Financial Services & Fintech |  Mar 23, 2020

MFSA Grants Extensions to the Regulatory Reporting Deadlines amid Coronavirus pandemic

In an attempt to alleviate the adverse effects which COVID-19 is causing to the financial services industry, the MFSA announced, by means of the issuance of a circular, that it will be accepting delays by entities licensed by the MFSA in making the required reporting submissions/publications which fall due by March or April 2020.

The Authority also indicated that it may consider making a similar concession for submissions/publications due by May or June. However, it will defer this decision to a later date.

Whilst more information on the regulatory reporting extensions is available in the official Circular, below please find some of the salient points from the circular issued by the MFSA:

Capital Markets

  • The MFSA may, upon request and at its discretion, grant guarantors of companies which are listed, (“Listed Companies”) an extension for next publication of the Annual Audited Financial Statements which are due four months after the end of each financial year.
  • The MFSA will grant Listed Companies an extension of two months for the next publication of the Financial Analysis Summary which is due by two months after the publication of the audited financial statements.

Credit Institutions

  • The MFSA may, upon request and at its discretion, grant credit institutions licensed by the MFSA in terms of the Banking Act (Chapter 371 of the Laws of Malta) an extension for the next submissions of Audited Annual Financial Statements and/or Management Letters which should be filed by March or April 2020 in terms of the applicable rules
  • The MFSA will be granting credit institutions having payment accounts with basic features an extension of 2 months for the completion of the Q1 submissions

Financial Institutions

  • The MFSA may, upon request and on an ad hoc basis, grant financial institutions licensed by the MFSA in terms of the Financial Institutions Act (Chapter 376 of the Laws of Malta) an extension for next submissions of Audited Financial Statements and Management Letters which should be filed by March or April 2020 in terms of the applicable rules

Insurance and Reinsurance Undertakings

  • The MFSA noted that any extensions for disclosure requirements under Solvency II of Insurance and Reinsurance Undertakings licensed by the MFSA in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta) will only be entertained in line with direction provided by EIOPA which is expected to be issued by the same shortly.

Insurance Intermediaries

  • The MFSA will be granting insurance intermediaries licensed by the MFSA in terms of the Insurance Distribution Act (Chapter 487 of the Laws of Malta) an extension of 2 months for submission of Audited Financial Statements, Management Accounts and Compliance Statements which should be filed by March or April 2020 in terms of the applicable rules;

Pensions

  • The MFSA is granting retirement pension schemes licensed by the MFSA in terms of the Retirement Pensions Act (Chapter 514 of the Laws of Malta) an extension of 2 months for the submission of Audited Annual Financial Statements, Management Letters and Auditor’s Reports which should be filed by March or April 2020 in terms of the applicable rules;
  • The MFSA is granting service providers of retirement pension schemes an extension of 2 months for the submission of Interim/Annual Financial Returns and Audited Annual Financial Statements due by March or April 2020 in terms of the applicable rules

Investment Firms

  • The MFSA may, upon request and at its discretion, grant investment services providers licensed by the MFSA in term of the Investment Services Act (Chapter 370 of the Laws of Malta) an extension of 2 months for the submission of annual reports, audited financial statements, COREP Returns, Management Letters and Circularisation Exercise Reports which should be filed by March or April 2020 in terms of the applicable rules;
  • The MFSA, at its discretion and solely in exceptional circumstances, may grant investment firms an extension for the submission of the following:
    1. Recovery Plans and High-Income Earners under the CRD Package
    2. Recovery Plan Confirmation for local firms
    3. Conduct-related data return for investment firms
    4. Surveys on cross-border activities by investment firms

Investment Funds and Fund Managers

  • The MFSA may, upon request and at its discretion, grant UCITS Schemes, UCITS Management Companies, Alternative Investment Funds and AIFMs licensed by the MFSA in terms of the Investment Services Act an extension of 2 months for the submissions of the Annual Report, Audited Financial Statements, Interim/Annual Financial Return, Management Letter and confirmations which should be filed in March or April 2020 in terms of the applicable rules.
  • The MFSA is granting a 2-month extension to Professional Investor Funds, Recognised Persons (RFAs, RICCs, PCIS) and De Minimis AIFMs for the submission of the Annual Report, Audited Financial Statements, Management Letter, Custodian Report, Auditor’s Confirmation and SRO Declaration which should be filed in March or April 2020 in terms of the applicable rules

Trustees and CSPs

  • The MFSA is granting Trustees and corporate services providers licensed by the MFSA in terms of the Corporate Services Providers Act (Chapter 529 of the Laws of Malta) an extension of 2 months for submission of audited annual financial statements which should be filed by March or April 2020 in terms of the applicable rules.

The MFSA also reminded the industry that it expects regulated firms to take all reasonable measures and have appropriate contingency plans in place to be able to deal with any eventuality relating to the outbreak of COVID-19.

Should you have any queries in relation to the above or require any assistance with any other financial services related matter,  please feel free to contact us on finance@gvzh.com.mt

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