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Maltese Government Issues Financial Incentives Amid COVID-19 Outbreak Antitrust, Competition and TradeCOVID19 Measures

Maltese Government Issues Financial Incentives Amid COVID-19 Outbreak

This article was written by Dr Michael Psaila, Dr Annalies Muscat, and Dr Laura SpiteriAmid the COVID-19 pandemic, the Maltese Government has issued three financial packages that businesses can avail themselves of. Each financial package builds upon the previous package. First Financial Package:The First Financial Package consists of two incentives. One measure is dedicated to the postponement of the payment of certain taxes, while the other provides aid in the form of a grant to help employers invest in teleworking technology. 1. Postponement of payment of certain taxes: This incentive provides enterprises, including those who are self-employed, with a two-month moratorium…
Michael Psaila
30th March 2020
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COVID-19 Government Employment-Related Grants COVID19 MeasuresEmployment and Industrial RelationsLegal Updates

COVID-19 Government Employment-Related Grants

The Maltese government has announced a number of employment related measures and grants in response to COVID-19.Applications are now available online for:1. Parent Benefit: A parent who is employed in the private sector, with children under the age of 16 years, who cannot go to work after the 8th March 2020 in order to take care of their children and cannot telework, are eligible for this benefit. The benefit is of €166.15 per week if the parent works full-time and €103.85 if the parent works part-time. The application can be downloaded here: https://socialsecurity.gov.mt/onlineforms/Pages/COVID19ParentBenefitEN.aspx2. Person with Disability Benefit: A person with…
MamoTCV Advocates
30th March 2020
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MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures 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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The Central Bank of Malta Issues Directive 17 in view of Social Distancing Requirements 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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COVID-19: MFSA Issues Guidance to Consumers 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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MFSA Publishes Updates on the Submission of Documentation 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