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MFSA Issues Guidelines to the Submission of the Statement of Source of Wealth and Source of Funds

On the 12 August 2022, the MFSA has issued a Circular to inform the financial services industry of the launch of a new standardised template (“Annex AX26: Source of Wealth and Source of funds self-declaration form”) to be used with immediate effect when submitting a statement of source of wealth and source of funds. The statement is to be submitted by all qualifying shareholders and Politically Exposed Persons as an attachment to their online Personal Questionnaire. The statement is to be filled in electronically and signed by the applicant. Disclaimer: This document does not purport to give legal, financial or…
Claudio Xerri
26th August 2022
Insurance & ReinsuranceLegal Update

MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier

On the 8th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on Adopting the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) Revised Guidelines on the Legal Entity Identifier (hereinafter referred to as “the Guidelines”) which became applicable on the 1st July 2022 and which repealed the Guidelines on the use of the Legal Entity Identifier. The Legal Entity Identifier (hereinafter referred to as “LEI”) is a 20-character, alpha-numeric, code which is unique to each legal entity participating in financial transactions. Each LEI code contains information about an entity’s…
Tessa Borg Bartolo
24th August 2022
Insurance & ReinsuranceLegal Update

MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation

On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations. These amendments are being carried out to ensure that the MFSA adheres to the EU Notice on the adaptation in line with inflation of the amounts laid down in the Solvency II Directive which was published on the 19th October 2021 (hereinafter referred to as “the Notice”) and the Revised Guidelines on the Valuation of Technical Provisions and the Revised Guidelines…
Tessa Borg Bartolo
23rd August 2022