MFSA Updates March/April 2019

MFSA updates related to Company Service Providers, Trusts and Fiduciaries; Revision to the Conduct of Business Rule-book and Solvency II for Insurance and Reinsurance Undertakings.

Here you can find the latest circulars issued by the Malta Financial Services Authority ("MFSA"):

1. Company Service Providers (CSPs) / Trusts / Fiduciaries

The MFSA has amended the 2019 Annual Compliance Report ("ACR") in order to process information easier and to better the process for the provision of the ACR. A Glossary of Terms has also been prepared to assist with the preparation of the ACRs. As from 2019, the ACR is to be submitted via the Licence Holder ("LH") Portal. Also, the ACR would need to be submitted within 4 months from the CSPs financial year end or by April if applicable for individuals.

Links for circulars available:

 

2. Revision to the Conduct of Business Rulebook

The revised rules were prepared to ensure that the rules applicable to the packaged retail insurance-based investment products are located in one location, and easily accessed by the regulated persons.  Additionally, to also reflect the European Securities and Markets Authority (ESMA) Guidelines with respect to cross-selling practices which apply to the securities sector.

Link for circular available https://www.mfsa.com.mt/wp-content/uploads/2019/04/20190403_Circular_COBR.pdf  and the updated rulebook https://www.mfsa.com.mt/wp-content/uploads/2019/04/20190402_FINAL-FOR-PUBLICATION-CONDUCT-OF-BUSINESS-RULEBOOK_CONF-2_Clean-Version.pdf  

 

3. Solvency II for Insurance and Reinsurance Undertakings

The MFSA has noted that all solo undertakings and groups are to continue to submit the Regular Supervisory Report (“RSR”) to the MFSA in line with the annual Quantitative Reporting Templates (QRTs) and Financial Condition Report (“SFCR”) deadlines communicated in the circular dated 22.10.2015.

Link for circular available https://www.mfsa.com.mt/wp-content/uploads/2019/01/18_1177206921_29032018SolvencyIICircularforInsuranceandReinsuranceUndertakings.pdf