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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
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Re-Opening of Judicial Entities not Operating from the Building of the Court COVID19 MeasuresLitigation & Dispute Resolution

Re-Opening of Judicial Entities not Operating from the Building of the Court

The Closure of Courts of Justice (Amendment) Order, LN 97 of 2020, has limited the definition of 'Court' as previously considered in LN 65 of 2020 (also amended by LN 84 of 2020) to only consider Superior and Inferior Courts, irrespective of their competence or jurisdiction and tribunals, boards, commissions, committees or other entities which operate from the building of the Courts of Justice before which any proceedings are heard or procedures undertaken which are subject to legal, judicial or administrative time limits for the filing of acts. This effectively means that tribunals, boards, commissions, committees or other entities which…
Kirk Brincau
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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Office for Consumer Affairs Accepting Online Complaint Forms COVID19 MeasuresLegal Updates

Office for Consumer Affairs Accepting Online Complaint Forms

The Office for Consumer Affairs is now accepting online complaint forms. Consumers that wish to file a complaint against any undertaking for the breach of their rights under consumer law may do so by submitting the complaint form, either in English or in Maltese, provided on the MCCAA's website. This relieves consumers from having to physically submit complaint forms at the Office for Consumer Affairs, particularly in the wake of the recent COVID-19 outbreak. Anyone wanting to make use of the online consumers' complaint form can do so by following the link provided for here. Disclaimer This document does not…
MamoTCV Advocates
23rd March 2020
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ESMA Publishes Notice Recommending Particular Action by Financial Market Participants for COVID-19 Impact COVID19 MeasuresLegal Updates

ESMA Publishes Notice Recommending Particular Action by Financial Market Participants for COVID-19 Impact

In light of the COVID-19 pandemic, the European Securities and Markets Authority ("ESMA") issued a notice on 13th March 2020, urging financial market participants to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality.ESMA together with National Competent Authorities ("NCAs"), including the Malta Financial Services Authority ("MFSA"), have been closely monitoring the impact which this pandemic has had on the financial markets within the European Union ("EU"). The recommendations put forward by ESMA are in relation to the following areas: i.Business Continuity Planning ii.Market Disclosure iii.Financial Reporting iv.Fund…
MamoTCV Advocates
23rd March 2020