Further to the Circular noted below, issued by the Malta Financial Services Authority (MFSA) on 20^th March, 2020 - MFSA is granting Financial Institutions authorised under the Financial Institutions Act one additional month for the submission of the statutory obligations listed here.

Extensions of regulatory reporting deadlines for firms due to outbreak of COVID-19

Taking into account the significant effects of the COVID-19 situation on the financial services sector, the MFSA considers it necessary and proportionate to apply flexibility in the applicable deadlines for the submission of regulatory reporting due over the next months; for which the MFSA has published a Circular on their website, explaining its approach and listing the applicable extensions for the reporting requirements of the sectors below;

• Capital Markets

• Credit Institutions

• Financial Institutions

• Insurance and Reinsurance Undertakings

• Insurance Intermediaries

• Retirement Pensions

• Investment Firms

• Investment Funds and Fund Managers

• Trustees and CSPs

In general, the MFSA will be accepting a delay from the reporting deadline for some of the submissions/publications falling due by March or April 2020.

As at today, reporting deadlines which are due in May or June will remain in place, unless the situation warrants for alternative dates to be communicated, based on the ongoing assessment of events through a close dialogue with the Central Bank of Malta, European Supervisory Authorities, and with the European Central Bank.

The MFSA continues to monitor the situation and in case of developments at local or EU level having an impact on this approach, the MFSA will inform the public of the adjusted approach as soon as possible.

Additional note from MFSA with reference to the attached circular dated 20 March, 2020:

Kindly note that reference to granting extensions is specific to home grown requirements (requirements which have been implemented at jurisdictional level as opposed to requirements which arise from EU Directives), reason being why reference has only been made to the Financial Statements of Guarantors and the publication of the Financial Analysis Summary in case of bond issuers.

Kindly note that with specific reference to EU requirements resulting from EU Directives, in this case the Transparency Directive (TD), with specific reference to the publication of annual and interim financial reports which issuers are required to publish within a specific period of time, the Authority has reached out to the relevant EU competent authority, in order to obtain direction. As at the date of writing of this email, we are still in discussions to obtain such a direction. The intention of the Authority remains of communicating any updates on the current requirements, as soon as we are in receipt of.

Until such time, all the requirements including the timing of publication of the financial information, resulting under the TD, shall continue to apply.   

For any future queries on ongoing obligations, please do not hesitate to contact us on transparency@mfsa.com.mt