Coronavirus: Regulatory reporting deadlines extended by MFSA

The Malta Financial Services Authority has extended regulatory reporting deadlines due to the Covid-19 outbreak.

“The MFSA considers it necessary and proportionate to apply flexibility in the applicable deadlines for the submission of regulatory reporting due over the next months,” a statement read.

The MFSA said that it will be making exceptions to the reporting deadlines for some of the submissions due in March and April.

For now, deadlines for May and June have remained in place, “unless the situation warrants for alternative dates to be communicated, based on the ongoing assessment of events”.

Insurance intermediaries’ extension applies to their audited financial statements and the management accounts and compliance statements.

For the pensions sector, an extension has been granted for the audited annual financial statements, management letter and auditor’s report.

Service providers for pensions have been granted an extension of two months for their audited annual financial statements and the interim and annual financial return.

Investment firms’ extension applies to their annual report, audited financial statements, COREP Return, management letter, and circularization exercise report.

The MFSA also told firms that it is not inclined to grant an extension, but may consider it for recovery plans and high-income earners under the CPD package, the recovery plan confirmation for local firms, system certification confirmation, conduct-related data return for investment firms and survey on cross-border activities by investment firms.

Investment funds and fund managers have been granted an extension for their annual report, audited financial statements, interim and annual financial return, management letter and confirmations.

Professional investor funds have been granted an extension on their annual report, audited financial statements, management letter, custodian report and auditor’s confirmation as well as their SRO declaration.

Trustees and CSPs have been granted an extension on their audited annual financial statements and their annual compliance return.

While many CSPs have submitted their statement of solvency, the MFSA will continue to require these submissions.