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MamoTCV Advocates

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MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures Banking & FinanceCOVID19 MeasuresLegal Updates

MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures

Following up from the statement made by the European Banking Authority (EBA) relating to the temporary capital and operation relief provided to credit institutions, the EBA has issued a further statement to clarify the application of this framework. This statement addresses specifically the classification of loans in default, the identification of forborne exposures and their accounting treatment.In relation to the provision of general moratoria by national governments and EU bodies, the EBA emphasised that it is vital for the classification of exposures to reflect any deterioration of asset quality in a timely and acccurate manner. The EBA also states that…
MamoTCV Advocates
27th March 2020
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COVID-19: MFSA Issues Guidance to Consumers COVID19 MeasuresLegal Updates

COVID-19: MFSA Issues Guidance to Consumers

In light of the COVID-19 pandemic, the Malta Financial Services Authority (MFSA) has issued guidance to consumers in order to safeguard their interests. BankingIn view of the social distancing guidelines issued by the Maltese Health Authorities, the MFSA has encouraged customers to make use of internet and mobile banking services, whilst also keeping in mind the security measures that should be taken when using such services.InvestmentsConsidering the fast rate at which the current situation is developing, the MFSA urged consumers who are considering either investing, buying or selling investments to be cautious as to what information they rely on, since…
MamoTCV Advocates
27th March 2020
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MFSA Publishes Updates on the Submission of Documentation COVID19 MeasuresLegal Updates

MFSA Publishes Updates on the Submission of Documentation

As part of its COVID-19 contingency and business continuity panning, the Malta Financial Services Authority (MFSA) has published a circular announcing that, with immediate effect and until otherwise communicated, all documentation submitted to the MFSA should be sent electronically. In this respect, the MFSA has informed all authorized persons and entities, applicants and prospective applicants that any authorization and supervisory correspondence should be submitted to the MFSA by means of an email or through the relevant MFSA online portals.Nevertheless, the MFSA reserves the right to request the documents in physical format by means of a courier.Payment for applications, authorisations and…
MamoTCV Advocates
27th March 2020
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MFSA Extends Regulatory Reporting Deadlines for Investment Firms, Funds and Managers COVID19 MeasuresLegal Updates

MFSA Extends Regulatory Reporting Deadlines for Investment Firms, Funds and Managers

In light of the current pandemic in which we find ourselves, the MFSA has announced that it will be extending the deadlines for submission of regulatory reporting for investment firms, investment funds and fund managers which fall due by March or April 2020. However, with regard to those submissions which fall due by May or June 2020, the MFSA is reluctant to grant extensions for the time-being.1. Investment FirmsCategory 1-4 (excluding credit institutions) - Annual Report, Audited Financial Statements, COREP Return, and Management Letter, Circularisation Exercise ReportDeadlines for submissions due by March or April 2020 shall be extended by two months…
MamoTCV Advocates
27th March 2020
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Mamo TCV Advocates | COVID-19 Webpage News

Mamo TCV Advocates | COVID-19 Webpage

As the effects of the spread of the COVID-19 virus continue to be felt, a number of our clients have approached us for advice in connection with a number of queries arising from the unprecedented challenges presented by these unique times.To this end, while thanks to our teleworking facilities, we continue to advise and assist our clients at the same levels of service they have come to expect from us, we have also launched a dedicated page on our website aimed at providing updates on the various legislative developments and other measures that are being put in place in the…
MamoTCV Advocates
26th March 2020
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MFSA Announces Extensions in Reporting and Disclosure Deadlines Due to COVID-19 Outbreak COVID19 MeasuresInsurance & Reinsurance

MFSA Announces Extensions in Reporting and Disclosure Deadlines Due to COVID-19 Outbreak

In response to the challenging conditions which are being faced by the financial services sector as a result of the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has announced extensions to certain reporting and disclosure deadlines due by March or April 2020.The MFSA Circular describes the different extensions being granted for each sector.With specific reference to the insurance sector, MFSA announced the following extensions:1. Insurance and Reinsurance UndertakingsFor all supervisory reporting and public disclosure requirements under Solvency II, any extensions would only be entertained in line with direction provided by the European Insurance and Occupation Pensions Authority (EIOPA) to ensure…
MamoTCV Advocates
25th March 2020