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Regulatory Updates

January 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 update

13/01/20201 - CBAR System - New Validation Rules 
Link to the document can be found here.

Asset Management

Local updates

04/01/2021 - Update to Investment Services Rulebooks
Circular can be found here.

05/01/2021 - ESMA withdraws the registration of four Trade Repositories 
Circular can be found here.

15/01/2021 - Reminder to Firms of the MiFID II Rules on ‘Reverse Solicitation’ in the Context of the Recent End of the UK Transition Period
Circular can be found here.

20/01/2021 - Conduct of Business Rulebook Revisions 
Circular can be found here.

29/01/2021 - Circular on recent updates to the MFSA’s Frequently Asked Questions concerning the reporting of transparency information to the MFSA in terms of Articles 3 and 24 of the AIFMD
Circular can be found here.
 

International updates

06/01/2021 - Common supervisory action with NCAS on the supervision of costs and fees of UCITS
Link to the release can be found here.

18/01/2021 - ESAs publish final draft ITS on reporting templates for intra-group transactions and risk concentration under FICOD 
Link to the release can be found here.

Banking

Local updates

06/01/2021 - Circular to Credit Institutions on Reporting on Correspondent Banking Payment Transactions
Circular can be found here.

15/01/2021 - Circular to Credit Institutions on the treatment and reporting of moratoria on loan repayments applied in the light of the COVID-19 crisis
Circular can be found here.
 

International updates

18/01/2021 - ESAs publish final draft ITS on reporting templates for intra-group transactions and risk concentration under FICOD
Link to the release can be found here.

18/01/2021 - EBA observes an increase in the asset encumbrance ratio amidst extensive use of central bank facilities
Link to the release can be found here.

21/01/2021 - EBA publishes final draft technical standards to identify investment firms’ risk takers and to specify the instruments used for the purposes of variable remuneration
Link to the release can be found here.

29/01/2021 - EBA provides additional clarity on the implementation of selected COVID-19 policies
Link to the release can be found here.

Data Protection

International updates

15/01/2021 – EDPB & EDPS adopt joint opinions on new sets of SCCs
Link to the release can be found here.

18/01/2021 - Guidelines on examples regarding data breach notification
Link to the release can be found here.

24/12/2020 - UK-EU Trade and Cooperation Agreement

European Single Electronic Format (ESEF)

Local update

27/01/2021 - Postponement of the ESEF requirements by one year
Circular can be found here.

Insurance

International updates

08/01/2021 - MoUs with UK authorities in the area of insurance and pensions
Link to the release can be found here.

18/01/2021 - ESAs publish final draft ITS on reporting templates for intra-group transactions and risk concentration under FICOD
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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