cancellation or long delay of flights (the “Regulation”) in relation to case C-49/22 pertaining to the reimbursement of fees paid for a repatriation flight.Connecting bridges: Embassy of Malta in Germany and Ganado Advocates host two successful events in Germany
4th January 2024 The Embassy of Malta in the Federal Republic of Germany, in collaboration with Ganado Advocates, recently hosted two successful business breakfast events: on November 14 and 15 in Frankfurt and Berlin respectively.Max Ganado shares his insights on DAOs at the AIBC Europe conference
4th January 2024 Last week, Max Ganado, Consultant at Ganado Advocates, attended the AIBC Europe conference and participated in a panel discussion on DAOs (Decentralised Autonomous Organisations). The event was organised between the 13th and 17th of November in Malta.Shipping emissions reporting: The way forward
4th January 2024 Through the publishing of its latest Merchant Shipping (‘MS’) Notice, namely MS Notice 182, Transport Malta shines the spotlight on the recent amendments made to Regulation (EU) 2015/57 (‘MRV Regulation’),Breach of Fiduciary Obligations
4th January 2024 On the 4 October 2023, the First Hall Civil Court, presided by Hon. Justice Anna Felice, in the case of Associated Supplies Limited (C-2891) versus Joseph Mizzi discussed the fiduciary obligations that arise during one’s employment.New Employment Agencies Regulations (LN270 of 2023) published
4th January 2024 New Employment Agencies Regulations (LN270 of 2023) were issued today the 23rd of November 2023.Shipping & maritime law newsletter – Issue No. 35 (November 2023)
4th January 2024 The 35th issue of the shipping newsletter is now available.Ganado Advocates co-hosts 15th annual Employment Case Law Conference
4th January 2024Ganado Advocates, in collaboration with Ten Yards Legal and BCGL Advocates, co-organised the 15th edition of the Employment Case Law Conference, held on November 29th, 2023, at Salini Resort.
ECJ restates the ABCs of resale price maintenance
4th January 2024 On 29 June 2023, in ‘Super Bock Bebidas,SA, AN, BQ v Autoridade da Concorrência’,Proposed adjustments to the size criteria for micro, small, medium-sized and large companies
28th November 2023 On 13th September 2023, the European Commission (Commission) proposed certain amendments to Directive (EU) 2013/34 (Accounting Directive) in order to amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation.The need to shift towards greener capital markets
9th October 2023 In the second episode of the Ganado Meets Green Finance Podcast, Dr Luke Hili, Associate at Ganado Advocates, speaks with Steve Ellul, CEO of Project Green, to discuss the latest developments and challenges in the field of sustainable finance in Malta.ESMA issues Second Consultation Package under MiCA
6th October 2023 The European Securities and Markets Authority (ESMA) has just published its Second Consultation Package under the Markets in Crypto-Assets Regulation (MiCA).Family Business in Malta – Managing Business and Family relationships
3rd October 2023 The first part of this article delved into succession issues in family businesses and the importance of early succession planning. This article will be considering into the value of having governance structures on place and how such structures are critical to ensure the continuity of such businesses.The right to restore a company on the Register of Companies
27th September 2023 In Richard Mark Verby (passaport Ingliż numru [omissis] kif debitament rappresentat minn Roberta Giorgio (K.I. nru [omissis]) vs Ir-Reġistratur tal-Kumpanniji,Family Business in Malta – The Way Forward
22nd September 2023 Family businesses have long been the backbone of Malta's economy, with a number of them dating back generations.At what point does trying to keep the company going become fraudulent trading?
22nd September 2023 The case Catherine Buhagiar u Frank Buhagiar (the “Plaintiffs”) vs. Claudio Caruana u Josephine Caruana għal kull interess li jista’ jkollha (the “Defendants”) was brought before the Court of Appeal (the “Court”) on the 12 July 2023,MiCA Update: Consultation Process on the Proposed Updates to Chapter 3 of the VFA Rulebook
18th September 2023 The new Markets in Crypto-Assets Regulation (MiCA), which will establish the first harmonised regime for crypto-assets across the EU, entered into force in June 2023.Implementation of SFDR – European Commission launches consultation
15th September 2023 On 14 September 2023, the European Commission launched a public consultation as well as a targeted consultation to seek feedback on the implementation of the Sustainable Finance Disclosure Regulation (“SFDR”).Trade Marks and Historical Symbols: Registering the Maltese Cross as a European Union Trade Mark
14th September 2023 In Case R0405/2022-1, decided on the 20 March 2023, the European Union Intellectual Property Office’s (the “EUIPO”) First Board of Appeal (the “Board of Appeal”) annulled the EUIPO’s refusal of the Bailiwick of Brandenburg of the Chivalric Order of Saint John of the Hospital at Jerusalem’s (the “Applicant”) application to register a mark containing the Maltese Cross, as an EU trade mark.Malta M&A Watch: European Commission continues to examine below turnover threshold transactions using Article 22 EUMR
12th September 2023 Article 22 of the EU Merger Regulation (‘‘Article 22 EUMR’’) continues to make headlines with the European Commission (the ‘‘Commission’’) claiming jurisdiction over two new transactions only last month.MFSA Circular regarding various amendments to the Investment Services Rulebooks
11th September 2023 On 4th September 2023, the Malta Financial Services Authority (the “MFSA”) issued a Circular outlining various amendments made to the Investment Services Rulebooks, ensuring inter alia that they are aligned with European legislation.The General Court sheds light on the notion of ‘Detriment to a Trademark’s Reputation’
6th September 2023 Article 8(5) of Regulation (EU) 2017/1001 on the European Union Trademark (the “EU Trademark Regulation”) provides that claims based on a trademark with a reputation can in principle be made irrespective of whether the goods or services covered by the contested trademark application are dissimilar to those for which the earlier,Let’s stop taking the maritime industry for granted
6th September 2023 The facts and figures relating to how much the maritime industry contributes to the Maltese economy have been referenced countless times and they are substantial.DORA: the MFSA’s expectations in terms of minimum preparations
5th September 2023 The target date of 17 January 2025 has by now become synonymous with compliance by financial firms with Regulation (EU) 2022/2554 and Amending Directive (EU) 2022/2556 on Digital Operational Resilience for the Financial Sector (“DORA” and the “Amending Directive”).Proposed amendments to the Exclusive Economic Zone Act and ancillary laws
31st August 2023 The Exclusive Economic Zone Act (the “EEZ Act”), as enacted in 2021, catered for the establishment of an Exclusive Economic Zone (“EEZ”) adjacent to Malta’s territorial waters.Consumers’ right to withdraw from off-premises contracts already performed
30th August 2023 The Court of Justice of the European Union (the “CJEU”) assessed the right of withdrawal from a contract concluded off-premises available to consumers in its preliminary ruling delivered on 17 May 2023 in the case of DC v. HJ (C-97/22).COA calls for legislative action to address a lacuna identified in Article 402 of the Companies Act
30th August 2023 Basing its argument on the Latin maxim ‘ubi lex voluit dixit, ubi noluit tacuit’ (“Where the law willed, it spoke, where it did not want, it was silent”), the Court of Appeal in Miclis Company Limited v. Kevin Fitzpatrick et. (July 2023) upheld the claim that the law does not grant an appellant the right to appeal an order given under Article 402(3) CA.Mergers & Acquisitions (M&A) Expected To Bounce Back in 2024
28th August 2023 High interest rates, a more stringent regulatory environment and increased foreign direct investment supervision especially by European states could be the main factors behind the current lull being experienced in the mergers and acquisitions market in Malta.The capital markets are also exposed to money laundering
25th August 2023 The capital markets are one of the most powerful instruments in promoting economic growth and wealth creation as they facilitate the movement of vast amounts of capital from different geographical regions with relative ease.Sanctions – Impact on Shipping │ Malta Focus
25th August 2023 Ganado Advocates co-organised a webinar, together with Ship Management International, entitled ‘Sanctions – Impact on Shipping│Malta Focus’. This webinar, that was held in May, shed light on the continuing international enforcement of sanctions and their far-reaching consequences.Representative Actions Directive transposed into Maltese law
25th August 2023 On 25 June 2023, the Maltese law transposing the Representative Actions Directive came into force.Reforming Digital Payments – Introducing the new Payment Services proposals
25th August 2023 Introduction On 28 June 2023, the European Commission published a number of draft proposals as part of its ambitious plan to open up financial data and reform digital payments. One of these draft proposals relates to a Payment Services package which is aimed at replacing the current PSD2.Protection of natural persons with regard to the processing of personal data
25th August 2023 In a request for a preliminary ruling requested by the Higher Regional Court, Germany to the European Court of Justice,Pre-contractual remedies are on the rise according to the PCRB’s 2022 annual report
25th August 2023 A report on the workings of the Public Contracts Review Board (PCRB) in 2022 has been published recently.Not every mere infringement of the GDPR may result in compensation
25th August 2023 2023 marks 5 years since the adoption of the General Data Protection Regulation (‘‘GDPR’’), and whilst the relevant stakeholders have become largely accustomed to it, questions about its interpretation and enforcement still crop up requiring preliminary rulings from the CJEU.New Guidance: Practical Guidance for Economic Operators: Detecting and Preventing Sanctions Evasion and Circumvention in Trade
25th August 2023 Background Economic operators play a vital role in ensuring that the sanctions regime is effective. Non-compliance with the sanctions regime by economic operators will dilute the effectiveness of the sanctions being imposed by the EU,Malta M&A Watch: Regulation of Foreign Subsidies
25th August 2023 Earlier this year, the Foreign Subsidies Regulation (Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market) (the “FSR”) entered into force.Lithuanian national railway abused its dominant position in the freight market
25th August 2023 On 12 January 2023, the Court of Justice of the European Union (CJEU) upheld the General Court’s decision on imposing a fine of around €20 million on the Lithuanian national railway company in the judgement of Lietuvos gelezinkeliai v Commission (Case C-42/21 P).How easy is it to charter your yacht?
25th August 2023 While the idea of chartering luxury yachts to offset operational expenses is great in theory, leasing a yacht can be trickier than one would think and it is advisable that one is properly educated and seeks guidance, to avoid disappointment and unnecessary costs.FIAU publishes its AML / CFT Supervisory Plan for 2023 – 2024
25th August 2023 The Financial Intelligence Analysis Unit (“FIAU”) has just published its AML/CFT Supervisory Plan for the year 2023/2024 (“Supervisory Plan 2023/2024”).EU Court’s Landmark Ruling: Restricting Financial Ties to Combat Money Laundering and Terrorism Financing
25th August 2023 On March 2, 2023, the European Union's Court of Justice (CJEU) affirmed the legitimacy of penalties and administrative actions levied by the Financial and Capital Market Commission (FKTK) against PrivatBank to mitigate potential involvement in money laundering and terrorist financing.EU Commission adopts adequacy decision on EU – US Data Privacy Framework
25th August 2023 On the 10th of July 2023, the EU Commission adopted its adequacy decision (the “Decision”) for the EU- US Data Privacy Framework (the “DPF”) through which it concluded that those US companies which subscribe to the DPF and adhere to its provisions will ensure an adequate level of protection,ESMA issues public statement in relation to sustainability disclosures in prospectuses
25th August 2023 On the 11th of July 2023, the European Securities and Markets Authority (ESMA) published a statement[1] underlining its expectations with respect to the nature and extent of sustainability disclosures to be included in both equity and debt prospectuses prepared in accordance with the Prospectus Regulation.[2]ESMA and EBA issue Inaugural Consultation Packages under MICA
25th August 2023 Introduction The Markets in Crypto-assets Regulation (MiCA), the first European framework for cryptoassets, was published in the Official Journal on 9 June 2023 and entered into force on 29 June 2023.CJEU paves the way for the General Court to re-assess the effect of the acquisition of O2 by Three
25th August 2023 In a judgement delivered by the Court of Justice of the European Union (the “CJEU” or the “Court”) on the 13 July 2023, in the case of Commission vs CK Telecoms UK Investments Ltd (“CK Telecoms”),CJEU clarifies legal consequences of invalid loan agreement due to unfair terms
25th August 2023 Summary On 27 April 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of MJ vs. AxFina Hungary Zrt. (Case C-705/21),Damages: Fishing vessel gutted by fire
23rd August 2023 The First Hall, Civil Court, presided by Mr Justice Francesco Depasquale, on the 6 June 2023, in the case "Emanuel Sant (Mary Sant succeeded the acts in this case on the death of her husband) vs Andrew Schembri and Christopher Sant personally and in representation of Sea Star Cruises Company Limited" held, among other things,EU Member State’s Foreign Investment Screening Framework under the CJEU’s Lens
21st August 2023 On the 13 July, 2023, the Court of Justice of the European Union (“CJEU”), delivered a ruling in the case of Xella Magyarország Építőanyagipari Kft. v. Innovációs és Technológiai Miniszter, that has shaped the way Regulation (EU) 2019/452 on Foreign Direct Investment (the “EU FDI Regulation”) is to be interpreted.MFSA publishes observations from inspections with issuers
14th August 2023 On 9 August 2023, the Malta Financial Services Authority (“MFSA”) published a circular with its observations following numerous market abuse-related supervisory inspections which it has been carrying out with Maltese issuers since 2018.Malta M&A Watch: Regulation of Foreign Subsidies – Impact on M&A Transactions
10th August 2023 With the Foreign Subsidies Regulation (Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market) (the “FSR”)[1] and the Commission Implementing Regulation (EU) 2023/1441 (the “Implementing Rules”) having now entered into force,Malta: a state-of-the-art regulatory framework for cryptocurrencies
10th August 2023 Cryptocurrencies have transformed finance, created investor opportunities, and disrupted traditional institutions.Proposals for an improved European Banking Union framework – Part II
3rd July 2023 In the first part of this article, we dealt briefly with the European Commission’s proposals to further strengthen and ensure the proper application of the existing common framework for managing bank failures,Proposals for an improved European Banking Union framework – Part I
3rd July 2023 Following the global financial crisis of 2008 – 2009, the European Union embarked on a journey towards achieving a Banking Union for Eurozone countries,Opposing trade mark registrations in the realm of financial institutions
3rd July 2023 The Court of Appeal (Inferior Jurisdiction) (the "Court") presided by Mr Justice Lawrence Mintoff on the 22 March 2023,Proposals for an improved European Banking Union framework – Part I
3rd July 2023 Following the global financial crisis of 2008 – 2009, the European Union embarked on a journey towards achieving a Banking Union for Eurozone countries, where harmonisation and integration across euro area banking systems are the key objectives. Much has been achieved in building this Banking Union, however, more work is underway.Major and emerging ML/FT risks identified by the EBA in its report on payment institutions
3rd July 2023 The scale and nature of the money laundering and terrorism financing (“ML/TF”) risk associated with the payment institutions (“PI”) sector and the extent to which PIs’ anti-money laundering and combatting of financing of terrorism (“AML/CFT”) systemsCouncil and Parliament reach provisional political agreement on financial services contracts concluded at a distance, including insurance contracts
3rd July 2023 On the 6th June 2023, a provisional trilogue agreement was reached between the European Parliament (EP) and the Council on the revised rules concerning the Directive 2002/65/EC on Distance Marketing of Consumer Financial Services (the DMFSD), which also applies to insurance contracts concluded at a distance.CJEU rules on cost bearing and judicial damages estimations in Antitrust Damages Actions
3rd July 2023 On 16 February 2023, the Court of Justice of the European Union (the “CJEU”) delivered a ruling in the case of Tráficos Manuel Ferrer SL, D. Ignacio v Daimler AG (Case C-312/21) wherein it held that:CJEU analyses Austrian law granting compensation to employees who were ordered to isolate
3rd July 2023 Summary On 15 June 2023, the Court of Justice of the European Union (“CJEU”), in delivering a ruling in the case of Thermalhotel Fontana Hotelbetriebsgesellschaft mbH (“Thermalhotel”),Borrowers’ right to compensation from banks for unfair loan terms confirmed by the CJEU
3rd July 2023 In its preliminary ruling delivered on 15 June 2023 in the case of Arkadiusz Szcześniak (“A.S.”) v. Bank M. SA (the “Bank”) (C-520/21), the Court of Justice of the European Union (the “CJEU”) concluded that consumers can demand compensation from banks beyond the reimbursement of monthly instalments paid by them, where the loan agreement with unfair terms is declared null and invalid.Anti-money laundering in Malta
3rd July 2023 Ganado Advocates has contributed the Malta chapter in the 2023 edition of the International Comparative Legal Guide (ICLG) to anti-money laundering (AML).Administrative penalties: the right to a fair hearing
3rd July 2023 The case Insignia Cards Limited (the “Plaintiff”) vs. il- Korp ghall-Analizi ta’ Informazzjoni Finanzjarja u L-Avukat Tal-Istat (the “Defendant”, the “FIAU”) was brought before the Constitutional Court (the “Court”) on the 24 May 2023,AML internal audits: A need or a must?
3rd July 2023 Just over €4,150,000,000. This is the total amount of penalties imposed on financial institutions globally for their lack of compliance with anti-money laundering obligations in 2022.EBA – legal certainty under PSD3 through merging and demerging of services
3rd July 2023 The Payment Services Directive (2015/2366 or “PSD2”) which came into effect in January 2018, arguably did not stand the test of time – loose drafting and the rapid evolution of the banking and payments world,Is the payee information provided to the payer accurate and meaningful? – a PSP’s obligation under the PSD
3rd July 2023 “A payer’s PSP is required to provide that payer with information enabling the payee who benefited from a payment transaction to be identified and not only the information which that PSP, after making its best efforts, has available with regard to that payment transaction” – judgement of the Court of Justice (CJEU) of the 16 March 2023.MiCA – Landmark crypto regulation approved by EU Parliament
3rd July 2023 Introduction On 20th April 2023, the European Parliament gave its final blessing to the new Markets in Crypto-Assets Regulation (“MiCA”).One step closer to establishing a European Green Bond Standard
3rd July 2023 On the 1st of March 2023, EU lawmakers announced an agreement on the creation of a European Green Bond Standard (EuGB).EMIR 3.0: Strike three for regulating the European derivatives market?
3rd July 2023 On 7 December 2022, the Commission put forward a proposal[1] to amend the European Market Infrastructure Regulation[2] (EMIR) with the aim of encouraging clearing of derivative transactions by simplifying clearing procedures and increasing the resilience and efficiency of Central Clearing Counterparties (CCPs) in the EU.The implementation of Directive 2019/1023: Restructuring and insolvency
3rd July 2023 Ganado Advocates contributed the Malta chapter in a publication that seeks to analyse the implementation of Directive (EU) 2019/1023 across EU Member States. The article looks at how Malta has implemented the Directive as part of a joint project between INSOL Europe and LexisPSL tracking its implementation within the EU.ESMA issues revised guidelines on MiFID II product governance requirements
3rd July 2023 On 27 March 2023, the European Securities and Markets Authority (“ESMA”) published a Final Report: Guidelines on MiFID II product governance requirements (the “Final Report”).ESMA postpones annual IFRS amendment of ESEF to 2024
3rd July 2023 On the 10th of May 2023, ESMA announced its decision to postpone to 2024 the 2023 annual IFRS amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS).The inclusion of maritime shipping activities in the EU Emission Trading System Directive
3rd July 2023 The European Parliament and the Council of the European Union reached a provisional agreement on the 17th of December 2022,EU directive relating to corporate cross-border mobility transposed into Maltese law
3rd July 2023 On 7th February 2023, three new regulations were published which transposed into Maltese law EU Directive No. 2019/2121 (the “Directive”) amending EU Directive No. 2017/1132 on cross-border conversions,Going green: How Malta’s economy is embracing sustainability
3rd July 2023 Sustainability has been growing in importance within the financial sector, particularly over the past few years.The non-disclosure of material facts in insurance contracts
3rd July 2023 In the recent case Malcolm Vassallo (the “Plaintiff”) vs. Citadel Insurance p.l.c (the “Defendant”) decided on the 1 March 2023,One step closer to establishing a European Green Bond Standard
3rd July 2023 On the 1st of March 2023, EU lawmakers announced an agreement on the creation of a European Green Bond Standard (EuGB).The inclusion of maritime shipping activities in the EU Emission Trading System Directive
5th June 2023 The European Parliament and the Council of the European Union reached a provisional agreement on the 17th of December 2022, whereby they adopted the European Commission’s proposal to include maritime transport activities in the existing ‘Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC’ (EU ETS Directive).The non-disclosure of material facts in insurance contracts
5th June 2023 In the recent case Malcolm Vassallo (the “Plaintiff”) vs. Citadel Insurance p.l.c (the “Defendant”) decided on the 1 March 2023, the Honourable Judge Lawrence Mintoff was requested to determine and examine what constitutes a “material fact” and the “non-disclosure of a material fact” when purchasing an insurance policy. The case was decided before the Court of Appeal (sitting in its inferior jurisdiction) (the “Court”).EIOPA Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities
8th March 2023 On the 3rd February 2023, the European Insurance and Occupational Pensions Authority (EIOPA) issued a Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities (“Supervisory Statement”). The EIOPA Supervisory Statement follows a public consultation which was launched by the European Authority on the 29th July 2022 relating to the use of governance arrangements in third countries (“Consultation Paper”).Creditors’ right to request the dissolution and winding up of a company in default
8th March 2023 In its judgment on the 23 January 2023, the First Hall Civil Court (Commercial Section) (hereinafter the “Court”) presided by Mr. Justice Ian Spiteri Bailey delved into the salient features of a request made to the court for the dissolution and winding up of a company by a creditor or creditors of such company by means of an application in terms of Article 218(1) of the Companies Act, Chapter 386 of the Laws of Malta (the “Act”).Abuse of a dominant position: Attributability of distributors’ conduct to the supplier and exclusivity clauses in distribution contracts
8th March 2023 On 19 January 2023, the Court of Justice of the European Union (the “CJEU”) delivered a ruling in the case of Unilever Italia Mkt. Operations Srl v Autorità Garante della Concorrenza e del Mercato (Case C-680/20) wherein it held that:The regime for crypto-asset service providers under the Markets in Crypto-Assets Regulation
8th March 2023 The Markets in Crypto-Assets Regulation (MiCA or the Regulation) will introduce the first European framework for crypto-assets. The regime covers three main types of crypto-assets, namely asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto-assets (a catch-all category for tokens that are not ARTs or EMTs).Revision of prices in Government Supply Contracts resulting from the war in Ukraine
8th March 2023 The Department of Contracts (“DOC”) has published a second circular (the “Supply Guidelines”) which guides a contractor in filing a claim for compensation arising out of the Ukrainian conflict where the public contract in question has a supply element. It is important to note that the wording used by DOC’s Supply Guidelines is not limited to public supply contracts but regulates “public contracts involving supplies”. Our understanding is that a compensation claim can be submitted even in the context of a works or services contract, as long as the claim in question concerning the supplies element. However, the contract value must exceed €10,000 (excluding VAT).Repeal of Companies Act (Public Companies – Annual General Meetings) Regulations
8th March 2023 The Companies Act (Public Companies – Annual General Meetings) Regulations (the “Original Regulations”) were promulgated during the COVID-19 pandemic to (1) extend the period for holding of annual general meetings, and filing of audited accounts; and (2) authorise the holding of remote or virtual general meetings by certain public companies.Juridical interest in the context of insurance claims
8th March 2023 On the 22 June 2022, in the case of ‘A. Pace Balzan v Citadel Insurance p.l.c.’, the Court of Appeal in its inferior jurisdiction, presided over by Judge Lawrence Mintoff, delved into the concept of juridical interest in the context of an insurance claim.Women’s representation in the finance industry
26th October 2022 In the latest episode of the ‘Ganado Meets Finance’ podcast, Stephanie Farrugia, senior associate at Ganado Advocates, speaks with Paulianne Nwoko, managing director of Apex Fund Services Ltd, on the representation of women in finance.The New Banking Rule 25 on the Financial Holding Companies and Mixed Financial Holding Companies Regime
26th October 2022 On the 28 July 2022 the Malta Financial Services Authority (the “MFSA”) issued a new Banking Rule, namely BR/25 on Financial Holding Companies and Mixed Financial Holding Companies (“BR/25”).The future of financial services in Malta
26th October 2022 In the first episode of the ‘Ganado Meets Finance’ podcast, Ganado Advocates’ Managing Partner Andre Zerafa speaks with MFSA CEO Joseph Gavin about regulation, supervision and the future of the industry.Listen to the podcast here: https://open.spotify.com/episode/55yqlCMx0JFSFMALbvIqGm The experience for Joseph Gavin as the MFSA’s CEO has been a fascinating and busy journey so far. He does, however, believe that notwithstanding the finance industry being dampened for a while by the pandemic and Malta’s greylisting by FATF, admirable progress has since been made and we now seem to be in a clear path which has given rise to a much greater sense of confidence among practitioners, regulators and the industry in general. The financial services sector remains diverse and there is a very strong base for the continued growth of the sector. Going forward, Gavin says that the MFSA needs to be seen as an effective regulator, gatekeeper, supervisor and enforcer which is committed to supporting the industry, particularly in terms of identifying growth opportunities as well as niche growth opportunities. The MFSA has recently carried out an internal assessment to identify aspects which need to be enhanced to further engage with the sector. The MFSA continues to strive to improve efficiencies and processes, and also assisting in changing the framework to allow for wider growth opportunities. Forward looking: On a global level, technology is advancing swiftly and overtaking steadily. In the eyes of Gavin, this will be one of the MFSA’s biggest challenges in the coming years. Both short-term and long-term changes will need to be undertaken to ensure that Malta’s platforms are and remain operative and effective. Considering, Gavin deems there to be great prospects for our payment and e-money institutions. Innovation: When it comes to innovation, the MFSA wishes to place itself in a more competitive position when compared to the larger jurisdictions, which may be done by making processes more efficient, expanding the capacity of Malta’s legal and financial instruments, and by developing and allowing for new products, such as a notified PIF (product information file). Competition: There are various areas of the financial services sector which are indeed competitive but there is still the need for more proportionality. This will accommodate competitiveness within the EU and allow smaller jurisdiction, like Malta, to compete effectively with other larger jurisdictions. Where the opportunity arises, Malta should negotiate revisions to the EU framework and put forward the proportionality argument.
MFSA’s supervisory priorities for the next few years
The MFSA has a very comprehensive strategy in terms of supervisory priorities. For instance, in the banking sector, the MFSA’s priority will be to continue to supervise closely while working towards consolidation. The insurance sector, on the other hand, is a well-established sector and is very well covered by insurance legislation and has a good variety of innovative structures (such as the protected cell company legislation). Interestingly to note, the insurance sector has sustained itself very well throughout the pandemic. As regards payment institutions, that there has been a significant growth in the sector both in terms of volume of payments and activity passing through the various regulated firms. The MFSA continues to be supportive of innovation. There is an opportunity for firms to develop technology and change the way of doing business, which the MFSA encourages, using the sandbox. While noting that there is also great potential for the asset management sector in Malta, Gavin says that a number of things need to be improved, including (i) our legislative framework; (ii) our engagement with the industry; and (iii) the arrival of international depositaries. The arrival of the international depositary, or the opening up of the restriction which exists at the level of the AIFMD (requiring a local depositary for the Alternative Investment Fund (the AIF)) would be very welcome by the industry.The blockchain island
The regime Malta has for virtual financial assets is probably one of the best in the world. Presently, the island has around 15 operators and 15 virtual financial assets agents. Although the industry isn’t the largest, Ganado Advocates’s managing partner Andre Zerafa deems it strong enough for Malta to be able to build on what there is, and this needs to be done particularly in response to the needs of the investors, who deem exposure to crypto assets to be extremely important.Conclusion
It is clear that Malta and the MFSA are open for business, which needs to continue to be compliant with the expectations both at EU level and even at a national level. From 2008-2016, Malta has had exponential growth and while the country has seen some consolidation in the past two years in particular, it is now ready for the next challenge.Author: Bettina Gatt May 27, 2022
The dissolution and winding up of a company when unable to pay its debts
26th October 2022 In its judgement delivered on 25 February 2021, in the names “Dr. Antoine Naudi as special attorney on behalf of the foreign company UR s.r.l vs. Talocan Ltd of Malta”, the Civil Court (Commercial Section), presided over by Hon. Justice Joseph Zammit McKeon, analysed the requirements necessary to uphold a dissolution and consequential winding up request in terms of Article 214 (2) (a) (ii) of the Companies Act, Chapter 386 of the Laws of Malta.PSD3 – Through the lens of the European Banking Authority
26th October 2022 The main objectives of the Payment Services Directive (EU) 2015/2366 (PSD2), transposed under Maltese law by inter alia the Financial Institutions Act, Chapter 376 of the Laws of Malta (FIA), were mainly to create a safer and more secure space for payments, to enhance protection for European Consumers and businesses and to contribute to an integrated and efficient European payments market. However, as Maired McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union stated: “The PSD2 has driven innovation in retail payments, to the benefit of consumers and financial service providers. It is now time to take stock with all stakeholders, and prepare our next steps. We want to boost innovation and increase consumer choice in payments and open finance, while keeping the companies and people who generate data in control”. With regards to this, the European Commission launched a public consultation to collect evidence regarding the application of the PSD2 together with any benefits and challenges which may have been encountered and any amendments which may be appropriate.PSD3 brewing? EU Commission launches consultations revising the Second Payment Services Directive
26th October 2022 In line with the EU Digital Finance Strategy and the EU Retail Payments Strategy, the European Commission has just launched a series of consultation documents primarily aimed to collect market feedback on open finance rules and on any potential amendments to the EU Payment Services Directive 2015/2366 (“PSD 2”) – which directive sets out the legal foundation for the development of an integrated internal market for payment services within the EU and inter alia sets out rules on licensing regimes for payment institutions, open banking, and rights and obligations of payment services users and providers.New opportunities within the Maltese insurance market
26th October 2022 In the third episode of ‘Ganado meets Finance’ podcast, Matthew Bianchi, partner and head of the insurance practice at Ganado Advocates meets the Malta Insurance Managers’ Association Chairperson Elizabeth Carbonaro.New market abuse Q&As
26th October 2022 The European Securities and Markets Authority (“ESMA”) recently updated its question and answer document on the Market Abuse Regulation (“MAR”). The updated document sees the introduction of two new questions and their corresponding answers which, broadly, provide that:MSE’s strategy and the outlook for the Maltese capital markets
26th October 2022 In the second episode of the ‘Ganado Meets Finance’ podcast, Nicholas Curmi, partner and head of the capital markets practice at Ganado Advocates, meets the Malta Stock Exchange’s Executive Chairman Joseph Portelli for a frank chat on the inner workings of the Malta Stock Exchange, and the way forward for the Maltese capital markets space.Malta becomes one of the first EU Member States to integrate with BORIS
26th October 2022 In terms of the Fifth and Sixth EU Anti-Money Laundering Directives [1] (“AMLDs”), the European Commission issued a communication accompanied by a series of reports paving the way forward for further discussions on the improvement of the anti-money laundering EU framework.Exploring DORA – the key features
26th October 2022 The reliance of financial entities on the use of technology within their business infrastructure is increasingly on the rise, given that it helps save on costs, increases efficiency and ultimately benefits consumers by offering a better end product. A number of insurance undertakings are in fact increasingly incorporating ‘tech’ within their product-lines and services, as well as within their operational functions in the course of creating, distributing or administering insurance products.ECJ rules on the passenger’s right to compensation from non-EU air carriers
26th October 2022 The European Court of Justice (the “ECJ”), on 7 April 2022, delivered a preliminary ruling with regards to Regulation (EC) No 261/2004 which establishes common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (the “Air Passenger Rights Regulation”) and as a result, has extended the scope for passengers to seek compensation. In particular, for delays pertaining to connecting flights consisting of two legs which are serviced by non-EU air carriers.EBA issues Guidelines on policies and procedures in relation to Compliance Management and the role and responsibilities of the AML/CFT Compliance Officer
26th October 2022 On 2 August 2021, the European Banking Authority (the “EBA”) launched a public consultation on the on policies and procedures in relation to compliance management and the role and responsibilities of the anti-money laundering and counter financing of terrorism (“AML/CFT”) compliance officer under Article 8 and Chapter VI of Directive (EU) 2015/849 [1].Artificial Intelligence in the Medical Field – Dr. Paul Micallef Grimaud
3rd August 2021 In the third episode of the “Ganado Meets Tech” podcast, Ganado Advocates’ IP/TMT partner Paul Micallef Grimaud, met with consultant nuclear medicine physician, Dr. Andrew Mallia, Professor Alexiei Dingli – University of Malta Senior Lecturer of Artificial Intelligence and entrepreneur and lawyer Dr. Gege Gatt to look at how AI is positively impacting the health sector and providing us with unprecedented levels of cure and health management, whilst also discussing the legal and ethical risks involved.- Aviation
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