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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
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MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Credit Institutions on Temporary Capital and Operational Relief in Reaction to Coronavirus (COVID-19) – 13th March 2020

In a circular issued following the press release published by the European Central Bank ("ECB") on 12th March, the MFSA informed licensed credit institutions and the general public that the measures introduced by the ECB in terms of the aforementioned press release are to apply in their entirety to all credit institutions licensed under the Banking Act (Chapter 371 of the laws of Malta) with immediate effect and until further notice.These measures include the following: Banks can fully use capital and liquidity buffers, including Pillar 2 Guidance; Banks will benefit from relief in the composition of capital for Pillar 2…
Nicole Portelli
16th March 2020
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MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Circular to Financial Institutions authorised in terms of the Financial Institutions Act on Contingency Preparedness in the Context of Coronavirus (COVID-19) – 13th March 2020

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…
Nicole Portelli
16th March 2020
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MFSA Issues Notification about Interim Supervisory Measures – 12th March 2020 Banking & FinanceCOVID19 Measures

MFSA Issues Notification about Interim Supervisory Measures – 12th March 2020

In view of the current international recommendations and good practices, the MFSA has notified all authorised firms, recognised and licensed persons that with immediate effect and for an interim period, the MFSA's Supervision Unit will be increasing its use of remote data gathering supervisory tools. This includes increasing and widening the scope of pre-visit documentation requests, issuing questionnaires and conducting Board and Officer interviews via teleconferencing or video link.The MFSA will be continuing with its planned schedule of inspections adopting the aforementioned new procedures and will not postpone inspections unless specific circumstances so require it.The full circular may be accessed…
Nicole Portelli
16th March 2020
EU Council lift sanctions against Iran News and Publications

EU Council lift sanctions against Iran

The MFSA has issued a Notice to all Financial Services Licence Holders confirming the removal of sanctions against the state of Iran via EU Council Regulations adopted on the 16th January 2016. Such measures primarily: •             Remove the entities and individuals that were previously on the sanctions lists and assets pertaining thereto. •             Removes previous restrictions relating to transfer of funds to and from Iran •             Reallows the  provision of banking services including the establishment of correspondent banking relationships and opening of accounts for non-listed Iranian institutions and persons •             Reallows the opening of branches, subsidiaries or representative offices of…
MamoTCV Advocates
1st July 2016