Regulatory Updates

January 2020

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.

Welcome

Welcome to PwC Malta’s Regulatory Updates - giving a recap for this month of the main legislative updates and key regulator activity.

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AML/CFT

27/01/2019     2020 Risk Evaluation Questionnaires (REQ): Consultation Period

The FIAU has published a revised version of the REQs for consultation and is inviting all persons and entities subject to the PMLFTRs, private sector representative bodies, as well as supervisory and other competent authorities, to participate in this consultation process. The consultation was open until 3 February 2020.

Click here to read more.

 

07/01/2019     European Commission launches public consultation on an EU regulatory framework on crypto-assets

The FIAU would like to notify subject persons and all interested stakeholders that the European Commission has launched a public consultation on an EU regulatory framework on crypto-assets (virtual financial assets).  

Click here to read more.

 

09/01/2019     FATF Supervisors’ Forum on supervising virtual assets – Paris

The FATF Supervisors’ Forum met to discuss how to implement the new measures issued in June 2019, supervise and regulate virtual assets and virtual asset service providers (VASPs). During this Forum, it was noted that the FATF has made substantial progress by agreeing new global standards that will prevent virtual assets and VASPs from being misused for transactions with links to crime or terrorism. The challenge is now to effectively implement these new standards in practice. 

Furthermore, the said forum also identified a number of areas that require further actions, which will be taken forward at the FATF Plenary and at further meetings of the Supervisors’ Forum, to be held in May 2020.

Click here to read more.

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Asset Management

02/01/2019     ESMA MiFID II/ MiFIR Investor Protection & Intermediaries Q&As

ESMA has published an updated version of its Q&A on the implementation of investor protection requirements under MiFID II and MiFIR, which provides new answers on information on costs and charges and the application of national product intervention measures

Click here to read more.

 

09/12/2019     Circular to Collective Investment Schemes on the appointment of Service Providers

The MFSA, by virtue of the above-mentioned circular, provides guidance on some additional documentation that should be filed, together with an application relating to the appointment of service providers on non-retail collective investment schemes other than professional investor funds investing in virtual currencies, loans or immovable property. It also provides insight in relation to the extent to which the duties attributable to the MLRO may be outsourced to the Administrator of a Collective Investment Scheme.

Click here to read more.

 

09/01/2019     ESMA announces Key Priorities for 2020-22

ESMA by virtue of its risk assessment function, identified its key priorities for 2020-22. These include, inter alia, a greater focus on risks to retail investors, the promotion of supervisory convergence and the enforcement of direct supervision on specific financial entities. 

Click here to read more.

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Banking

22/01/2019     EBA updates its guidelines on fraud reporting under PSD2

The EBA has published an amendment to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2), which incorporate some consequential amendments to the reporting templates. Accordingly, the guidelines provide insight on: (i) payment transactions and fraudulent payment transactions; (ii) frequency of reporting; (iii) recordings and reference dates; and (iv) data breakdown. 

Click here to read more.

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FinTech

14/01/2019     Circular to VFA Agents in relation to the Application Process for VFA Service Providers

This Circular aims to provide general guidance and outlines the application documents (in a non-exhaustive manner), that are required to be submitted to the Authority by VFA Agents on behalf of prospective VFA Service Providers, including in relation to the application process as well as the application timeline.

Click here to read more.

 

27/01/2019     Feedback Statement to the Consultation Document on Pillar 1 - Regulations

MFSA published its responses to the Consultation Document that was published on 4 July 2019, which proposed (i) the MFSA Regulatory Sandbox, which will encourage financial technology innovation through its stated objectives; and (ii) proposals in relation to Regulatory Technologies and Supervisory Technologies. In this respect, the MFSA concluded that on the basis of the feedback received, it has amended its objectives to include: (i) innovation; (ii) sustainability; (iii) certainty; (iv) knowledge. 

Click here to read more.

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Insurance

06/01/2019     Submission of Complaints related data by Insurance Undertakings

The MFSA, by virtue of the above-mentioned circular, is seeking to advise insurance undertakings that going forward, the document providing the MFSA information on complaints and complaints handling on an annual basis (by not less than two months from the end of the calendar year), should be submitted via email.

Click here to read more.

 

29/01/2019     European Insurers face stable risk exposures, but macro and market risks remain high

EIOPA published its updated Risk Dashboard based on the third quarter 2019 Solvency II data. In this respect, the relevant risk exposures having been identified by EIOPA include, inter alia, (i) macro risks; (ii) credit risks; (iii) market risks; (iv) liquidity and funding risks; and (iv) profitability and solvency risk. EIOPA also identified a number of key observations in this respect.

Click here to read more.

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Trusts and Fiduciaries

30/01/2019     Online Submission of the Annual Declaration in terms of Regulation 5(2) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations 2017 

In terms of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations 2017, trustees who have submitted a declaration of beneficial ownership in terms of the said Regulations, should, on an annual basis by not later than 31st January of each year, submit a declaration confirming that there have been no changes to the beneficial ownership of the trust in the previous calendar year (other than any previously notified changes). The said declaration may be submitted through the Trusts Ultimate Beneficial Ownership Register (TUBOR).

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