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Regulatory Updates

October 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

15/10/2020 - Submitting Reports via GoAML in line with Regulation 15(4) of the PMLFTR
 
Link to the notice can be found here.

21/10/2020 - Notice: CBAR System - Go - Live Date and submission of the XML File
Link to the notice can be found here.


International updates

23/10/2020 - FATF Recommendations - FATF Standards
Link to the document can be found here.

23/10/2020 - FATF Recommendations - FATF Standards
Link to the document can be found here.

Asset Management

Local updates

05/10/2020 - Circular to Investment Services Licence Holders and Collective Investment Schemes on MFSA’s Licence Holder Portal
Circular can be found here.

09/10/2020 - ESMA Q&A on MiFID II and MiFIR Investor Protection and Intermediaries Topics
Circular can be found here.

12/10/2020 - Update to Investment Services Rulebooks
Circular can be found here.

14/10/2020 - Circular on Regulation No. 648/2012 - The European Markets Infrastructure Regulation (‘EMIR’/ the ‘Regulation’) - 2020 Compliance Inspections: General Findings
Circular can be found here.

14/10/2020 - Transaction Reporting by Non-Financial Counterparties under the Securities Financing Transactions Regulation (EU) No 2015/2365
Circular can be found here.


International updates

02/10/2020 - ESMA Responds to EU Green Bond Standard Consultation
Link to the release can be found here.

02/10/2020 - ESMA faces new set of challenges in 2021
Link to the document can be found here.

Banking

Local updates

14/10/2020 - Circular for Credit Institutions on Resolution Reporting Submissions
Circular can be found here.

22/10/2020 - Circular to Credit Institutions on the EBA Guidelines on Supervisory Reporting and Disclosure Requirements in compliance with the CRR ‘Quick-Fix’ in response to the COVID-19 Pandemic (EBA/GL/2020/11)
Circular can be found here.

28/10/2020 - Circular to Credit Institutions on the EBA Guidelines on uniform disclosures under Article 473a of Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds, and the amendments thereto
Circular can be found here.

International updates

02/10/2020 - EBA publishes final guidelines on the appropriate subsets of sectoral exposures in the application of a systemic risk buffer
Link to the release can be found here.

14/10/2020 - EBA published final draft regulatory technical standards specifying the prudential treatment of software assets
Link to the release can be found here.

29/10/2020 - EBA launches consultation on revised Guidelines on sound remuneration policies
Link to the release can be found here.

Data Protection

International updates

06/10/2020 – Judgments taken by the CJEU in Case C-623/17, Privacy International, and in Joined Cases C-511/18, La Quadrature du Net and Others, C-512/18, French Data Network and Others, and C-520/18, Ordre des barreaux francophones et germanophone and Others
Link to the press release can be found here.

20/10/2020 – Guidelines on Data Protection by Design & Default

12/10/2020 – Guidelines on the concept of relevant and reasoned objection

Gaming

Local update

02/10/2020 - MGA publishes Consultation Feedback & Guidance Paper in relation to Suspicious Betting Reporting Requirements & Other Sports Integrity Matters
Link to the release can be found here.

General Application

Local updates

01/10/2020 - Digital Finance Package
Circular can be found here.

14/10/2020 - Circular to Licence Holders on the MFSA’s Licence Holder Corporate Profile - An Update
Circular can be found here.

Insurance & Pensions

Local updates

14/10/2020 - Circular on the amendments to the Annexes to Chapter 16 of the Insurance Distribution Rules and in the Annexes to Chapter 9 of the Insurance Rules
Circular can be found here.

15/10/2020 - EIOPA Issues Document regarding its Approach to the Supervision of Product Oversight and Governance
Circular can be found here.


International updates

08/10/2020 - Effective Supervision of product oversight and governance crucial for driving good outcomes for consumers
Link to the document can be found here.

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

Securitisation

International Update

05/10/2020 - ESMA publishes updated Q&As on securitisation topics and guidelines on portability of information between securitisation repositories
Link to the report 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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