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 may be accessed through the following link: https://www.mfsa.mt/wp-content/uploads/2020/03/Circular-to-Financial-Institutions-authorised-in-terms-of-the-Financial-Institutions-Act-on-Contingency-Preparedness-in-the-Context-of-Coronavirus-COVID-19.pdf
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Disclaimer |
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This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Dr. Michael Psaila on Michael.Psaila@mamotcv.com |