Financial Services

COVID-19: MFSA Circular on ESMA’s Position on SFTR Backloading

Authors: Neil Bezzina
Published on April 1, 2020
Practices: Financial Markets Regulation
The MFSA Circular on Regulation (EU) No 2015/2365 (“SFTR”) on Securities Financing Transactions issued on the 27 March 2020 is addressed to all market participants, particularly entities which enter into securities financing transactions falling under the scope of SFTR, inter alia financial and non-financial counterparties as defined in Article 3 of SFTR.

Extension of period for filing FIAU’s Risk Evaluation Questionnaire (REQ)

Authors: Anthony Cremona, Stephanie J. Coppini
Published on March 17, 2020
Practices: Prevention of Money Laundering
As part of the measures that the FIAU has taken in response to the Coronavirus outbreak, including in order to contribute to national efforts aimed at avoiding its spread, the FIAU has, on the 16 March 2020, announced both an extension (up to 4 May, 2020 at 17:00 hrs) for the filing of the REQ by Subject Persons (that was otherwise due by the end of March 2020) as well as a waiver of the late filing fee of EUR100 (that was otherwise applicable for the entire period from 1 April to 4 May, 2020).

MFSA extends Regulatory Reporting deadlines for Regulated Firms due to COVID-19 outbreak

Authors: Caroline Gauci
Published on March 24, 2020
In light of the COVID-19 outbreak and its effects on the financial services sector, the MFSA has taken a decision to extend some of the regulatory reporting deadlines for the submissions that fall due this month or next month. In this regard, the MFSA has published a Circular, addressed to all regulated entities, explaining its approach and listing the applicable extensions for each sector. The latter have been tabulated below for ease of reference.

Regulated Industry alert! MFSA publishes new Personal Questionnaire Form with effect from 01 December, 2015

Authors: Anthony Cremona
Published on December 22, 2015
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Practices: Financial Markets Regulation, Trusts & Foundations
With effect from the 1st December, 2015, the Malta Financial Services Authority (MFSA) – the single regulator for the financial services industry in Malta since 2002 - has published a revised version of the Personal Questionnaire Form.

Short-Selling Regulatory Update amidst the COVID-19 Pandemic

Authors: Bettina Gatt
Published on March 18, 2020
Practices: Financial Markets Regulation
The current COVID-19 pandemic has undoubtedly, already had a negative impact on the financial market within the European Union (“EU”). Both the European Securities and Markets Authority (“ESMA”) and the National Competent Authorities (“NCA”), including the Malta Financial Services Authority, have hastily began taking measures which attempt to mitigate the repercussions that such pandemic has created and will continue to create on the financial market.

Time is running out for LIBOR

Authors: Beppe Degiorgio
Published on November 23, 2017
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Practices: Financial Markets Regulation
The London Interbank Offered Rate (LIBOR) has been used as a standard reference for the pricing of loans, derivatives and other contracts that have a floating rate for the past three decades, making it a keystone of the world’s financial markets; at its peak it was used to price $350 trillion of financial products, from mortgages to derivatives.

UPDATED: Interim Measures for the Processing of Physical Documentation

Authors: Bettina Gatt
Published on April 15, 2020
The Malta Financial Services Authority (“the Authority”) has issued a circular stating that documentation to be submitted to the MFSA shall as of the 24 March 2020 be submitted electronically. Such an approach shall be taken until further communications are made by the Authority. The circular issued by the MFSA makes reference to documents being submitted by: