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MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier Insurance & ReinsuranceLegal Updates

MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier

On the 8th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on Adopting the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) Revised Guidelines on the Legal Entity Identifier (hereinafter referred to as “the Guidelines”) which became applicable on the 1st July 2022 and which repealed the Guidelines on the use of the Legal Entity Identifier. The Legal Entity Identifier (hereinafter referred to as “LEI”) is a 20-character, alpha-numeric, code which is unique to each legal entity participating in financial transactions. Each LEI code contains information about an entity’s…
Mamo TCV Advocates
24th August 2022
MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation Insurance & ReinsuranceLegal Updates

MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation

On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations. These amendments are being carried out to ensure that the MFSA adheres to the EU Notice on the adaptation in line with inflation of the amounts laid down in the Solvency II Directive which was published on the 19th October 2021 (hereinafter referred to as “the Notice”) and the Revised Guidelines on the Valuation of Technical Provisions and the Revised Guidelines…
Mamo TCV Advocates
23rd August 2022
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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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EIOPA issues recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure due to COVID-19 outbreak COVID19 MeasuresInsurance & Reinsurance

EIOPA issues recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure due to COVID-19 outbreak

In a bid to ease the challenging environment being experienced by insurance and reinsurance undertakings as a result of the COVID-19 outbreak, EIOPA has issued recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure ("EIOPA Recommendations").The EIOPA Recommendations urge competent authorities to ease reporting and disclosure requirements falling under the Solvency II Directive applicable to the insurance sector.The EIOPA recommendations apply to the following reporting and disclosure obligations: 1. Regular Supervisory Report both at solo and group level; 2. Annual Quantitative Reporting Templates both at solo and group level; 3. Q1-2020 Quantitative Reporting Templates and the…
MamoTCV Advocates
25th March 2020
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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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MFSA issues circulars in the light of COVID-19 outbreak COVID19 MeasuresInsurance & Reinsurance

MFSA issues circulars in the light of COVID-19 outbreak

Amidst the constant unfolding of the situation surrounding the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has recently issued a number of circulars targeted at the local financial services sector in general and also sector specific.  The following is an overview of the COVID-19 related circulars issued by the MFSA between the 10th March and the 13th March 2020: A.MFSA General Circularsa)MFSA expects licensed firms to have in place COVID-19 Contingency and Business Continuity PlansOn the 10th March 2020, MFSA issued a general circular applicable to all local financial services reguslated entities highlighting the MFSA expectations that regulated firms take…
Romina Bonnici
17th March 2020