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FIAU issues circular extending REQ submission deadline Banking & FinanceCOVID19 MeasuresInsurance & ReinsuranceInvestment Services & FundsLegal Updates

FIAU issues circular extending REQ submission deadline

 The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…
MamoTCV Advocates
18th March 2020
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The Court of Justice of the European Union Gives Preliminary Ruling on Unfair Terms in a Mortgage Loan Agreement Banking & Finance

The Court of Justice of the European Union Gives Preliminary Ruling on Unfair Terms in a Mortgage Loan Agreement

FactsCase C-125/18, "Marc Gomez del Moral Guasch vs. Bankia SA" concerns a request to the European Court of Justice (the "ECJ") for a preliminary ruling from Juzgado de Primera Instancia No 38 de Barcelona (Court of First Instance No. 38, Barcelona, Spain) in relation to the fairness or otherwise of a contractual term governing the variable ordinary and remunerative interest rate in a mortgage loan agreement. Under the agreement in question, the interest rate payable by Mr Gomez del Moral Guasch was to vary according to the reference index based on the mortgage loans granted by the Spanish savings banks,…
Nicole Portelli
17th March 2020
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MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020

In a circular issued following the press release published by the European Central Bank ("ECB") on 12th March, the MFSA informed licensed credit institutions and the general public that the measures introduced by the ECB in terms of the aforementioned press release are to apply in their entirety to all credit institutions licensed under the Banking Act (Chapter 371 of the laws of Malta) with immediate effect and until further notice.These measures include the following: Banks can fully use capital and liquidity buffers, including Pillar 2 Guidance; Banks will benefit from relief in the composition of capital for Pillar 2…
Nicole Portelli
16th March 2020
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MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020

In a circular issued on Friday 13th March, the MFSA called upon Financial institutions to inform it of any adverse change in customer behaviour, imminent difficulties in ensuring the continuity of services and/or to inform it should contingency plan/s be put into effect. Financial Institutions were also encouraged to communicate with critical service providers to understand and ascertain how services continuity shall be ensured.The MFSA further communicated that it is constantly monitoring developments in relation to the spread of COVID-19 and that it is in close cooperation with the Central Bank of Malta and the European Supervisory Authorities.The full circular…
Nicole Portelli
16th March 2020
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MFSA Issues Notification about Interim Supervisory Measures – 12th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Notification about Interim Supervisory Measures – 12th March 2020

In view of the current international recommendations and good practices, the MFSA has notified all authorised firms, recognised and licensed persons that with immediate effect and for an interim period, the MFSA's Supervision Unit will be increasing its use of remote data gathering supervisory tools. This includes increasing and widening the scope of pre-visit documentation requests, issuing questionnaires and conducting Board and Officer interviews via teleconferencing or video link.The MFSA will be continuing with its planned schedule of inspections adopting the aforementioned new procedures and will not postpone inspections unless specific circumstances so require it.The full circular may be accessed…
Nicole Portelli
16th March 2020
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MFSA Issues Guidance on the Charging of Negative Interest Banking & FinanceNews

MFSA Issues Guidance on the Charging of Negative Interest

The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector.Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a maintenance fee may be charged in case of excessively high balances.Click here to access The Circular. Disclaimer This document…
Roberta Peresso
28th September 2018