Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 NOVEMBER 2023

AG Sets Out The Delineation Between A Payment Service And E-Money Issuance

Ganado Advocates
Explore more from Ganado Advocates

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)...

MaltaFinance and Banking
Roberta Carabott
Roberta Carabott
Author LinkedIn connections

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), Advocate General M. Campos Sánchez-Bordona (the "AG") delivered his opinion on 5 October 2023 on the classification of activities relating to payment accounts and the holding of clients' funds.

The Facts and the Question referred for Preliminary Ruling

The request was made following a legal dispute between Bruc Bond UAB (which eventually changed its name to ABC Projektai UAB) (the "Institution"), an entity licensed in Lithuania to provide payment services, and the Litetuvos bankas (the "Bank of Lithuania") as the national regulator for financial services. The dispute resulted from the Bank of Lithuania revoking the Institution's licence in April 2020, on the grounds that the Institution was issuing electronic money without having the required licence to do so.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Publication Of Commission Delegated Regulation Implementing Key Prospectus Reforms Under The EU Listing Act

The European Commission has published new delegated regulations amending the EU prospectus disclosure regime, introducing streamlined content requirements and standardized formats for various categories of prospectuses. These reforms, part of the broader EU Listing Act package, aim to reduce regulatory burdens for issuers while maintaining investor protection, with key changes including reduced historical financial information requirements and simplified disclosure obligations.
European UnionFinance and Banking
Ganado Advocates
Ganado Advocates
Article

CRD VI And Cross-Border Lending: What Third-Country Credit Institutions Need To Know

The European Union's Sixth Capital Requirements Directive introduces a groundbreaking EU-wide framework requiring third-country credit institutions to establish authorised branches when providing core banking services within the EU. This new regime, effective January 2027, replaces the previous patchwork of national rules with harmonised supervisory standards, though several exemptions and transitional protections apply to existing arrangements.
MaltaFinance and Banking
Camilleri Preziosi
Camilleri Preziosi
Article

AIFMD II Opens The Door To Loan Origination Funds In Malta

With AIFMD II now transposed into Maltese law, fund promoters, asset managers and family offices have access to new regulatory pathways for establishing loan origination and private credit vehicles in Malta. The revised framework expressly permits corporate lending by Alternative Investment Funds, while the updated NAIF regime brings loan origination within scope, opening doors to EU-wide distribution through the AIFMD marketing passport.
MaltaFinance and Banking
Finance Malta
Finance Malta