The new year at the Court of Justice of the European Union
("CJEU") kicked off with a head-scratcher – a
preliminary ruling concerning electronic money institutions
("EMI(s)"). This case is of particularly relevance to the
Maltese market as it highlights a number of key points which are
currently being discussed in the context of the soaring fintech
wave hovering over our shores.
The preliminary ruling related to the interpretation of Articles
5(2) and 6(1)(a) of the second Electronic Money Directive
(Directive 2009/110/EC or "EMD II") in 'Paysera
LT' vs. Lietuvos bankas (or Bank of Lithunia)', (Case
C-389/17) which articles set out the possible methods of
calculating the own funds requirements for EMIs for activities
referred to in Article 6(1)(a) EMD II that are not linked to the
issuance of electronic money.
