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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
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
Insurance & Reinsurance

Insurance Brokers as Protected Cell Companies

The continuous growth in popularity of the Protected Cell Company (PCC) structure in Malta is an ongoing trend. This is evidenced by the increase year on year since the legislation came into force in 2004 in the number of insurance undertakings being established as PCCs, reaching 16 as at the end of September 2019 with 55 approved protected cells.This success story is also noticeably emerging in the insurance intermediary sector.Taking advantage of the fact that the Maltese PCC legislation also extends to insurance managers and insurance brokers, Malta is experiencing growth in the establishment or conversion of such intermediaries into…
Romina Bonnici
30th November 2019
Insurance & Reinsurance

EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.

On the 31st October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued the responses provided by the competent authorities of each individual member state in relation to the 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union' which EIOPA had published on the 19th February 2019 ("the EIOPA Recommendations"). In its response to EIOPA Recommendations, the Maltese financial services regulator, the Malta Financial Services Authority (MFSA), has indicated that it complies or will comply with the recommendations included in the EIOPA Recommendations.In particular, in its response, MFSA indicated that a communication…
Romina Bonnici
27th November 2019
Insurance & Reinsurance

Malta’s Proposition to the Insurance Sector

​One may well ask, with so much competition, what can Malta offer which distinguishes it from other jurisdictions?During the past years, Malta's economy has flourished into one of the most dynamic economies within the European Union (EU). It has recorded positive and strong economic performance.European Commission Spring 2019 Economic Forecast for Malta estimates real GDP growth for 2018 at 6.6% and unemployment rate at 4%.This robust performance has contributed to Malta being re-affirmed with high credit ratings from rating agencies such as Standard and Poor's, and Fitch and Moody's.In the financial services sphere, Malta has been making a name for…
Romina Bonnici
29th May 2019
Insurance & Reinsurance

MFSA Issues Note for Information on the General Good Provisions Applicable to European Insurance Undertakings Passporting in Malta

Following the application of the Conduct of Business Rulebook to the insurance sector on the 1st October 2018, there was a lacuna in terms of the rules which European insurance undertakings are required to observe when carrying on cross-border business in Malta on a freedom of services basis. To address this lacuna, on the 16th April 2019, MFSA issued amendments to Chapter 9 of the Insurance Rules on Freedom of Establishment and Freedom to provide Services by a European Insurance Undertaking and a European Reinsurance Undertaking. These amendments identify the rules (also referred to as the general good provisions) in…
Romina Bonnici
22nd April 2019