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 Undertakings For all supervisory reporting and public disclosure requirements un...

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 Statements Extensions 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 institution Payment Accounts with Basic Features The MFSA will b...

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 Statements The 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 Return No extension has been granted in respect of the submiss...

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. Regula...

The Office for Consumer Affairs is now accepting online complaint forms. Consumers that wish to file a complaint against any undertaking for the breach of their rights under consumer law may do so by submitting the complaint form, either in English or in Maltese, provided on the MCCAA's website. This relieves consumers from having to physically submit complaint forms at the Office for Consumer Affairs, particularly in the wake of the recent COVID-19 outbreak. Anyone wanting to make use of the online consumers' complaint form can do so by following the link provide...