Jun
20

MFSA and FIAU issue Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs.

News_Mny
The Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs has been jointly published by the Malta Financial Services Authority and the Financial Intelligence Analysis Unit, following a public consultation issued on the 27 th March 2019. The Guidance Document aims to assist the Institutions in developing a better understanding of the risks concerning customers of the Fintech realm, to allow these Institutions to offer their services to such customers while ensuring full compliance to the Prev...
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Apr
08

Equity Release Scheme

News_QA
On Friday, 5 April 2019, the MFSA issued a set of questions and answers ('Q&As') about the Home Equity Release product announced earlier on by the Ministry of Finance. These Q&As are intended to provide the consumers with information to enable them to make an informed decision when they are considering taking up this product. The Regulations about the equity release product will come into force on the 1 st September 2019, following which, credit institutions and financial institutions need to be authorised, to be able to offer such product . The Q&As m...
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Mar
25

Equity Release Scheme

News_ILCC
During a press conference on the 22 March 2019, the Minister for Finance, Edward Scicluna, announced that regulations on equity release financial products have been drafted and will soon be issued. The regulations cover equity release financial products to be provided by credit or financial institutions who are licensed by the MFSA. In a nutshell, the equity release financial product will be aimed at pension-age citizens who can take out a loan which will be repaid from the future sale of the borrower's residence. The voluntary scheme will enable pensioners to mak...
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Jan
08

News Update: Update to the Circular addressed to Credit Institutions on the imposition of negative interest rates on euro denominated deposits

News_tpc
On the 3 January 2019, the MFSA issued an update to a circular dated the 18 September 2018 on the Imposition of Negative Interest Rates on Euro denominated Deposits. While reaffirming the contents of the original circular, the MFSA, following consultation with the Central Bank of Malta, reconsidered the definition of "excessively high liquid balances". The deposit threshold, which was previously set at EUR 2.0 million (or the equivalent amount in any other currency), has now been reduced to EUR 1.5 million (or the equivalent amount in any other currency). The circ...
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