quinta, 18 junho 2020

Payment Services and E-Money Institutions

VolverIn the past years Malta has been harbouring several financial institutions aiming at providing financial services across Europe, in particular:

(i) Payment services institutions, passporting services under legal frameworks moulded after the second payment services directive (“PSD2” – Directive (EU) 2015/2366); and

(ii) Electronic money institutions, passporting services under legal frameworks moulded after the e-money directive (“EMD” – Directive 2009/110/EC).

Following MONEYVAL’s recommendations for Malta in its Fifth Round Mutual Evaluation Report dated July 2019, a number of financial institutions (including payment services and electronic money institutions) located in Malta are concerned with the impact for their business of the lack of adequate governmental action regarding measures on anti-money laundering and terrorist financing.

A not so friendly conduct of the Malta Financial Services Authority (MFSA) towards foreign owned/controlled institutions has also been pushing some companies into contemplating the possibility to move their business out of Malta and considering becoming based and licensed in other EU member states.

Where and how to relocate a business is a major and complex decision. If you are contemplating moving your business out of Malta, Portugal should be in your radar.

Under Portuguese law, payment services and e-money institutions are subject to the prudential and conduct supervision of the Bank of Portugal (in Portuguese “Banco de Portugal” – “BdP”).

An existing financial group may obtain BdP’s authorisation to incorporate a payment services and/or an e-money institution and subsequently complete the institution’s registration with BdP for the intended services. Later (subject to BdP’s approval), the Maltese institution may be incorporated into the new Portuguese entity via a cross-border merger, in terms that the business and operations of the entity may be carried out as a duly licensed Portuguese institution while maintaining legal business continuity.

Belzuz Abogados Comercial and Corporate Law Department has a team fully prepared to deal with these matters from regulatory, corporate and tax perspectives.

 Manuel Bruschy Martins Manuel Bruschy Martins

Departamento Direito Comercial e Societário | (Portugal)

 

Belzuz Advogados SLP

A presente Nota Informativa destina-se a ser distribuída entre Clientes e Colegas e a informaçăo nela contida é prestada de forma geral e abstracta, năo devendo servir de base para qualquer tomada de decisăo sem assistęncia profissional qualificada e dirigida ao caso concreto. O conteúdo desta Nota Informativa năo pode ser utilizada, ainda que parcialmente, para outros fins, nem difundida a terceiros sem a autorizaçăo prévia desta Sociedade. O objectivo desta advertęncia é evitar a incorrecta ou desleal utilizaçăo deste documento e da informaçăo, questőes e conclusőes nele contidas.

Madrid

Belzuz Abogados - Despacho de Madrid

Nuñez de Balboa 115 bis 1

  28006 Madrid

+34 91 562 50 76

+34 91 562 45 40

Este endereço de email está protegido contra piratas. Necessita ativar o JavaScript para o visualizar.

Lisboa

Belzuz Advogados - Escritório de Lisboa

Av. Duque d´Ávila, 141 – 1º Dtº

  1050-081 Lisboa

+351 21 324 05 30

+351 21 347 84 52

Este endereço de email está protegido contra piratas. Necessita ativar o JavaScript para o visualizar.

Porto

Belzuz Advogados - Escritório do Porto

Rua Julio Dinis 204, Off 314

  4050-318 Porto

+351 22 938 94 52

+351 22 938 94 54

Este endereço de email está protegido contra piratas. Necessita ativar o JavaScript para o visualizar.

Negligencias médicas Portugal

+351 968559667

PRIMEIRA CONSULTA GRATUITA


Associações