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MFSA Announces Extensions in Reporting and Disclosure Deadlines Due to COVID-19 Outbreak COVID19 MeasuresInsurance & Reinsurance

MFSA Announces Extensions in Reporting and Disclosure Deadlines Due to COVID-19 Outbreak

In response to the challenging conditions which are being faced by the financial services sector as a result of the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has announced extensions to certain reporting and disclosure deadlines due by March or April 2020.The MFSA Circular describes the different extensions being granted for each sector.With specific reference to the insurance sector, MFSA announced the following extensions:1. Insurance and Reinsurance UndertakingsFor all supervisory reporting and public disclosure requirements under Solvency II, any extensions would only be entertained in line with direction provided by the European Insurance and Occupation Pensions Authority (EIOPA) to ensure…
MamoTCV Advocates
25th March 2020
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Do the Competition Rules Still Apply During Pandemics? Antitrust, Competition and TradeCOVID19 MeasuresNews

Do the Competition Rules Still Apply During Pandemics?

This article was written by Dr Annalies Muscat and Dr Laura SpiteriUndoubtedly, the current COVID-19 pandemic means that we are living in unparalleled times; perhaps for some of us, unprecedented.Equally unprecedented during our lifetime is the joint statement issued on 23 March 2020 by the European Commission together with the national competition authorities of the Member States, cooperating with one another through the European Competition Network (the "ECN"), on the application of competition rules amid the COVID-19 crisis. The Office for Competition, Malta's national competition authority, issued a statement confirming the contents of the joint statement on 24 March 2020.…
Annalies Muscat
25th March 2020
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COVID-19: MFSA Extends Regulatory Reporting Deadlines for Credit Institutions Banking & FinanceCOVID19 Measures

COVID-19: MFSA Extends Regulatory Reporting Deadlines for Credit Institutions

In light of the COVID-19 pandemic, the MFSA has announced that it will be accepting delays in some of the reporting requirements relating to submissions as required from credit institutions and which fall due by March or April 2020. Audited Annual Financial StatementsExtensions for the submission of the Audited Annual Financial Statements and/or the Management Letter due by March or April 2020 will be granted to credit institutions on a case-by-case basis, following an official request by the credit institutionPayment Accounts with Basic FeaturesThe MFSA will be granting credit institutions having payment accounts with basic features, an extension of two…
MamoTCV Advocates
25th March 2020
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COVID-19: MFSA Extends Deadlines for Regulatory Reporting for Trustees and CSPs COVID19 MeasuresTrusts, Foundations and Wealth Management

COVID-19: MFSA Extends Deadlines for Regulatory Reporting for Trustees and CSPs

In light of the COVID-19 pandemic, the MFSA has announced that it will be accepting delays in some of the reporting requirements relating to submissions as required from Trustees and Corporate Service Providers ("CSPs") and which fall due by March or April 2020. Audited Annual Financial StatementsThe MFSA is granting Trustees and Corporate Service Providers an extension of two months for the submission of the Audited Annual Financial Statements which are due by March or April 2020.Annual Compliance ReturnNo extension has been granted in respect of the submission of the Annual Compliance Return falling due by March or April 2020.Statement…
MamoTCV Advocates
25th March 2020
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Re-Opening of Judicial Entities not Operating from the Building of the Court COVID19 MeasuresLitigation & Dispute Resolution

Re-Opening of Judicial Entities not Operating from the Building of the Court

The Closure of Courts of Justice (Amendment) Order, LN 97 of 2020, has limited the definition of 'Court' as previously considered in LN 65 of 2020 (also amended by LN 84 of 2020) to only consider Superior and Inferior Courts, irrespective of their competence or jurisdiction and tribunals, boards, commissions, committees or other entities which operate from the building of the Courts of Justice before which any proceedings are heard or procedures undertaken which are subject to legal, judicial or administrative time limits for the filing of acts. This effectively means that tribunals, boards, commissions, committees or other entities which…
Kirk Brincau
25th March 2020
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EIOPA issues recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure due to COVID-19 outbreak COVID19 MeasuresInsurance & Reinsurance

EIOPA issues recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure due to COVID-19 outbreak

In a bid to ease the challenging environment being experienced by insurance and reinsurance undertakings as a result of the COVID-19 outbreak, EIOPA has issued recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure ("EIOPA Recommendations").The EIOPA Recommendations urge competent authorities to ease reporting and disclosure requirements falling under the Solvency II Directive applicable to the insurance sector.The EIOPA recommendations apply to the following reporting and disclosure obligations: 1. Regular Supervisory Report both at solo and group level; 2. Annual Quantitative Reporting Templates both at solo and group level; 3. Q1-2020 Quantitative Reporting Templates and the…
MamoTCV Advocates
25th March 2020