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Monday 08:30 - 17:30 Tuesday 08:30 - 17:30 Wednesday 08:30 - 17:30 Thursday 08:30 - 17:30 Friday 08:30 - 17:30

Zerafa Advocates

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Zerafa Advocates

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Zerafa Advocates is a law firm specialising in financial services, corporate and commercial law.

Zerafa Advocates is a lawfirm specialising in financial services, corporate and commercial law.

07/10/2026

ABC Projektai UAB v Lietuvos bankas: Where Does Payment Services End and Electronic Money Begin?

The CJEU’s judgment in ABC Projektai examines the increasingly blurred boundary between payment services and electronic money issuance. The case arose from questions over whether funds held by a PSP without an immediate payment order could constitute electronic money. This article explores the interaction between PSD2 and EMD2, the reasoning of the Advocate General and CJEU, and the importance of the purpose for which funds are received in determining their regulatory classification.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/abc-projektai-payment-services-electronic-money/

30/09/2026

The Blurring Line between EMIs and PSPs: The Regulatory Background to ABC Projektai

The distinction between EMIs and PSPs has become increasingly blurred as fintech business models evolve. This article explores the regulatory background to this overlap, the challenges arising from the absence of a clear definition of an “electronic money account”, and the EBA’s views on the similarities between electronic money and scriptural money. It also examines the CJEU’s approach in ABC Projektai and the wider implications for the future regulation of payment and electronic money services.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/emi-psp-regulation-abc-projektai/

26/09/2026

Beyond the 90-Minute Film: Why Definitions Matter Under Malta’s Cash Rebate Framework

Malta’s audiovisual incentive framework extends beyond traditional feature films, covering a broader range of qualifying productions and offering rebates of up to 40% of eligible expenditure. As classification and running-time thresholds can directly affect eligibility, producers should assess their projects from the outset and consider how changes to format, budget or production arrangements may impact compliance. The article explores why careful legal and regulatory planning is essential to securing incentives and protecting the commercial viability of audiovisual projects.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/malta-film-cash-rebate-definitions/

16/09/2026

PSD3 and the New Payment Services Regulation: Strengthening Fraud Prevention, Authentication and Consumer Protection

PSD3 and the Payment Services Regulation mark the next evolution of Europe’s payments framework, shifting the focus from authentication alone towards proactive fraud prevention, stronger consumer protection and greater regulatory harmonisation. This article explores how the proposed reforms enhance Strong Customer Authentication, introduce Verification of Payee, strengthen transaction monitoring and clarify liability for fraudulent payments, while encouraging payment service providers to build integrated, risk-based compliance and fraud management frameworks.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/psd3-fraud-prevention-consumer-protection/

09/09/2026

The Evolution of AIFMD: Why AIFMD II Matters

AIFMD II represents the EU’s response to the significant evolution of the AIF sector since AIFMD was introduced in 2011. Driven by the growth of private credit, loan origination, leverage and increasingly complex investment strategies, the reforms seek to address supervisory inconsistencies and strengthen the regulatory framework. Key areas include delegation, liquidity management, regulatory reporting, loan-originating funds and depositary arrangements. Ultimately, AIFMD II aims to enhance supervisory convergence, risk oversight and investor protection while supporting a more sophisticated European AIF market.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/aifmd-ii-evolution-alternative-investment-funds/

02/09/2026

The Road to PSD3: Why Europe's Payment Framework Needed Reform

The proposed PSD3 and PSR represent a significant modernisation of the EU payment services framework, building on PSD2 while addressing shortcomings exposed by technological developments and emerging risks. The reforms aim to improve open banking and API access, strengthen passporting and supervisory convergence, promote fairer competition for non-bank PSPs, simplify compliance, and enhance protection against fraud, particularly APP fraud. Overall, the new framework seeks to create a more harmonised, proportionate and technologically responsive payments environment while maintaining strong consumer protection and security.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/psd3-payment-services-reform/

19/08/2026

Dear CEO Letter: MFSA Raises the Bar on Arranging Directorship and Company Secretarial Services

The MFSA’s 2025 Thematic Review provides valuable insight into its evolving expectations for Company Service Providers when arranging directors and company secretaries. This article explores the Authority’s key findings, including the need for active oversight, ongoing fitness and properness assessments, meaningful governance, and robust monitoring of arranged individuals. It also examines the practical steps CSPs should take to strengthen their governance frameworks and align with the MFSA’s increasingly outcomes-based supervisory approach.
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Read the full update on our LinkedIn and on our website: https://www.zerafa.com.mt/mfsa-csp-arranging-directorship-company-secretarial-services/

12/08/2026

Decentralisation: The Legal Reality Behind Crypto’s Most Miusunderstood Buzzword

Decentralisation is often described as the defining feature of blockchain technology, but what does it mean in legal and regulatory terms? This article examines the distinction between technical decentralisation and governance, exploring why control, decision-making and accountability have become central considerations under MiCA. It discusses how regulators assess whether a project is genuinely decentralised, drawing on real-world blockchain examples to highlight why substance, rather than labels, is increasingly shaping the future of crypto-asset regulation.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/crypto-decentralisation-legal-reality/

07/08/2026

Celebrating 12 years of Zerafa Advocates 🍾🥳

For the annual summer event, Zerafa Advocates has given the whole team a well deserved break with a boat tour around Gozo and Comino, lots of good food, drinks, music and endless great vibes ✨️😎

From a team of up to 4 people to a team of 15, Zerafa Advocates is proud of its growth throughout the years and will forever remain grateful for every person involved in the journey of making this firm a success 💞

05/08/2026

Terrorist Financing in the Digital Space: Insights from the FATF on SMSPs

The FATF’s latest report examines how terrorist financing is increasingly facilitated through social media and messaging platforms, where communication, fundraising, and payment mechanisms operate within the same digital ecosystem. The article explores how these evolving typologies challenge traditional AML/CFT frameworks, the growing use of virtual assets and embedded payment tools, and why stronger collaboration between financial institutions, VASPs, and technology platforms is becoming essential to detect and disrupt emerging terrorist financing risks.
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Read the full article on our LinkedIn and on our website: https://www.zerafa.com.mt/terrorist-financing-in-the-digital-space-insights-from-the-financial-action-task-force-fatf-on-social-media-instant-messaging-applications-and-streaming-platforms-smsps/

Address

23, South Street
Valletta
VLT1102

Opening Hours

Monday	08:30 - 17:30
Tuesday	08:30 - 17:30
Wednesday	08:30 - 17:30
Thursday	08:30 - 17:30
Friday	08:30 - 17:30

Telephone

+35627761129

Website

https://www.zerafa.com.mt/

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Contact The Practice

Send a message to Zerafa Advocates:

Attard Baldacchino
Attard Baldacchino, Triq il-Prinjolata, Ta' Xbiex

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