Legal update

Changes to the Banking Act (Chapter 371) and the Financial Institutions Act (Chapter 376)

The Maltese Parliament has just tabled for the first reading a new bill entailing the proposed changes to the Banking Act (Chapter 371) and the Financial Institutions Act (Chapter 376).

 

The object of Bill 89 of 2019 is to transpose into Maltese law:

 

  1. the Payment Services Directive II or Directive 2015/2366/EU;

 

  1. the Payment Accounts Directive or Directive 2014/92/EU, specifically Articles 10 and 25; and

 

  1. the Bank Recovery and Resolution Directive or Directive 2014/59/EU, specifically Article 124.

 

The full transposition of PSD II under Maltese law will introduce and regulate inter alia third party payment service providers (TPPs), namely:

 

Payment Initiation Services Providers – PISP : that offer a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider; and

 

Account Information Service Providers – AISP : that offer an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider;

 

You can access the bill at the following link: http://www.justiceservices.gov.mt/DownloadDocument.aspx?app=lp&itemid=29621&l=1