Here you can find the latest regulatory news from the MFSA, MGA, and FIAU, analysed by Mazars in Malta.
The EU Foreign Subsidies Regulation- Scrutiny of Foreign Subsidies in the EU
The recently applicable EU Foreign Subsidies Regulation requires mandatory notifications in respect of certain mergers and acquisitions and public procurements falling within its scope. Its objective is to address distortions and ensuring a level playing field for all corporate entities operating in the EU’s single market.
Following a public consultation held on 12 July 2022, the MFSA is releasing important documentation in relation to the reporting of major ICR-related incidents, including:
On the 5th August 2022, the Malta Financial Services Authority (MFSA) promulgated the Corporate Governance Code (the ‘Code’) which shall widely apply to all MFSA authorised entities in order to ensure the transparent, equitable, efficient and effective operation thereof.
FIAU: Guidance Note on the Money Laundering Reporting Officer
The Financial Intelligence Analysis Unit (FIAU) has recently published a guidance note on the role of the Money Laundering Reporting Officer (MLRO). This guidance note covers a number of areas which address common issues and queries that arise in relation to this role.
The Proposed Settlement Procedure under the MFSA Act
The Malta Financial Services Authority Act (the “MFSA Act”) presently endows the Malta Financial Services Authority (the “MFSA” or the “Authority”) with the discretionary power to investigate alleged infringements of financial services laws and regulations governing licence holders and persons authorised by it or falling within the Authority’s remit.
FIAU: Intelligence factsheet- The misuse of corporate vehicles in Malta
The FIAU has recently published an intelligence factsheet extracted from the results of a strategic analysis carried out in relation to the misuse of companies, whereby at least one of the entities was Maltese.
The Malta Financial Services Authority published its annual report and financial statements for the year 2020. Among the highlights of the Authority’s performance in that year, the Report mentions the unprecedented enforcement and supervisory performance results achieved by the MFSA in 2020.
Amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations
A legal notice was issued on 30 April 2021 which introduces a number of amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR).
On 11 December 2020, The MFSA issued a guidance document to all licensed entities entitled ‘Guidance on Technology Arrangements, ICT and Security Risk Management, and Outsourcing Arrangements'. The Guidance covers the implementation of Technology Arrangements and ICT and emphasises the fact that technology has become a fundamental asset to the financial services industry, as a result of which Licence Holders are increasingly reliant on technology to perform business and operational functions