Entries by m7alpha

MFSA Circular: EIOPA Seeks Feedback on Its Proposed Approach to Tackle Greenwashing in the Insurance and Occupational Pension Sectors

Through this Circular, MFSA notifies that the European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on its draft Opinion on sustainability claims and greenwashing in order to seek feedback from insurance entities and pension firms with regards to greenwashing in the insurance and occupational pension sectors. The principles within the draft […]

MFSA Circular: Submission of EBA XBRL Returns

This Circular provides further clarification to Investment Services Licence Holders regarding the submission of the EBA XBRL Returns. MFSA reminds Licence Holders that the submissions are to be correctly inputted and must be free of any errors. Upon submitting the EBA XBRL returns, Licence Holders are to ensure that: the status of the submission is accepted […]

SMB News: Amendments to the EU/UN Sanctions Rules and Serious Human Rights Violations and Abuses Regime

Hamas and the Palestinian Islamic Jihad Sanctions Regimes On 19 January the EU decided to list six individuals under the restrictive measures targeting those who support, facilitate or enable violent actions by Hamas and the Palestinian Islamic Jihad. Read more. Sudan Sanctions Regime On 22 January 2024, the Council included six entities responsible for supporting […]

IESBA Launches Public Consultation on New Ethical Benchmark for Sustainability Reporting and Assurance

The International Ethics Standards Board for Accountants (IESBA) has announced the launch of two Exposure Drafts (EDs): International Ethics Standards for Sustainability Assurance ED (IESSA), which includes revisions to the existing Code related to sustainability reporting. The goal of these standards is to mitigate greenwashing and elevate the quality of sustainability information, thereby fostering greater public […]

IAASB Opens Public Consultation on Narrow Scope Amendments to Meet Expectations for Public Interest Audits

The International Auditing and Assurance Standards Board (IAASB) launched a consultation process on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards). These proposed revisions have two key objectives: Aligning definitions and requirements in IAASB standards with […]

Amendments to the EU/UN Sanctions Lists – Guatemala Sanctions Regimes

On 12th January 2024, the Council of the European Union has adopted Decision (CFSP) 2024/254 regarding the amendments to the Guatemala Sanctions Regimes. The Decision establishes a framework for targeted restrictive measures in view of the situation in Guatemala, which constitutes a threat to the stability of Guatemala and the region. The Decision provides for […]

EFRAG Endorsement Status Report – IAS 1 Update

The European Union has published a Commission Regulation (EU) 2023/2822 amending Regulation (EU) 2023/1803 as regards International Accounting Standard (IAS) 1. The Commission Regulation endorses the following Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current – Deferral of Effective Date; and […]

FIAU Notice: goAML Schema Updates

Reporting Requirement for Cash Restriction Breach and ML/FT As of 1st January 2024 a significant change concerning reporting requirements has been introduced with respect to goAML. When there is an element of cash restriction breach and Money Laundering/Financing of Terrorism (ML/FT), two separate reports must be submitted via goAML under their respective report type. Essentially, an SCRBR […]