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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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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
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Banking & FinanceNews

MFSA Issues Guidance on the Charging of Negative Interest

The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector.Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a maintenance fee may be charged in case of excessively high balances.Click here to access The Circular. Disclaimer This document…
Roberta Peresso
28th September 2018
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Banking & FinanceNews

MFSA Issues Guidance on the Charging of Negative Interest

The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector.Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a maintenance fee may be charged in case of excessively high balances.Click here to access The Circular. Disclaimer This document…
Roberta Peresso
28th September 2018
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Banking & Finance

EU Commission Notices to Stakeholders

On the 8 February 2018, the EU Commission issued two Notices to Stakeholders in connection with the withdrawal of the United Kingdom from the EU, titled "Withdrawal of the United Kingdom and EU rules in the Field of Banking and Payment Services" and "Withdrawal of the United Kingdom and EU rules in the field of Post-Trade Financial Services" respectively.This Article provides highlights of the Notices to Stakeholders which commence with the Commission's statement that, unless a ratified withdrawal agreement, establishes another date, all EU primary and secondary law will cease to apply to the United Kingdom from 30 March 2019,…
Roberta Peresso
20th February 2018
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Banking & Finance

Michael Psaila moderates securitisation panel during the launch of the Institutional Financial Services Market at the Malta Stock Exchange.

Mamo TCV partner Michael Psaila moderated a panel on "Opportunities within the Securitisation Sector" during an event organized by the Malta Stock Exchange on Wednesday 18th October 2017 to launch the Institutional Financial Services Market.The panel discussed matters recent securitization trends at a domestic and international level, Malta's attractive suite of securitization legislation and the effects of the recently STS/CRR legislative package that was successfully negotiated on at an EU level during Malta's Presidency of the Council of the European Union.
Michael Psaila
20th October 2017