Regulatory reporting deadlines amid COVID-19 outbreak

On the 21st March 2020, the Malta Financial Services Authority (the “MFSA”) issued a circular in relation to the timing of regulatory reporting in view of the current outbreak of COVID-19. Indeed, as stated in various communications issued by the MFSA, it is expected that regulated firms take all reasonable measures in order to have appropriate contingency plans which deal with any eventuality relating to the outbreak of COVID-19. On the other hand, the MFSA is aware of the current difficult conditions being faced in effectively responding to unprecedented challenges in terms of ensuring operational continuity, whilst also adhering to the regulatory obligations.

In view of the above, the MFSA will be accepting a delay from the reporting deadline for some of the submissions falling due by March or April 2020. In relation to submissions due by May or June, the MFSA is not inclined to provide an extension but, this might be considered at a later stage, if warranted.

The MFSA also notes that it will continue to maintain a close dialogue with other authorities and warns that its positions are subject to developments and guidance provided. If circumstances of the case so warrant, the MFSA might exceptionally take a more restrictive approach to the accepted delays from that outlined. However, it is imperative to note that no requirements will be waived or disapplied. In this regard, the MFSA will continue to monitor the situation and in case of any relevant developments, the MFSA will immediately inform the public of the adjusted approach.

Licensed entities are also reminded of their obligation to report to the MFSA any material information relevant to their financial position immediately.

Feel free to contact us if you require any further information on the applicable regulatory reporting requirements.