On the 30th June 2020, the Malta Financial Services Authority (the “MFSA”) issued a circular making reference to its previous circular relating to the regulatory reporting due to the outbreak of COVID-19, where the MFSA had informed its market participants that it would be accepting a delay from the reporting deadline for some of the submissions and/or publications falling due by March or April 2020.
The MFSA noted that it was not predisposed to accept a delay for submissions or publications due by May or June, but the MFSA has recognised the impact COVID-19 on its regulated entities and the unprecedented challenges posed by such circumstances, specifically with respect to meeting regulatory submissions deadlines. Therefore, the MFSA has decided to apply flexibility in the applicable deadlines for the submission of the regulatory reporting falling due. In this respect, the MFSA may accept delay from the reporting deadline for some of the submissions or publications falling due by June 2020, on a case-by-case and very exceptional basis.
It is ultimately the MFSA’s verdict as to whether it would accept, or otherwise, the requests made by regulated entities. In addition to their requests, regulated entities must provide sufficient explanations to demonstrate that the delay in the regulatory submission is due to COVID-19 related circumstances. Requests will be evaluated by the MFSA in line with the guidance provided by European Supervisory Authorities or the European Central Bank.
In this circular, the MFSA also makes it clear that by means of this circular, it is not granting further extensions to already extended filing deadlines.
Feel free to contact us if you require further information in relation to regulatory reporting requirements.