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Malta: ESMA Risk Assessment Update In Light Of COVID-19

On the 2 April 2020, the European Securities and Markets Authority (ESMA) updated its risk assessment to account for the impact of COVID-19.   In the risk assessment, ESMA highlights that the COVID-19 pandemic has led to massive equity corrections, driven by sharp deterioration in the outlook...

New generation of financial supervision

The International Monetary Fund (IMF) and European supervisory institutions have, over recent years, recommended that Malta sharpens its supervisory tools, integrates its efforts and intensifies its regulatory oversight of the growing number of financial institutions in Malta.   The IMF’s Malta Mission Report published last week recognises...

Malta: Extension Of FATCA & CRS Deadlines

Undoubtedly, the current COVID-19 unprecedented circumstances have made it significantly more onerous for Reporting Malta Financial Institutions to subsist operational activity whilst simultaneously ensuring conformity with their reporting obligations under the Cooperation with Other Jurisdictions on Tax Matters Regulations (the “Regulations”).   In response to the above...

EU pushes to ‘phase out’ Malta’s citizenship scheme

Citizenship sale schemes posed money-laundering and corruption risks   The European Commission is recommending a “phasing out” of Malta’s citizenship sale scheme, in a letter sent to the government.   EU Justice Commissioner Didier Reynders confirmed during a European Parliament Civil Liberties and Justice committee debate on Thursday that...

BOV and Malta Development Bank launch aid scheme for local businesses

BOV-MDB COVID Assist will help finance local firms   Bank of Valletta and the Malta Development Bank (MDB), have launched the ‘BOV-MDB COVID Assist’, a financing scheme aimed at assisting local businesses facing unprecedented disruptions brought about by the COVID-19 pandemic.   The BOV-MDB COVID Assist (BMCA) has been...

ECB asks banks not to pay dividends until at least October 2020

ECB asks banks not to pay dividends or buy back shares during COVID-19 pandemic Recommendation concerns dividends for 2019 and 2020, at least until 1 October 2020 ECB expects banks to keep funding households, small businesses and corporations   The European Central Bank (ECB) today updated...

Coronavirus and the great financial reset

As trillions upon trillions of euro-dollars and bailout money are willed into existence to cushion the coronavirus blow, the risk of another financial meltdown and hyperinflation has never been greater.   Right now, everyone is preoccupied with the health aspect of the crisis and dealing with the...

Working capital loans: Banks agree to cap interest rate at 3.5%

Government covering first 2.5% for first two years   The government has reached an agreement with all commercial banks to limit the interest rate on capital working loans to 3.5%.   The government has already announced a scheme whereby it will be covering the first 2.5% of the interest...

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