MFSA update May 2020

The MFSA has published a series of circulars related to the Investment Service Rules, Insurance and Reinsurance Undertakings, and the Implementation of the IORP II Directive.

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

  • Circular regarding Investment Service Rules - Fund Managers and Collective Investment Schemes licensed as Money Market Funds (MMFs). The respective MFSA rules have been updated with respect to MMFs. 
  • Circular regarding Authorised Insurance and Reinsurance Undertakings with Regulatory submissions. Guidelines issued to clarify the practical steps for undertakings to follow given the new system in place whereby validation errors are immediately notified via the Licence Holder portal rather than by a separate email
  • Circular regarding Changes to Application Forms in terms of the Insurance Distribution Act. The rulebooks have been updated. 
  • Circular regarding Implementation of the IORP II Directive. Guidelines have been issued for Retirement Scheme Administrators with respect to the applicable Act, S/Ls, and Pension rules based on the EIOPA Opinions issued 10.07.2019 in relation to (i) management of environmental, social, and governance risks faced by IORPs, (ii) use of governance and risk assessment documents in the supervision of IORPs, (iii) supervision of the management of operational risks faced by IORPs, and (iv) practical implementation of the common framework for risk assessment and transparency of IORPs.
  • Circular regarding amendments to the Insurance Distribution rules about professional indemnity limits. The applicable rulebooks have been updated to bring the MFSA rules in line with the relevant EU Regulation. The MFSA has requested Insurance intermediaries to revise the limits of their policies, as at renewal of their current professional indemnity insurance policies.

For more information, visit the MFSA website on:

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