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Regulatory Updates

March 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

10/03/2021 - Proposed Amendments to the Implementing Procedures - Part I
Link to the document can be found here.

12/03/2021 - Monitoring Orders and Directives with reference to GoAML
Link to the release can be found here.
 

International update

04/03/2021 - Guidance on Risk-Based Supervision 
Link to the publication can be found here.

Asset Management

Local updates

01/03/2021 - ESMA Consultation Paper on Draft Technical Standards under the European Crowdfunding Service Providers Regulation
Circular can be found here.

05/03/2021 - ESMA publishes Final Report on advice under Article 8 of the Taxonomy Regulation
Circular can be found here.

10/03/2021 - ESMA Proposes Improvements to the Transparency Directive
Circular can be found here.

10/03/2021 - Circular on Regulation No. 648/2012- The European Markets Infrastructure Regulation (EMIR)- EMIR Reporting Validation Rules Applicable from 8 March 2021
Circular can be found here.

15/03/2021 - The European Crowdfunding Service Providers (ECSPs) Regulation
Circular can be found here.
 

International updates

19/03/2021 - ESAs Publish Joint Q&As on Bilateral Margining
Link to the release can be found here.

26/03/2021 - ESAs publish Q&As on cross-sectoral aspects of the Securitisation Regulation
Link to the release can be found here.

29/03/2021 - ESMA updates Q&As advises the European Commission on the Application of Sanctions under MIFID II
Link to the release can be found here.

30/03/2021 - ESMA updates AIFMD Q&As
Link to the release can be found here.

31/03/2021 - ESMA updates its Q&As on the BMR Transitional Provision
Link to the release can be found here.

31/03/ 2021 - ESMA updates its Q&As relating to the Prospectus Regulation
Link to the release can be found here.

31/03/2021 - ESMA updates the CSDR Q&As
Link to the release can be found here.

31/03/2021 - ESMA updates EMIR Q&As
Link to the release can be found here.

Banking

Local update

01/03/2021 - Circular to Credit Institutions on amendments to Banking Rule BR/13
Circular can be found here.
 

International updates

01/03/2021 - EBA publishes final revised Guidelines on money laundering and terrorist financing risk factors
Link to the release can be found here.

03/03/2021 - The EBA highlights key money laundering and terrorist financing risks across the EU
Link to the release can be found here.

05/03/2021 - EBA issues new supervisory reporting and disclosures framework for investment firms
Link to the release can be found here.

19/03/2021 - ESAs publish Joint Q&As on Bilateral Margining
Link to the release can be found here.

26/03/2021 - ESAs publish Q&As on cross-sectoral aspects of the Securitisation Regulation
Link to the release can be found here.

31/03/2021 - The European Supervisory Authorities issue a report on the application of their Guidelines on complaints-handling
Link to the release can be found here.

Company Service Providers

Local updates

02/03/2021 - Circular to Persons licensed in terms of the Company Service Providers Act, 2013 - Updating of Information contained on MFSA’s Licence Holder Corporate Profile
Circular can be found here.

15/03/2021 - CSP Reform - Coming into force of Act No. L of 2020
Circular can be found here.

24/03/2021 - Circular addressed to companies and individuals registered to act as company service providers in terms of the Company Service Providers Act
Circular can be found here.

Conduct of Business

Local updates

02/03/2021 - Home Insurance: Consumer Research on Attitudes and Behaviour
Circular can be found here.

02/03/2021 - List of most representative fees linked to a Payment Account - Comparison Tool
Circular can be found here.

08/03/2021 - Software-as-a-Service as an Outsourcing Arrangement
Circular can be found here.

Financial Markets

Local update

08/03/2021 - Consultation Document on the Capital Markets Strategy
Circular can be found here.

FinTech

Local updates

08/03/2021 - Consultation Document on ITA Certification with MDIA in relation to Virtual Financial Assets Service Providers
Link to the document can be found here.

24/03/2021 - Circular to the Industry in relation to amendments to the VFA Act
Circular can be found here.

25/03/2021 - Circular addressed to Trustees & other Fiduciaries and VFA Agents providing CSP services
Circular can be found here.

Insurance

International updates

01/03/2021 - EIOPA Public Consultation on Open Insurance, focused on access to and sharing of Insurance-Related Data
Circular can be found here.

30/03/2021 - The European Insurance and Occupational Pensions Authority (EIOPA): Questions and Answers regarding the Insurance Distribution Directive 
Circular can be found here.

Pensions

Local update

26/03/2021 - Circular on the implementation of Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP)
Circular can be found here.

Sustainable Finance

Local updates

09/03/2021 - The Implementation of the Sustainable Finance Disclosure Regulation (SFDR)
Circular can be found here.

12/03/2021 - Sustainable Finance Reporting by Public Interest Companies - Application of Article 8(1), (2) and (3) of the Sustainable Finance Taxonomy Regulation (SFTR)
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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