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COVID-19 Updates

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  • 8 Apr 2020 10:00 | Anonymous
    Further to the Circular noted below, issued by the Malta Financial Services Authority (MFSA) on 20th March, 2020 - MFSA is granting Financial Institutions authorised under the Financial Institutions Act one additional month for the submission of the statutory obligations listed here.
    Extensions of regulatory reporting deadlines for firms due to outbreak of COVID-19
    Taking into account the significant effects of the COVID-19 situation on the financial services sector, the MFSA considers it necessary and proportionate to apply flexibility in the applicable deadlines for the submission of regulatory reporting due over the next months; for which the MFSA has published a Circular on their website, explaining its approach and listing the applicable extensions for the reporting requirements of the sectors below;
    • Capital Markets
    • Credit Institutions
    • Financial Institutions
    • Insurance and Reinsurance Undertakings
    • Insurance Intermediaries
    • Retirement Pensions
    • Investment Firms
    • Investment Funds and Fund Managers
    • Trustees and CSPs
    In general, the MFSA will be accepting a delay from the reporting deadline for some of the submissions/publications falling due by March or April 2020.
    As at today, reporting deadlines which are due in May or June will remain in place, unless the situation warrants for alternative dates to be communicated, based on the ongoing assessment of events through a close dialogue with the Central Bank of Malta, European Supervisory Authorities, and with the European Central Bank.
    The MFSA continues to monitor the situation and in case of developments at local or EU level having an impact on this approach, the MFSA will inform the public of the adjusted approach as soon as possible.
    Additional note from MFSA with reference to the attached circular dated 20 March, 2020:
    Kindly note that reference to granting extensions is specific to home grown requirements (requirements which have been implemented at jurisdictional level as opposed to requirements which arise from EU Directives), reason being why reference has only been made to the Financial Statements of Guarantors and the publication of the Financial Analysis Summary in case of bond issuers.
    Kindly note that with specific reference to EU requirements resulting from EU Directives, in this case the Transparency Directive (TD), with specific reference to the publication of annual and interim financial reports which issuers are required to publish within a specific period of time, the Authority has reached out to the relevant EU competent authority, in order to obtain direction. As at the date of writing of this email, we are still in discussions to obtain such a direction. The intention of the Authority remains of communicating any updates on the current requirements, as soon as we are in receipt of.
    Until such time, all the requirements including the timing of publication of the financial information, resulting under the TD, shall continue to apply.   
    For any future queries on ongoing obligations, please do not hesitate to contact us on transparency@mfsa.com.mt

  • 7 Apr 2020 17:00 | Anonymous
    The Commissioner for Revenue (CFR) issued the following notices in light of the COVID-19 disruptions:
    1. The implications of payroll following the COVID-19 wage supplement measure communicated by the government. Click here for relevant information.
    2. Guideline in relation to the deadline of reporting of Financial Account information. Click here for relevant information.
    3. Postponement of Payment of Certain Taxes. Click here for relevant information.
  • 6 Apr 2020 15:32 | Anonymous
    The Malta Financial Services Authority (MFSA) has issued circulars in relation to:
    • Covid-19 Cybersecurity – Communication for the industry here.
    • Covid-19 Cybersecurity – Communication for consumers here.
    • Communication on customer protection in the event of disruption, suspension or termination of a product or service here.

  • 6 Apr 2020 15:31 | Anonymous
    On 27th March, 2020 the  Malta Financial Services Authority (MFSA) has issued a Circular referring to a statement by the European Securities Markets Authority (ESMA)  on the actions to mitigate the impact of COVID-19 in EU financial markets regarding publication deadlines under the Transparency Directive.

  • 6 Apr 2020 12:00 | Anonymous
    European Central Bank (ECB) asks banks not to pay dividends until at least October 2020. For more information click here.

  • 3 Apr 2020 15:30 | Anonymous
    On 1st April, 2020 the Malta Financial Services Authority (MFSA) has issued a clarification of issues  related to the publication of reports by execution venues and firms here.

  • 3 Apr 2020 15:00 | Anonymous
    On 3rd April, 2020 the European Banking Authority (EBA) has issued guidelines on treatments of the  public and private moratoria in light of COVID-19 measures. Also highlighted by MFSA here.
    On 1st April, 2020 EBA provided additional clarity on measures to mitigate the  impact of COVID-19 on the EU banking sector.

  • 3 Apr 2020 12:00 | Anonymous
    Following the advice by the National Health Authorities based on recommendations by WHO and ECDC, MBR will start processing paper format on the first working day after 72 hours from receipt of such document. We remind our clients that they can make use of our online platform. Furthermore, on-site inspections will be held through digital means.
    Any queries may be forwarded by email on info.mbr@mbr.mt or by telephone on 22582300.

  • 3 Apr 2020 12:00 | Anonymous
    The Malta Development Bank has just launched the COVID-19 Guarantee Scheme (CGS)
    The MDB COVID-19 Guarantee Scheme (CGS) provides guarantees to commercial banks in order to enhance access to bank financing for the working capital requirements of businesses in Malta facing a sudden acute liquidity shortage as a result of the COVID-19 outbreak. A Guarantee Fund of €350 million has been allocated by Government for the purpose of guaranteeing loans granted by commercial banks in Malta to meet new working capital requirements of businesses facing cashflow disruptions due to the effects of the COVID-19. Loans will be available from the commercial banks accredited by the MDB. Loan applications are assessed by the commercial banks in line with their credit policy criteria. Final approval rests with the commercial banks. 
    For more information click here.

  • 3 Apr 2020 12:00 | Anonymous
    The Malta Financial Services Authority (MFSA), on 3rd April,2020 has referred to the European Insurance and Occupational Pensions Authority (EIOPA)’s statement on actions to mitigate the impact of Covid-19 which can be accessed on the MFSA’s website.

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