Data Act: Commission proposes measures for a fair and innovative data economy
01 August 2022
The European Commission proposed new restrictions on who can use and access EU data across...
The Directive No 19 on the use of cheques and bank drafts in terms of the CENTRAL BANK OF MALTA ACT (Cap. 204) came into force on the 1st of January 2022.This directive seeks to ensure the safe and effective use of cheques and bank drafts, referred to as ‘paper-based instruments’, to reduce the legal and operational risks associated with these payment instruments.
The below is a summary of the main Rules of the Directive:
The below is a summary of the main Regulations of the Directive:
As from 1st January 2022, the Malta Business Registry (“MBR”) also needs to follow this directive and thus payments by cheques and bank drafts or by cash will be allowed using the following policy:
In case of Cheques and Bank Drafts:
In case of Cash-based Transactions:
The Malta Chamber of SMEs in collaboration with the Central Bank of Malta have recently organised a webinar about the recent regulation that establishes new rules on the use of cheques and bank drafts.You may click on the video below and view the webinar recording.
More details about the Directive can be found on the Central Bank of Malta website (News – Central Bank of Malta (centralbankmalta.org)). Moreover, further details about the Cash (Restriction) Regulations can also be found on the FIAU website (Cash Restriction – FIAU Malta).
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).