The Maltese subsidiary legislation regulating the Processing of Personal Data by Competent Authorities for the Purposes of the Prevention, Investigation, Detection or Prosecution of Criminal Offences or the Execution of Criminal Penalties ( S.L. 586.08 ), implementing EU Directive 2016/680, came into force on the same day as and in parallel with the EU General Data Protection Regulation (GDPR). The said S.L. 586.08 has recently been amended by virtue of the similarly named Data Protection (Processing of Personal Data by Competent Authorities for the Purposes of th...

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 8 th 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://socialsecu...

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 refle...

In light of the COVID-19 pandemic, the Malta Financial Services Authority (MFSA) has issued guidance to consumers in order to safeguard their interests. Banking In 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. Investments Considering the fast rate at which the current situation is developing, the MFSA urged consumers who are considering either inv...

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 MF...