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COVID19 Measures

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COVID-19 Update – MFSA Issues Information Regarding Coverage Under Insurance for Consumers COVID19 Measures

COVID-19 Update – MFSA Issues Information Regarding Coverage Under Insurance for Consumers

The MFSA has provided an informational update as a result of the COVID-19 which may affect consumers of insurance products.The MFSA has noted that any changes which may have been made to the terms and conditions relating to an insurance policy issued before the outbreak of COVID-19, cannot apply retrospectively or mid-term during the policy period. However, it has been noted that new policies which have been issued may include amendments and/or exclusions which take into consideration the risks arising due to COVID-19. The MFSA has also stated that policyholders may discover changes in their circumstances because of the outbreak…
Zachary Galea
27th March 2020
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MFSA Issues Circular on Contingency Planning in Light of COVID-19 COVID19 MeasuresInvestment Services & Funds

MFSA Issues Circular on Contingency Planning in Light of COVID-19

As a result of the current crisis in which we find ourselves, due to the COVID-19 pandemic, the Malta Financial Services Authority ("MFSA") issued a notice on 13th March 2020, urging investment firms, custodians, fund managers and collective investment schemes (collectively referred to as "Licence Holders") to take into account how their operations may be affected by this pandemic. In light of this, the MFSA expects Licence Holders to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality, by having appropriate business continuity and contingency plans in place.…
MamoTCV
25th 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
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Do the Competition Rules Still Apply During Pandemics? Antitrust, Competition and TradeCOVID19 MeasuresNews

Do the Competition Rules Still Apply During Pandemics?

This article was written by Dr Annalies Muscat and Dr Laura SpiteriUndoubtedly, the current COVID-19 pandemic means that we are living in unparalleled times; perhaps for some of us, unprecedented.Equally unprecedented during our lifetime is the joint statement issued on 23 March 2020 by the European Commission together with the national competition authorities of the Member States, cooperating with one another through the European Competition Network (the "ECN"), on the application of competition rules amid the COVID-19 crisis. The Office for Competition, Malta's national competition authority, issued a statement confirming the contents of the joint statement on 24 March 2020.…
Annalies Muscat
25th March 2020
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COVID-19: MFSA Extends Regulatory Reporting Deadlines for Credit Institutions Banking & FinanceCOVID19 Measures

COVID-19: MFSA Extends Regulatory Reporting Deadlines for Credit Institutions

In light of the COVID-19 pandemic, the MFSA has announced that it will be accepting delays in some of the reporting requirements relating to submissions as required from credit institutions and which fall due by March or April 2020. Audited Annual Financial StatementsExtensions for the submission of the Audited Annual Financial Statements and/or the Management Letter due by March or April 2020 will be granted to credit institutions on a case-by-case basis, following an official request by the credit institutionPayment Accounts with Basic FeaturesThe MFSA will be granting credit institutions having payment accounts with basic features, an extension of two…
MamoTCV Advocates
25th March 2020
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COVID-19: MFSA Extends Deadlines for Regulatory Reporting for Trustees and CSPs COVID19 MeasuresTrusts, Foundations and Wealth Management

COVID-19: MFSA Extends Deadlines for Regulatory Reporting for Trustees and CSPs

In light of the COVID-19 pandemic, the MFSA has announced that it will be accepting delays in some of the reporting requirements relating to submissions as required from Trustees and Corporate Service Providers ("CSPs") and which fall due by March or April 2020. Audited Annual Financial StatementsThe MFSA is granting Trustees and Corporate Service Providers an extension of two months for the submission of the Audited Annual Financial Statements which are due by March or April 2020.Annual Compliance ReturnNo extension has been granted in respect of the submission of the Annual Compliance Return falling due by March or April 2020.Statement…
MamoTCV Advocates
25th March 2020