FINANCIAL SERVICES

The firm is quoted in Legal 500 as “being recognized by peers as a leader in banking and finance.” It is very active in the sector and has advised Governmental regulatory agencies as well as operators in the field. The firm was also responsible for drafting some of the major financial services legislation prior to Malta’s accession to the European Union as part of the process of Malta’s adoption of the “acquis communataire”.

Financial Services legislation is compliant with the EU Directives which have been implemented in various statutes. The principal framework legislation takes the form of the Banking Act, the Financial Institutions Act, the Investment Services Act, the Financial Markets Act as well as other statutes, though the framework regime is supplemented by voluminous secondary legislation, Directives as well as Guidelines. Additionally, substantive law issues affecting financial services span the length and breath of the Civil and Commercial Codes. The Malta Financial Services Authority is a single financial services regulator and has been designated as the Competent Authority for various financial services operators. Galea Salomone & Associates has advised operators in respect of licensing issues as well as their ongoing compliance with Malta’s onerous financial services regime.