MFSA issues Circulars to LSIs and FIs regarding the Timing of Regulatory and Statutory Reporting

Authors: Caroline Gauci
Published on April 9, 2020
Practices: Banking Regulatory
Further to the Circular on Timing of regulatory reporting due to the outbreak of COVID-19 which was issued by the MFSA on 20 March 2020 to outline the applicable extensions for each sector, the MFSA has issued two additional circulars on 06 April 2020, namely: (a) Circular to Less Significant and Financial Institutions on timing of Regulatory Reporting; and (b) Circular to Financial Institutions outlining COVID-19 measures on Timing of Statutory Reporting, to communicate further extensions to Less Significant Institutions (LSIs) and Financial Institutions (FIs).

COVID-19: Capital Markets Update – More Extensions of Reporting Deadlines (MFSA circular)

Authors: Beppe Degiorgio
Published on April 8, 2020
Practices: Capital Markets
Due to the disruption brought about by the COVID-19 pandemic, ESMA recently issued a public statement, asking National Competent Authorities (including the MFSA) not to prioritise supervisory action against issuers for a period of 2 months from the reporting deadline in the case of annual financial reports (and for a 1 month period in the case of interim financial reports). In this connection, the MFSA recently informed the market that the Listing Authority will reconsider its policy to suspend trading of listed securities when an issuer fails to publish timely financial statements.

Recovering from COVID-19

Authors: George Bugeja
Published on April 7, 2020
Practices: Corporate
COVID-19 has taken the world by surprise from all aspects of life. Just like scientific research is struggling to catch up with the spread of this virus, the business community is fighting to survive. All business plans which may have been in place up till a few months ago are no longer applicable, and businesses are now looking at contingency plans instead, struggling to cope with the new circumstances they are now facing.

Contracts and COVID-19

Authors: Max Ganado, Adrian Camilleri, Antoine G. Cremona, Clement Mifsud-Bonnici
Published on April 3, 2020
Tags: ,
Practices: General Commercial & Contract Law
One of the main concerns affecting everyone now is what happens to contracts negotiated and entered into before the COVID-19 pandemic spread across the world in the way it has.

Many will be asking the obvious questions: What are my duties under existing contracts? Are my rights still enforceable? Do I have to perform my obligations? Will I be liable in damages if I cannot perform due to the situation in Malta and the rest of the world?

This memorandum outlines the main issues from a Maltese law perspective.

Video of the webinar: The COVID-19 pandemic from a Maltese employment law perspective

Authors: GANADO Advocates
Published on April 3, 2020
On 1st April 2020 the Employment team at GANADO Advocates held a webinar which went through the legal issues which employers are facing during this time of uncertainty. Issues such as quarantine leave, vulnerable persons, benefits from government, remote working, measures to safeguard employment and data protection were all discussed.

ESMA Public Statement on the Publication of Best Execution Reports

Authors: Ria Micallef
Published on April 3, 2020
Practices: Investment Funds
On 31 March 2020, the European Securities and Markets Authority (“ESMA”) issued a public statement clarifying issues regarding the publication by execution venues and firms of the best execution reports required under RTS 27 (Commission Delegated Regulation 2017/575) and RTS 28 (Commission Delegated Regulation 2017/576) of MiFID II (Directive 2014/65/EU).

MFSA issues Circular to Credit Institutions on Dividend Distributions or Share Buybacks

Authors: Caroline Gauci
Published on April 3, 2020
Practices: Banking Regulatory
On 2nd April, the Malta Financial Services Authority (the “MFSA”) issued a circular to credit institutions on dividend distributions or share buybacks. In the Circular the MFSA announces that it shall be adopting the Recommendation of the ECB of 27 March 2020 on dividend distributions during the COVID-19 pandemic (ECB/2020/19) in its entirety to all credit institutions licensed in terms of the Banking Act (Chapter 371 of the Laws of Malta) from today and at least until 01 October 2020.