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COVID19 Measures

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Banking & FinanceCOVID19 MeasuresLegal Updates

MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures

Following up from the statement made by the European Banking Authority (EBA) relating to the temporary capital and operation relief provided to credit institutions, the EBA has issued a further statement to clarify the application of this framework. This statement addresses specifically the classification of loans in default, the identification of forborne exposures and their accounting treatment.In relation to the provision of general moratoria by national governments and EU bodies, the EBA emphasised that it is vital for the classification of exposures to reflect any deterioration of asset quality in a timely and acccurate manner. The EBA also states that…
MamoTCV Advocates
27th March 2020
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Banking & FinanceCOVID19 MeasuresLegal Updates

The Central Bank of Malta Issues Directive 17 in view of Social Distancing Requirements

On 25th March 2020, following the advice of the Maltese health authorities to the public to pursue social distancing, the Central Bank of Malta (CBM) issued Directive 17, which implements temporary precautionary measures with respect to essential services provided by credit and financial institutions. This Directive entered into force on 26th March 2020 and outlines the minimum service expectations to be provided by commercial banks and financial institutions with the aim of reducing the number of persons visiting their branches each day. These measures mainly concern:(a) the deposit and withdrawal of cash; (b) the deposit, encashment and clearing of paper…
Nicole Portelli
27th March 2020
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COVID19 MeasuresLegal Updates

COVID-19: MFSA Issues Guidance to Consumers

In light of the COVID-19 pandemic, the Malta Financial Services Authority (MFSA) has issued guidance to consumers in order to safeguard their interests. BankingIn view of the social distancing guidelines issued by the Maltese Health Authorities, the MFSA has encouraged customers to make use of internet and mobile banking services, whilst also keeping in mind the security measures that should be taken when using such services.InvestmentsConsidering the fast rate at which the current situation is developing, the MFSA urged consumers who are considering either investing, buying or selling investments to be cautious as to what information they rely on, since…
MamoTCV Advocates
27th March 2020
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COVID19 MeasuresLegal Updates

MFSA Publishes Updates on the Submission of Documentation

As part of its COVID-19 contingency and business continuity panning, the Malta Financial Services Authority (MFSA) has published a circular announcing that, with immediate effect and until otherwise communicated, all documentation submitted to the MFSA should be sent electronically. In this respect, the MFSA has informed all authorized persons and entities, applicants and prospective applicants that any authorization and supervisory correspondence should be submitted to the MFSA by means of an email or through the relevant MFSA online portals.Nevertheless, the MFSA reserves the right to request the documents in physical format by means of a courier.Payment for applications, authorisations and…
MamoTCV Advocates
27th March 2020
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COVID19 MeasuresLegal Updates

MFSA Extends Regulatory Reporting Deadlines for Investment Firms, Funds and Managers

In light of the current pandemic in which we find ourselves, the MFSA has announced that it will be extending the deadlines for submission of regulatory reporting for investment firms, investment funds and fund managers which fall due by March or April 2020. However, with regard to those submissions which fall due by May or June 2020, the MFSA is reluctant to grant extensions for the time-being.1. Investment FirmsCategory 1-4 (excluding credit institutions) - Annual Report, Audited Financial Statements, COREP Return, and Management Letter, Circularisation Exercise ReportDeadlines for submissions due by March or April 2020 shall be extended by two months…
MamoTCV Advocates
27th March 2020
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COVID19 MeasuresLitigation & Dispute Resolution

Clarification of Powers of Superintendent of Public Health

The Superintendent of Public Health has issued a number of measures (through legal notices) in the wake of the Covid-19 virus in accordance to what is, in the opinion of the Superintendent of Public Health, expedient for the prevention or mitigation of disease. Of note are LN 61 of 2020 (later amended by LN 84 of 2020) which ordered the suspension of all legal and judicial time limits and LN 65 of 2020 (later amended by LN 97 of 2020) which ordered the closure of the Courts of Malta as well as the Court Registry. The taking of these measures is unprecedented…
Kirk Brincau
27th March 2020