German authority: Maltese declarations still accepted by Commerzbank AG

The German federal financial supervisory authority has “unequivocally” confirmed that Commerzbank AG is still accepting declarations issued by Maltese audit firms, contrary to reports in certain media.

In an email to certified public accountants and holders of the Practiising Certificate in Auditing registered in Malta, the Accountancy Board sought to reassure accountancy professionals that “there is nothing specific against the jurisdiction of Malta or Maltese auditors per se”.

In a statement on 19 May, the local regulator had said that it was “fully satisfied that the case in question is only related to a specific situation involving a particular type of company structure. It is not specifically related to the jurisdiction of Malta or to Maltese auditors.”

In the latest email, the Accountancy Board informed operators that it had since received additional new information from the German authority, which confirmed that declarations from Maltese auditors were still being accepted by Commerzbank.

“There has been no change of policy in this respect,” it said.