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Regulatory Updates

December 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.

Anti-Money Laundering

Local updates

16/12/2020 - Publication of Implementing Procedures Part II for CSPs 
Link to the publication can be found here.

29/12/2020 - Suspicious Betting Reporting  Requirements Obligatory as of 1 January 2021
Link to the release can be found here.

International update

16/12/2020 - Update COVID-19 Related Money Laundering and Terrorist Financing Risks 
Link to the document can be found here.

Asset Management

Local updates

02/12/2020 - New proposed Regulatory Technical Standards on various amendments to bilateral margin requirements and on the clearing obligation regarding intragroup transactions, as well as on novations from UK to EU counterparties
Circular can be found here.

04/12/2020 - Derivatives Reporting following the end of UK Transition Period on 31 December 2020
Circular can be found here.

09/12/2020 - Securities Financing Transactions Reporting following the end of UK Transition Period on 31 December 2020
Circular can be found here.

10/12/2020 - The Investment Firms Regulation and Directive - 1st Briefing
Circular can be found here.

18/12/2020 - Circularisation Exercise - R.4-3.2.7 of Part B1 of the Investment Services Rules
Circular can be found here.

23/12/2020 - European Securities and Markets Authority: Questions and Answers regarding Market in Financial Instruments Directive and Regulation Investor Protection and Intermediaries Topics
Circular can be found here.

23/12/2020 - Circular on the Recommendation of the European Systemic Risk Board of 15 December 2020 on Restriction of Distributions during the COVID-19 Pandemic 
Circular can be found here.


International updates

17/12/2020 - ESMA publishes final guidance to address leverage risk in the AIF sector
The full update can be found here.

17/12/2020 - ESMA publishes draft technical standards under EMIR Refit
The full update can be found here.

18/12/2020 - ESMA publishes cloud outsourcing guidelines
The full update can be found here.

21/12/2020 - ESMA updates EMIR Q&As
The full update can be found here.

Banking

Local updates

22/12/2020 - Circular to Credit Institutions on amendments to Banking Rule BR/16
Circular can be found here.

24/12/2020 - Circular to Credit Institutions on the restriction on Dividend Distributions or Share Buy-Backs and Variable Remuneration
Circular can be found here.

24/12/2020 - Circular to Credit Institutions on the materiality threshold for assessing credit obligations past due
Circular can be found here.
 

International updates

08/12/2020 - EBA informs customers of UK Financial Institutions about the end of the Brexit Transition Period
Link to the release can be found here.

16/12/2020 - EBA publishes final technical standards to ensure effective application of stay powers under the BRRD
Link to the release can be found here.

17/12/2020 - EBA explains how it will use its new power to carry out risk assessments in the fight against money laundering and terrorist financing
Link to the release can be found here.

21/12/2020 - EBA provides additional clarity on the implementation of selected COVID-19 policies
Link to the release can be found here.

Company Service Providers

Local update

01/12/2020 - Consultation Document on the Updated CSP Rules
Link to the document can be found here.

Data Protection

International updates

11/11/2020 - Recommendations 01/2020 on measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data
Link to the publication can be found here.

10/11/2020 - Recommendations 02/2020 on the European Essential Guarantees for surveillance measures 
Link to the document can be found here.

15/12/2020 - Statement on the end of the Brexit transition period 
Link to the statement can be found here.

15/12/2020 - Information note on data transfers under the GDPR to the United Kingdom after the transition period
Link to the document can be found here.

15/12/2020 - Statement on the protection of personal data processed in relation with the prevention of money laundering and terrorist financing 
Link to the document can be found here.

15/12/2020 - Guidelines 06/2020 on the interplay of the Second Payment Services Directive and the GDPR 
Link to the document can be found here.

15/12/2020 - Guidelines 2/2020 on articles 46 (2) (a) and 46 (3) (b) of Regulation 2016/679 for transfers of personal data between EEA and non-EEA public authorities and bodies 
Link to the document can be found here.

12/10/2020 - Guidelines on Information and Communication Technology (ICT) Security and Governance 
Link to the release can be found here.

12/11/2020 - European Commission, Draft Standard Contractual Clauses for the transfer of personal data to third countries pursuant to Regulation (EU) 2016/679 of the European Parliament and of the Council
Link to the implementing act can be found here.

11/2/2020 - Judgement taken by the CJEU in Case C-6/19, Orange România SA v Autoritatea Naţională de Supraveghere a Prelucrării Datelor cu Caracter Personal
Link to the release can be found here.

European Single Electronic Format (ESEF)

Local updates

10/12/2020 - ESMA publishes the 2020 XBRL Taxonomy Files and ESEF Conformance Suite
Circular can be found here.

24/12/2020 - Amendments to Chapter 5 and Chapter 8 of the Listing Rules - Implementation of ESEF requirements
Circular can be found here.

FinTech

Local update

23/12/2020 - The Nature and Art of Financial Supervision - Virtual Financial Assets - VFA Agents, VFASPS and IVFAOS
Circular can be found here.

Gaming

Local update

29/12/2020 - Suspicious Betting Reporting  Requirements Obligatory as of 1 January 2021
Link to the release can be found here.

General Application

Local updates

11/12/2020 - MFSA releases its Guidance on Technology Arrangements, ICT and Security Risk Management, and Outsourcing Arrangements – Guidance Document
Circular can be found here.

11/12/2020 - Feedback Statement to the Consultation Document on the Guidance on Technology Arrangements, ICT and Security Risk Management and Outsourcing Arrangements – Feedback Statement
Link to the document can be found here.

18/12/2020 - Submission of the Conduct-Related Data Return
Circular can be found here.

Insurance

Local updates

04/12/2020 - Operational Readiness of Insurance Undertakings and Intermediaries in light of the United Kingdom’s withdrawal from the European Union
Circular can be found here.

22/12/2020 - Circular to Insurance and Reinsurance Undertakings - EIOPA outlines key financial stability risks and vulnerabilities for insurance and pension sector and recommends that any dividend distributions should not exceed thresholds of prudency
Circular can be found here.

22/12/2020 - Submission of the Conduct-Related Data Return for Insurance Undertakings covering H2 2020
Circular can be found here.

09/11/2020 - Circular for Insurance & Reinsurance Undertakings - Regulatory Submissions Reporting Deadlines
Circular can be found here.

 

International updates

07/12/2020 - ESAs highlight the change in the status of Simple, Transparent and Standardised (STS) securitisation transactions at the end of the UK transition period
Link to the release can be found here.

08/12/2020 - EIOPA recommends actions and best practices to national supervisory authorities to improve supervisory practices regarding cross-border activities
Link to the release can be found here.

Trusts and Fiduciaries

International update

23/12/2020 - Revised Frequently Asked Questions in relation to the Trusts Ultimate Beneficial Ownership Register
Link to the release can be found here.

Contact us

Fabio Axisa

Fabio Axisa

Assurance Partner, PwC Malta

Tel: +356 2564 7191

Mark Lautier

Mark Lautier

Partner, PwC Malta

Tel: +356 2564 6744

Chris Mifsud Bonnici

Chris Mifsud Bonnici

Senior Manager, Tax, PwC Malta

Tel: +356 2564 6935

Lee Ann Agius

Lee Ann Agius

Manager, Tax, PwC Malta

Tel: +356 2564 4027

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