Mar
27

MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures

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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...
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Mar
27

The Central Bank of Malta Issues Directive 17 in view of Social Distancing Requirements

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On 25 th March 2020, following the advice of the Maltese health authorities to the public to pursue social distancing, the Central Bank of Malta (CBM) issued Directive 17, which implements temporary precautionary measures with respect to essential services provided by credit and financial institutions. This Directive entered into force on 26 th March 2020 and outlines the minimum service expectations to be provided by commercial banks and financial institutions with the aim of reducing the number of persons visiting their branches each day. These measures mainly c...
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2578 Hits
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Mar
27

COVID-19: MFSA Issues Guidance to Consumers

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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...
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2225 Hits
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Mar
27

MFSA Publishes Updates on the Submission of Documentation

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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...
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2631 Hits
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Jun
20

MFSA and FIAU issue Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs.

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The Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs has been jointly published by the Malta Financial Services Authority and the Financial Intelligence Analysis Unit, following a public consultation issued on the 27 th March 2019. The Guidance Document aims to assist the Institutions in developing a better understanding of the risks concerning customers of the Fintech realm, to allow these Institutions to offer their services to such customers while ensuring full compliance to the Prev...
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3028 Hits
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