Mar
25

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

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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...
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1478 Hits
Mar
25

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

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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...
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  903 Hits
903 Hits
Mar
18

FIAU issues circular extending REQ submission deadline

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  The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here . Disclaimer This document does not purport to give legal, financial or tax advice. Should you re...
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  1767 Hits
1767 Hits
Mar
17

MFSA issues circulars in the light of COVID-19 outbreak

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Amidst the constant unfolding of the situation surrounding the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has recently issued a number of circulars targeted at the local financial services sector in general and also sector specific.  The following is an overview of the COVID-19 related circulars issued by the MFSA between the 10 th March and the 13 th March 2020:   A. MFSA General Circulars a) MFSA expects licensed firms to have in place COVID-19 Contingency and Business Continuity Plans On the 10th March 2020, MFSA issued a gener...
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  1932 Hits
1932 Hits
Nov
30

Insurance Brokers as Protected Cell Companies

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The continuous growth in popularity of the Protected Cell Company (PCC) structure in Malta is an ongoing trend. This is evidenced by the increase year on year since the legislation came into force in 2004 in the number of insurance undertakings being established as PCCs, reaching 16 as at the end of September 2019 with 55 approved protected cells. This success story is also noticeably emerging in the insurance intermediary sector. Taking advantage of the fact that the Maltese PCC legislation also extends to insurance managers and insurance brokers, Malta is experi...
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  2979 Hits
2979 Hits