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Regulatory Updates

December 2021

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

01/12/2021 - Factsheet: Typologies & Red Flags: Indicators of Tax-Related ML
Link to the release can be found here.

14/12/2021 - EBA Consultation Paper on draft Guidelines on the use of remote customer onboarding solutions
Link to the document can be found here.

18/12/2021 - Protection of the Whistleblower (Amendment) Act, 2021
Link to the document can be found here.

20/12/2021 - goAML – Indicators Update and Guidance Document
Link to the document can be found here.

31/12/2021 - Intelligence Factsheet: The misuse of corporate vehicles in Malta, with a focus on beneficial ownership concealment
Link to the document can be found here.

31/12/2021 - Guidance Note On Submitting Tax Related Suspicious Reports
Link to the document can be found here.

Asset Management

Local updates

03/12/2021 - Circular on European Crowdfunding Service Providers for Business Regulation (‘ECSPR’)
Circular can be found here.

10/12/2021 - Circular on ECSPR – EBA Consultation on Draft RTS for Crowdfunding Service Providers (EBA/CP/2021/39) 
Circular can be found here.

14/12/2021 - ESMA Publishes the 2021 ESEF XBRL Taxonomy Files and ESEF Conformance Suite
Circular can be found here.

15/12/2021 - Circular on Regulation (EU) 909/2014 – the Central Securities Depositories Regulation (‘CSDR’)
Circular can be found here.

15/12/2021 - Circular on Regulation (EU) 2016/1011 – the Benchmarks Regulation (‘BMR’)
Circular can be found here.

16/12/2021 - Log4j Critical Vulnerability
Circular can be found here.

International updates

10/12/2021 - ESMA publishes 2021 ESEF XBRL Taxonomy Files and ESEF Conformance Suite
Link to the release can be found here.

17/12/2021 - New Q&As available 
Link to the release can be found here.

Banking

Local updates

20/12/2021 - Circular to Credit Institutions on Supervisory Reporting Developments
Circular can be found here.

22/12/2021 - Bi-annual Update from Banking Supervision to Credit Institutions
Circular can be found here.

Conduct of Business

Local updates

10/12/2021 - Submission of the Conduct-Related Data Return for Insurance Undertakings
Circular can be found here.

15/12/2021 - The European Insurance and Occupational Pensions Authority (EIOPA): Questions and Answers Regarding the Insurance Distribution Directive
Circular can be found here.

16/12/2021 - Log4j Critical Vulnerability
Circular can be found here.

20/12/2021 - EIOPA Issues Document Regarding the Assessment of Value for Money of Unit-Linked Insurance Products under Product Oversight and Governance.
Circular can be found here.

Consultation Documents

Local updates

01/12/2021 - Consultation Document on the Proposed Amendments to the Pension Rules issued under the Retirement Pensions Act
Link to the document can be found here.

14/12/2021 - Consultation Document on the Establishment of a Settlement Policy
Link to the document can be found here.

16/12/2021 - Note regarding an Extension of Consultation Period - Discussion Paper on the Asset Management Strategy
Link to the document can be found here.

Trusts and Fiduciaries

Local update

15/12/2021 - Important Updates Relating to the Trusts Ultimate Beneficial Ownership Register
Circular 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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