On the 26th June, 2024, the Financial Intelligence Analysis Unit, released its supervisory priorities for 2024–2025, marking the first year of a comprehensive five-year compliance monitoring plan. This document outlines the supervisory activities scheduled for the annual cycle beginning in July 2024, covering various sectors like credit and financial institutions, remote gaming operators, land-based casinos, [...]
The European Banking Authority (EBA) issued today a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally [...]
Euro’s share across various indicators of international currency use remained above 19% Vigilance needed against any cracks that may appear in the international monetary system Deeper European economic and financial integration, together with enhancements in cross-border payment systems between the euro and other currencies pivotal to the international role of the euro The international role [...]
To ensure a smooth transition for local banks to comply with the new and amended requirements arising from the Banking package, which was recently adopted by the European Parliament and the Council of the European Union, the MFSA has issued a Dear CEO Letter to banks, outlining its expectations. This letter emphasises the importance of timely implementation [...]
On 29 April, the Malta Financial Services Authority hosted an event, inviting over 90 listed entities to learn more about their new obligations under the Corporate Sustainability Reporting Directive (CSRD) which entered into force in January 2023. The new EU rules require listed companies and large corporations to publish reports on the environmental, social and [...]
The Malta Financial Services Authority (MFSA) recently published a "Dear CEO" letter outlining the results of a thematic review focused on governance and compliance within the Trustee and Company Service Provider (TCSP) sector. While the MFSA acknowledges the positive strides made by TCSPs in investing in compliance tools and resources, it also highlights areas for [...]
ECB and EBA establish Joint Bank Reporting Committee to make data reporting by the banking industry more efficient New structure will harmonise and integrate reporting of statistical, supervisory and resolution data with the aim of developing common definitions and standards Process will involve all relevant EU bodies, as well as national authorities and banking industry representatives [...]
The Malta Financial Services Authority (MFSA) has released its Supervisory Priorities for 2024. This document sets the MFSA’s focus for its supervisory engagement in 2024 and outlines how it is implementing an outcomes-based approach to supervision, which will be introduced through a pilot project focusing on digital finance regulation and trust beneficial ownership register. The [...]
What - The Corporate Sustainability Reporting Directive (CSRD) is a proposed legislative framework by the European Union (EU) that aims to enhance and standardise sustainability reporting by companies operating within the EU. It builds upon the existing Non-Financial Reporting Directive (NFRD) and introduces a more comprehensive and harmonised reporting regime for sustainability and environmental [...]
The European Banking Authority (EBA) published today the findings from its 2022 review of competent authorities’ approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. For this Report, the EBA staff assessed 12 competent authorities from nine Member States. Overall, the EBA’s findings suggest that supervisors are making progress in [...]