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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
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COVID-19 Update – State Aid and the COVID-19 Pandemic Antitrust, Competition and TradeCOVID19 Measures

COVID-19 Update – State Aid and the COVID-19 Pandemic

This article was written by Dr Annalies Muscat and Dr Laura Spiteri"State aid" is a form of an advantage given to an undertaking by a national public authority. State aid is generally prohibited by EU State Aid rules, save in certain limited circumstances. One of the exceptions to the general prohibition with respect to granting of aid by States is contained in Article 107(3)(b) of the Treaty on the Functioning of the European Union ("TFEU") which provides that State aid to remedy a serious disturbance in the EU's economy is aid that may be considered compatible with the internal market. To this…
Annalies Muscat
23rd March 2020
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European Court of Human Rights is Taking Exceptional Measures COVID19 MeasuresLitigation & Dispute Resolution

European Court of Human Rights is Taking Exceptional Measures

 The Registrar of the Court has issued a press release dated 16 March 2020 announcing exceptional measures that the Court has put in place. The Press Release states:"The European Court of Human Rights is taking a number of exceptional measures to respond to the unprecedented global health crisis, having regard to the recent decisions of the French authorities and the Council of Europe. The Court's essential activities will in principle be maintained and especially the handling of priority cases. For that purpose, teleworking has been put in place within the Court as a general rule, to ensure the continuity of…
MamoTCV Advocates
23rd 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