Malta Government signals increased Economic Importance for Malta Passport Programme in COVID-19 climate

Authors: Adrian M. Gabarretta
Published on May 5, 2020
Practices: Malta Individual Investor Programme - IIP
A new Legal Notice 161 of 2020 was recently published amending the principal regulations governing the Malta Individual Investor Programme of the Republic of Malta (L.N. 47 of 2014), otherwise also known as the Malta Passport Programme (the "Programme").

Cross-border payments in the EU and currency conversion charges: the revised Cross-Border Regulation (“CBPR2”) and the national authorities’ flexibility in enforcing the currency conversion transparency requirements due to the COVID-19 crisis

Authors: Julienne Bencini
Published on April 27, 2020
Practices: Banking Regulatory
Just under two decades ago, the European Parliament issued a Regulation on cross-border payments geared towards facilitating cross-border trade within the Union by ensuring that cross-border payment charges across Member States are the same regardless of participation in the euro area, though unfortunately, this Regulation excluded non-euro area Member States [1]. For non-euro Member States, domestic payments in euro are very costly allowing for payment service providers (PSPs) to price a transaction differently where a currency conversion is involved. This undoubtedly creates obstacles to the full integration of businesses and citizens in non-euro area Member States affecting their competitiveness which is at the heart of the European Single Market.