Welcome to PwC Malta’s Regulatory Updates - giving a month by month recap of the main legislative updates and key regulator activity relating to various areas, including asset management, banking, insurance, anti-money laundering, amongst others.
Please do not hesitate to contact the PwC Malta Regulatory Team for further information in relation to any of the updates or if you wish to discuss how these may impact your business.
Circulars on the introduction of new Banking Rules and two new Annexes to BR/12
The MFSA is in the process of implementing a number guidelines issued by the European Banking Authority through the amendments of various of its Banking rules. Such amendments include the introduction of new rules in different areas including Recovery Plans for Credit Institutions and Remuneration Policies and Practices. New annexes to Banking Rule BR/12 were issued in relation to the Calculation of General Interest Rate Risk on Debt Instruments (including the application of the Duration-Based Approach) and the Implicit Support for Securitisation Transactions by Credit Institutions.
MFSA Consultation Documents
The MFSA has issued a number of public consultation documents in July, including in relation to: (i) the first pillar of the MFSA Fintech Strategy relating to a proposed regulatory sandbox, the application of the proportionality principle and smart regulation; (ii) Security Token Offering regulation; and (iii) the provision of independence compliance audits. Industry participants and interested parties are invited to send their feedback to such consultation documents until 30 August 2019.
Implementing Procedures Part I – Revised Version
The Financial Intelligence Analysis Unit has published a revised version of the Implementing Procedures Part I, triggered by the series of legislative amendments to the Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations. The salient amendments substantiate the risk based approach, customer due diligence, outsourcing, non-reputable/high-risk jurisdictions and sanctions screening.
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