International Regulatory Updates

2019-04-11ECB launches public consultation on amendments to the supervisory fees framework
2019-04-11ECB publishes supervisory banking statistics for the fourth quarter of 2018
2019-04-08ECB Banking Supervision publishes results of 2018 SREP
2019-02-06ECB Banking Supervision conducts sensitivity analysis of liquidity risk as its 2019 stress test
2019-02-04ECB 2018 stress test analysis shows improved capital basis of significant euro area banks
2019-01-28EIOPA calls for improvements to the assessment of the propriety of board members and qualifying shareholder
2019-01-16ECB publishes single Code of Conduct for high-level officials
2019-01-14MFSA Newsletter - January 2019
2019-01-09ECB publishes consolidated Guide to assessments of licence applications - Press Release
Guide to assessments
2018-12-21MFSA Newsletter - November 2018
2018-12-17EBA sees further improvements in EU banks resilience but highlights challenges connected to profitability, funding and operational risk
2018-12-17Report on the results of the 2018 Insurance Stress Test
2018-12-14ECB will directly supervise 119 banks in 2019
2018-11-26ECB Regulation fosters a harmonised definition of default within the Single Supervisory Mechanism
2018-11-15ECB promotes a common understanding of the rules on internal models
2018-11-15EIOPA assesses supervisory practices and application of key functions through peer review
2018-11-13MFSA Newsletter - October 2018
2018-11-12ECB publishes final guides for banks on their capital and liquidity management
2018-11-07ESMA appoints new Chairs to four Standing Committees
2018-11-07ECB nominates Andrea Enria as Chair of Supervisory Board
2018-11-02Press ReleaseStress Test Results  
2018-10-11Sanctions Monitoring Board issues Guidance on Targeted Financial Sanctions
2018-10-10EBA acknowledges adoption of amended supervisory reporting standards by the European Commission
2018-10-09MFSA Newsletter - September 2018
2018-10-08Guidance on Politically Exposed Persons
2018-10-05Media Release
2018-10-04EBA publishes the preliminary impact of the Basel reforms on EU banks capital and updates on liquidity measures in the EU
2018-10-01ESMA to renew restriction on CFDs for a further three months
2018-09-21ECB publishes guide to on-site inspections and internal model investigations
2018-09-18Insufficient strategic steering may exacerbate banks’ profitability challenges
2018-09-14Press ReleaseConsultation Document
2018-09-07ECB launches public consultation on the risk-type-specific chapters of its guide to internal models
2018-09-06MFSA Newsletter - August 2018
2018-08-29EBA launches consultations on supervisory reporting for the reporting frameworkThe European BankingAuthority (EBA) launched today three public consultations on amendments to theImplementing Technical Standards (ITS) on supervisory reporting for thereporting framework 2.9. The proposed changes to the ITS on supervisoryreporting, which are part of the EBA reporting framework 2.9, aim to keepreporting requirements in line with changes in the regulatory framework andwith the evolving needs for Supervisory Authorities' risk assessments. The EBAwill move to a new modular release for the next reporting framework 2.9 and is,therefore, also publishing its forward schedule of the modular release to helpusers in their planning.Consultation on ITS on Supervisory Reporting amendments with regards to COREP securitisationConsultation on ITS on Supervisory Reporting amendments with regards to FINREPConsultation on ITS on Supervisory Reporting amendments with regards to COREP LCR      
2018-08-21ECB sanctions Crédit Agricole, S.A. for breaching the procedure for classifying capital between 2015 and 2016ECB sanctions Crédit Agricole Corporate and Investment Bank for breaching the procedure for classifying capital between 2015 and 2016ECB sanctions CA Consumer Finance for breaching the procedure for classifying capital in 2016
ECB sanctions Crédit Agricole, S.A. for breaching the procedure for classifying capital between 2015 and 2016
ECB sanctions Crédit Agricole, S.A. for breaching the procedure for classifying capital between 2015 and 2016
ECB sanctions Crédit Agricole, S.A. for breaching the procedure for classifying capital between 2015 and 2016
2018-08-01MFSA Newsletter - July 2018
2018-07-12ECB announces further steps in supervisory approach to stock of NPLs
2018-07-12EBA issues recommendation to the Maltese Financial Intelligence Analysis Unit in relation to its supervision of Pilatus Bank
2018-07-03ECB seeks feedback on draft ECB Regulation on materiality threshold for credit obligations past due
2018-07-03EBA assesses risks and opportunities from Fintech and its impact on incumbents business models
2018-07-02MFSA Newsletter - June 2018
2018-06-28ECB appoints Patrick Amis as Director General in the Directorate General Microprudential Supervision III
2018-06-28Eiopa Calls Upon National Supervisory Authorities To Remind Insurers Of Their Duty To Inform Customers About The Impact Of The Withrawal Of The United Kingdom From The European Union
2018-06-25EBA publishes Opinion to hasten financial institutions preparations for Brexit
2018-06-20ECB updates manual for Asset Quality Review of banks
2018-06-01MFSA Newsletter - May 2018
2018-06-01ESMA adopts final product intervention measures on CFDs and binary options
2018-05-30EBA and ESMA: institutions and authorities must consider retail holders of debt financial instruments in resolutions
2018-05-14EIOPA launches the fourth EU-wide insurance stress test
2018-05-09ECB sanctions Banco de Sabadell, S.A.
2018-05-08MFSA Annual Report 2017
2018-05-072018 stress test of Greek banks shows average capital depletion of 9 percentage points in adverse scenario
2018-05-02MFSA Newsletter - April 2018
2018-04-30ECB sets supervisory fees at €474.8 million for 2018
2018-04-02MFSA Newsletter - March 2018
2018-03-26EIOPA Stress Test 2018
2018-03-23ECB publishes guides to assessments of licence applications for banks and fintech credit institutions
2018-03-15ECB sets out its supervisory expectations for new NPLs  
2018-03-14EBA advises European Commission on the use of prudential backstops to prevent the building up of new NPLs
2018-03-05EIOPA Stakeholder Groups Selection Process
2018-03-02ECB launches public consultation on draft guides for banks on their capital and liquidity management
2018-02-28MFSA Newsletter - February 2018
2018-02-22Statement by Danièle Nouy, chair of the Supervisory Board of the ECB
2018-02-19ECB instructs national supervisor to impose moratorium on ABLV Bank
2018-02-19Malta 2018 - Captive Review Malta - A firm captive domicile with MFSA Chairman Prof Joe Bannister as featured in Captive Review "Malta 2018" special publication.
2018-02-13ESAs warn consumers of risks in buying virtual currencies
2018-02-02MFSA Newsletter - January 2018
2018-02-01ECB to stress test 37 euro area banks as part of the 2018 EU-wide EBA stress test
2018-02-01EBA launches 2018 EU-wide stress test exercise
2018-01-18ESMA consults on potential CFD and binary options measures to protect retail investors
2018-01-16The EBA Risk Dashboard confirms steady improvements in the EU banking sector but banks profitability and business model sustainability remain key challenges
2017-12-29MFSA Newsletter - December 2017
2017-12-20ESMA consults on securitisation requirements
2017-12-20ESMA issues statement on LEI implementation under MiFID II
2017-12-20Appointment of MFSA Chairman
2017-12-15ECB seeks industry feedback on assessment of internal models used for calculating counterparty credit risk
2017-12-14EIOPA’s stress test identifies spill-over risks into the real economy from shocks to the European occupational pensions sector
2017-12-14Occupational Pensions Stress Test 2017 - Reports/Presentation/FAQs
2017-12-14EBA publishes its standardised data templates as a step to reduce NPLs
2017-12-11EBA welcomes the revised Basel framework and provides an overview of its impact in the EU
2017-12-11ESAs publish draft technical standards to strengthen group-wide management of money laundering and terrorist financing risks
2017-12-11ESMA publishes key transparency calculations for MiFIDII/MiFIR implementation
2017-12-05ECB Press ReleaseList of Supervised Entities
2017-12-04MFSA Newsletter - November 2017
2017-12-01The 2017 Edition of Opalesque Roundtable Series - Malta 2017 was held at the MFSA. A report of the discussions held is available Opalesque Roundtable Series - Malta 2017. Major issues covered were: 
  • Consequences of the ESA (European Supervisory Authorities) review for the asset management industry
  • Changes to Malta's Notified AIF regime
  • Why Malta kept its Professional Investor Fund (PIF) regime when introducing AIMD - benefits for fund managers and investors
  • What are the risks of crypto currency funds from a depository perspective? 
  • Substance versus outsourcing: In order to operate from Malta, fund managers need to have local substance
  • What is the MFSA looking for when conducting on-site inspections?
  • What could Brexit mean for Malta?  What should US managers know regarding Brexit?
  • Why Malta offers opportunities for all types of service providers
2017-11-29Alternative Investment Management Association (AIMA) webcast on Tuesday 5th December - Alternative Investment Management Association (AIMA) Webcast
2017-11-27EBA sees a more resilient EU banking sector but challenges in NPLs, IT security and long-term profitability remain
2017-11-24The ECB Banking Supervision has issued a ECB - Banks in the euro area are progressing in implementing IFRS 9 accounting standardregarding Banks in the euro area and the implementation of IFRS 9 accounting standard.
2017-11-24The European Banking Authority (EBA) - Report on risks and vulnerabilities in the EU banking sector.

The International Organisation of Securities Commissions (IOSCO) has today issued two reports: a report on the Fourth IOSCO Hedge Funds Survey and an IOSCO Report on Good Practices for the Termination of Investment Funds.

2017-11-20EBA publishes methodology for the 2018 EU-wide stress test

ESMA publishes two statements relating to the risks posed by Initial Coin Offerings to investors and investment firms.


Press Release – ICO Statements


Investors – ESMA50-157-829 ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs)


Firms - ESMA50-157-828 ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements


2017-11-07EIOPA consults on a second set of Advice for the Review of the Solvency Capital Requirements
2017-11-03MFSA Newsletter - October 2017

Press Release: ESMA launches key MiFID II and MAR financial instrument reference database


Database:  FIRDS


The financial services sector plays a major role in the Maltese economy. This sector expanded by approximately 36% in terms of value added over the past six years.

This publication presents a review of the economic contribution of the financial services sector in Malta placing a special emphasis on the direct, indirect and induced effects generated both at an aggregate and at a sub-sectoral level. This study also presents a review of the input and output structure of the sector and how it relates to other sectors in the economy. 

The picture that emerges is that of a sector largely dominated by the activities of credit institutions, investment funds and special purpose entities. However, in recent years auxiliary services, pensions and insurance business appear to be outpacing the dominant activities in terms of growth. At a sub-sector level, the findings suggest that the total effect of an increase in final demand appears to be greater for the insurance business, pensions and auxiliary financial services. This is true not only in terms of gross value added but also for employment and income, which in turn, has policy implications. 

Furthermore, when taking into account the direct, indirect and induced effects, as well as the size of the sector, the total contribution of the financial services sector is estimated at 11.6% based on SIOT (2010), ranking amongst the highest in the Maltese economy.

The full document can be downloaded Research Paper - The contribution of the Financial Services sector to the economy.

2017-10-11EIOPA publishes guidelines on “execution-only” sales    
2017-10-09Press Release Briefing Document
2017-10-09ECB finds interest rate risk is well managed in most European banks
2017-10-04ECB reinforces its NPL guidance for banks
2017-10-03MFSA Newsletter - September 2017
2017-09-29EBA publishes Opinion on the design of a new prudential framework for investment firms
2017-09-26EBA publishes guidance to further harmonise EU banks internal governance
2017-09-25ESAs provide guidance to prevent terrorist financing and money laundering in electronic fund transfers
2017-09-25EBA consults on amendments to technical standards on supervisory disclosure
2017-09-25Consultation on amending ITS on Supervisory Disclosure
2017-09-22Consultation on guides concerning the assessment of licence applications and fintech credit institution licence applications
2017-09-05MFSA Newsletter - August 2017
2017-08-28ECB publishes amendments to the ECB regulation on reporting of supervisory financial information
2017-08-22Webinar: Introduction to AIMA for Maltese Managers
2017-08-03MFSA Newsletter - July 2017

PRESS RELEASE BY THE PARLIAMENTARY SECRETARIAT FOR FINANCIAL SERVICES, DIGITAL ECONOMY AND INNOVATION: Consultation document for the strengthening of the Malta Financial Services Authority

2017-07-27ECB launches consultation on guide to on-site inspections and internal model investigations
2017-07-19EBA amends Decision on the quality of unsolicited credit assessments of certain ECAIs for the assignment of risk weights
2017-07-13ESMA issues sector-specific principles on relocations from the UK to the EU27  
2017-07-13Press Release EBA Report on results from the 2nd EBA IFRS9 IA
2017-07-05EIOPA calls for a European Recovery and Resolution Framework for (Re)Insurers
2017-06-30EBA publishes its Opinion in response to the European Commission intention to amend the EBA Technical Standards for open and secure electronic payments under the PSD2
2017-06-30EBA publishes Report on consumer data and identifies a number of applicable requirements under EU law
2017-06-30EBA publishes 2017 consumer trends report
2017-06-30ECB’s updated review of NPL regimes shows countries should be proactive and ensure NPL toolkits are fit-for-purpose
2017-06-26ECB deemed Veneto Banca and Banca Popolare di Vicenza failing or likely to fail
2017-06-08Press ReleaseMethodological Note
2017-06-02MFSA Newsletter - May 2017
2017-06-02Press ReleaseConsultation
2017-05-26MiFID II/MiFIR Opinion
2017-05-26EBA announces details of its 2017 EU-wide transparency exercise        
2017-05-26EBA welcomes enhanced FX Global Code
2017-05-26EBA consults on scope of its draft guidelines on connected clients
2017-05-26Consultation on the scope of the draft Guidelines on connected clients
2017-05-22EIOPA launches its second EU-wide Occupational Pensions Stress Test
2017-05-16ECB publishes guidance to banks on leveraged transactions
2017-05-15ECB guide clarifies supervisory criteria and process for determining suitability of banks’ board members
2017-05-02MFSA Newsletter - April 2017
2017-05-01Malta EU Council Presidency events
2017-04-28ECB sets total supervisory fees at €425 million for 2017
2017-04-27EIOPA publishes an EU-wide thematic review of consumer protection issues in the unit-linked market
2017-04-13ECB harmonises supervisory rules for less significant institutions
2017-04-10Globus Vision has published an extensive feature on Malta: Globus Vision report on Malta - Ready to shake up the old continent
2017-04-06EIOPA sets out the Methodology to Derive The Ultimate Forward Rate
2017-04-03MFSA Newsletter - March 2017
2017-03-21The Guardian has today published a report about Malta produced by The Report Company. The special feature is available through The Guardian - Malta feature.   
2017-03-20ECB publishes guidance to banks on tackling non-performing loans  
2017-03-02Press ReleaseConsultation Paper
2017-03-02Press ReleaseEBA Comparative report on recovery options 
2017-03-01ECB Banking Supervision conducts sensitivity analysis focused on effects of interest rate changes
2017-03-01EBA publishes results of the CRDIV-CRR/Basel III monitoring exercise as of end June 2016
2017-02-28Conference Delegate Package Programme
2017-02-28MFSA Newsletter - February 2017
2017-02-23Variation margin exchange under the EMIR RTS on OTC derivatives
2017-02-22IMF Article IV Report on Malta - 2016
2017-02-17ECB launches public consultation on draft amendments to the ECB regulation on reporting of supervisory financial information regulation on reporting of supervisory financial information
2017-02-16EIOPA reinforces Supervisory Cooperation in Cross-Border Activities
2017-02-02Captive Review has published the 2017 Power 50 report. The Power 50 is a ranked list recognising the most influential professionals in the global captive insurance industry. MFSA Chairman Professor Joe Bannister is one such recognised influential professional who has made it to the Power 50 list. The Captive Review - Power 50 list provides the full run-down of the 2017 Power 50 cohort, as well this year’s Enterprise Risk Captive (ERC) Pioneers and the Captive Review Hall of Fame.      


2017-01-31MFSA Newsletter - January 2017
2017-01-23Interest rising in Malta as onshore option for UK insurers post Brexit - CRE: Interest rising in Malta as onshore option for UK insurers post Brexit on Commercial Risk Europe.
2017-01-23Central Bank of Malta Quarterly Review – First Issue 2017
2017-01-18More for Malta: More for Malta - Captive Review - 2016 Year in Reviewwith MFSA Profs. Joe Bannister, as featured in the "2016 Year in Review" published by Captive Review.
2017-01-18EBA and ESMA call to clarify margin requirements between CRR and EMIR
2017-01-18EBA publishes DPM and XBRL taxonomy 2.6 for remittance of supervisory reporting
2017-01-13EBA updated Risk Dashboard shows that elevated NPLs and a high cost base pose a significant profitability challenge for EU banks
2016-12-29MFSA Newsletter - December 2016
2016-12-27Conferences/Seminars/Events 2017
2016-12-22EBA to run its next EU-wide stress test in 2018
2016-12-22EBA sees considerable improvement in the average LCR across EU banks
2016-12-19The FCA has issued the bellow notification:We areaware that an email was sent on Friday December 16 2016 entitled "FCA Regulation2017" which appeared to be from This email was not sentby the FCA and recipients should delete the email without opening.
2016-12-16ECB launches public consultation on the guide on materiality assessment for changes to counterparty credit risk models
2016-12-15ECB Press Release - Supervisory Board Member appointed
2016-12-15ECB Press Release - Governing Council statement on Macroprudential Policies
2016-12-15Press ReleaseThe Supervisory Review and Evaluation Process in 2016
2016-12-15Press ReleaseSSM Supervisory priorities 2017
2016-12-15Press Release 2016 EIOPA Insurance Stress Test ReportRecommendations of 2016 EIOPA’s Insurance Stress TestFrequently Asked QuestionsPresentation of the results by Gabriel Bernardino, Chairman of EIOPA at the press conference???
2016-12-14EBA makes final recommendations for strengthening loss-absorbing capacity of banks in Europe
2016-12-09Press Release EIOPA Financial Stability Report - December 2016
2016-12-03EBA Press Release - Annual Risk Assessment Report and 2016 EU-wide Transparency Exercise data EBA Risk Assessment Report2016 EU-wide transparency exercise results
2016-12-01MFSA Newsletter - November 2016
2016-12-01ESMA to provide free credit ratings information to public
2016-11-29FinanceMalta US event - Access for Funds & Managers to the European Union Marketplace
2016-11-28ECB publishes additional banking supervision statistics
2016-11-28Seminar Organised by Bruegel/MFIN/MFSA in Conjunction with the Malta-EU Presidency 2017 - The Outlook for European Financial Centres
2016-11-23Press ReleasePublic Consultation
2016-11-21Annual assessment of significance brings number of banks directly supervised by the ECB to 127  
2016-11-17Institute of Directors – Malta in conjunction with the Malta Institute of Management - What future is there for Malta, Britain and the EU after Brexit?” - Friday 2nd December at the Malta Financial Services Authority
2016-11-15ECB publishes guidelines on assessment and monitoring of institutional protection schemes
2016-11-14Press ReleasePublic consultation on the draft guide to fit and proper assessments
2016-11-07Press ReleaseStress Test Results
2016-11-04EBA publishes final guidelines on ICAAP and ILAAP information
2016-11-04EBA consults on Guidelines on authorisation and registration under PSD2
2016-11-03Press ReleasePublic ConsultationECB Guide on options and discretions available in Union law
2016-11-01MFSA Newsletter - October 2016
2016-11-01EBA recommends a measure based on total liabilities as the target level of resolution financing arrangements
2016-10-31Consultation on Joint ESMA EBA Guidelines on suitability of management body
2016-10-31Consultation on Guidelines on internal governance (revised)
2016-10-31EBA reviews its guidelines on internal governance
2016-10-31EBA and ESMA consult on assessing the suitability of banks and investment firms members of the management body and key function holders
2016-10-31PWM have issued a Attracting Assets to Malta's Financial Centre - Marketing Report regarding the campaign "Attracting Assets to Malta's Financial Centre"
2016-10-27EBA consults on technical standards on MREL reporting by Resolution Authorities
2016-10-27Consultation on ITS on MREL reporting by Resolution Authorities
2016-10-25Q&A with MFSA Chairman Prof Joseph Bannister as featured in's Special Report Malta Alternative Investment Fund Services 2016. The full Report is available here.
2016-10-20mymoneybox - Newsletter - October 2016
2016-10-18Commercial Risk Europe - Implications of Brexit for Malta and its businesses, the state of local risk management and the effects of Solvency II (MARM)
2016-10-18Commercial Risk Europe - Malta posts another decent year and ready for Brexit, featuring an interview with MFSA Chairman Prof. Bannister.   
2016-10-14ESMA issues Guidelines on Remuneration Practices under UCITS and AIFMD
2016-10-13Press ReleaseWork Programme
2016-10-12EBA publishes final guidelines on corrections to modified duration for debt instruments
2016-10-12Press ReleaseWork Programme
2016-10-12ESMA StatementQ&A
2016-10-11EBA updates on monitoring of Additional Tier 1 instruments
2016-09-30MFSA Newsletter - September 2016
2016-09-29EBA harmonises the definition of default across the EU
2016-09-29Captive Review - Malta expecting a “bumper year” for new formations featured in
2016-09-23EBA publishes final draft technical standards on information exchange between authorities regarding qualifying holdings
2016-09-23EBA consults on technical standards on fee terminology and disclosure documents under the Payment Accounts Directive
2016-09-23EBA consults on Guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers
2016-09-23Consultation on the Guidelines on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance under PSD2
2016-09-23Consultation on Technical Standards on standardised terminology and disclosure documents under the PAD
2016-09-22FERMA - European Risk Seminar
2016-09-12EBA issues revised list of ITS validation rules
2016-09-12ESAs reject proposed amendments from the European Commission to technical standards on non-centrally cleared OTC derivatives
2016-09-12ECB launches public consultation on guidance to banks on non-performing loans
2016-09-09EBA says that core funding ratio cannot replace NSFR when assessing funding risk
2016-09-09EBA updates its CET1 list
2016-09-09ESAs highlight main risks for the EU financial system
2016-09-09Malta’s growth focused on quality not quantity - Interview - Malta’s growth focused on quality not quantity as reported by Professional Wealth Management (an FT publication), featuring MFSA Chairman Prof. Bannister.
2016-08-31MFSA Newsletter - August 2016
2016-08-10ECB publishes an Addendum to the Guide on how to harmonise options and discretions in banking supervision
2016-08-08EBA publishes indicators from 36 global systemically important institutions (G-SIIs)
2016-08-08EBA provides input based on the Single Rulebook Q&As to the European Commission's CRR-CRD review
2016-08-05EBA amends technical standards on benchmarking of internal approaches
2016-08-04EBA publishes list of designated Resolution Authorities
2016-08-04EBA recommends introducing the Leverage Ratio in the EU
2016-08-03The latest edition of international financial journal Cell & Series Guide 2016, published by Captive Review, featured an article on Securitisation Cell Companies by Michelle Mizzi Buontempo and Sephora Scerri.
2016-07-30EBA Press ReleaseECB Press ReleaseStress test resultsFAQ
2016-07-28EBA discloses example of templates for stress test results
2016-07-28EBA publishes final draft technical standards on separation of payment card schemes and processing entities under the IFR
2016-07-28EBA consults on Guidelines on credit risk management practices and accounting for expected credit losses
2016-07-26EBA consults on the appropriate basis for the target level of resolution financing arrangements
2016-07-26Consultation on Report on the appropriate target level basis for resolution financing arrangements under BRRD
2016-07-18EBA launches data collection to support the new prudential framework for investment firms
2016-07-15EBA notes progress in convergence of supervisory practices across the EU
2016-07-12EBA updates on monitoring of Additional Tier 1 instruments
2016-07-12Press ReleaseGuide 
2016-07-11EBA publishes a report on the benchmarking of diversity practices at European Union Level

Assessment of Malta’s AIF fund structuring Environment - Article by Dr Isabelle Agius, featuring in GFM Special Report 2016.

2016-07-11ESMA publishes the final translated versions of the Guidelines on cross-selling practices
2016-07-08EIOPA - Final release of the XBRL Tool for Undertakings
2016-07-07EBA announces details of its 2016 transparency exercise
2016-07-06EIOPA advises on the development of an EU single market for personal pension products
2016-07-04Press ReleaseConsultation
2016-07-01Press ReleaseInfo Update
2016-06-30MFSA Newsletter - June 2016
2016-06-23Opalesque Roundtable Series - Malta 2016 - Opalesque Roundtable Series 2016 - Malta 
2016-06-22EBA publishes its consumer trends report 2016
2016-06-21Governance and risk appetite frameworks of euro area banks need to be strengthened, ECB report finds
2016-06-16Press ReleaseAnnual Report
2016-06-14EBA publishes final draft technical standards on specialised lending exposures
2016-06-03EBA publishes decision on data for supervisory benchmarking
2016-06-01MFSA Newsletter - May 2016
2016-06-01EBA and EIB discuss opportunities and challenges of synthetic securitisation in the banking sector
2016-05-25EBA publishes final Guidelines on stress tests for deposit guarantee schemes
2016-05-25ESMA clarifies the reporting of reference data under MAR from 3 July 2016
2016-05-24MFSA - The wider picture (Captive Review) published in the May edition of Captive Review covering the latest regulatory developments.
2016-05-24EIOPA launches EU-wide Insurance Stress Test 2016
2016-05-18EBA confirms the use of unsolicited credit ratings for determining institutions capital requirements
2016-05-13EBA agrees with the Commission on changes to the amended technical standards on benchmarking of internal approaches
2016-05-13ESAs clarify their position on technical standards on the credit quality steps for ECAIs credit assessments
2016-05-10The MFSA Annual Report 2015 and the Financial Statements for the year ended 31 December 2015 have been tabled in Parliament and are now available on the MFSA website. Annual Report Financial Statements
2016-05-05Press ReleaseConsultation Document
2016-05-04EBA amends historical look-back approach (HLBA) method for calculating additional collateral outflows
2016-05-02ESMA Press release - Publication of first EU-wide CCP stress test results
2016-04-29MFSA Newsletter - April 2016
2016-04-28ECB Banking Supervision press release - ECB sets total supervisory fees for 2016
2016-04-26EBA consults on disclosure of encumbered and unencumbered assets
2016-04-26EBA discloses first list of O-SIIs in the EU
2016-04-20Press ReleaseGuidelines
2016-04-18Press ReleaseOpinion
2016-04-14ESMA announces EU-wide stress tests for CCPs
2016-04-14The European Insurance and Occupational Pensions Authority (EIOPA) published its EIOPA Recommends To Enhance Risk Assessment And Transparency Of Pension Funds on a Common Framework for Risk Assessment and Transparency for Institutions for Occupational Retirement Provision (IORPs).
2016-04-13EBA publishes Report and recommends supervisory best practices on securitisation risk retention, due diligence and disclosure
2016-04-13EIOPA Publication of the Preparatory Guidelines on Product Oversight and Governance
2016-04-13EBA publishes Opinion on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories
2016-04-11ESMA Opinion - Key principles for a European framework on loan origination by funds
2016-04-08ESAs identify vulnerabilities affecting the EU financial system and suggest actions to address the main risks
2016-04-08EBA and EIB Group to promote discussion on synthetic securitisation and credit guarantees
2016-04-07Press ReleaseDraft Regulatory Technical Standards with regard to presentation, content, review and provision of the key information document, including the methodologies underpinning the risk, reward and costs information in accordance with Regulation (EU) No 1286/2014 of the European Parliament and of the Council
2016-04-01ESMA publishes UCITS remuneration guidelines
2016-03-30MFSA Newsletter - March 2016
2016-03-24EBA seeks input at national level on FINREP and GAAP
2016-03-24ECB publishes Regulation and Guide on how to harmonise options and discretions in banking supervision
2016-03-22EBA publishes Decision specifying the benchmark rate under the Mortgage Credit Directive
2016-03-22EBA responds to the European Commission's Green Paper on Retail Financial Services
2016-03-16The MondoAlternative - Dossier Maltaof international financial journal Mondo Alternative provided an in-depth reportage of the investment services sector in Malta, including an interview with MFSA Chairman Prof. Bannister.
2016-03-09EBA amends DPM and XBRL taxonomy 2.4 for remittance of supervisory reporting
2016-03-09EBA issues amended standards on supervisory reporting for institutions
2016-03-09ESAs publish final draft technical standards on margin requirements for non-centrally cleared derivatives
2016-03-09EBA publishes new DPM and XBRL taxonomy 2.5 for remittance of supervisory reporting
2016-03-04EIOPA appoints new members of stakeholders groups
2016-03-03EBA publishes results of the CRDIV-CRR/Basel III monitoring exercise as of 30 June 2015
2016-02-29MFSA Newsletter - February 2016
2016-02-24Press ReleaseEU-wide Stress Test 2016 Methodological NoteFAQs
2016-02-16EBA publishes Guidelines on cooperation agreements between deposit guarantee schemes
2016-02-16EBA publishes final draft ITS on the mapping of ECAIs credit assessments for securitisation positions
2016-02-11EBA expresses dissent over EU Commission proposed amendments to the MREL technical standards
2016-02-11PressRelease – Report-
2016-02-02EIOPA - Stress test 2016
2016-02-01MFSA Newsletter - January 2016
2016-01-29EBA launches an impact assessment of IFRS 9 on banks in the EU
2016-01-29F.Parente elected as the new Executive Director and P.Braumüller re-elected as Alternate Chair
2016-01-29ESAs submit a joint letter to the European Commission on cross-selling of financial products in the EU
2016-01-26EIOPA - Results of the first EU stress test for occupational pensions
2016-01-14EBA publishes revised final draft technical standards and Guidelines on methodology and disclosure for global systemically important institutions
2016-01-06Press ReleaseSupervisory priorities
2016-01-05EBA acknowledges notification from the Banco de Portugal in relation to Novo Banco
2016-01-04Press ReleaseSolvency II explained - EIOPA
2016-01-01ESMA consults on transaction reporting, reference data, record-keeping and clock synchronisation under MiFIR

ESMA consults on transaction reporting, reference data, record-keeping and clock synchronisation under MiFIR

The European Securities and Markets Authority (ESMA) has publisheda Consultation Paper (CP) on guidelines regarding the Markets in Financial Instruments Regulation (MiFIR) under which ESMA has to develop the implementing details.The CP seeks stakeholders feedback on future guidance regarding:• Transaction Reporting;• Reference Data;           

Related documents:



2015-12-30MFSA Newsletter - December 2015
2015-12-30ECB - Annual assessment of significance brings number of banks directly supervised by the ECB to 129
2015-12-29Regulating Malta’s Financial Sector – maltatoday Finance
2015-12-23EBA consults on draft guidelines on remuneration requirements for sales staff
2015-12-22EBA updates on the status of its final Implementing Technical Standards on benchmarking portfolios
2015-12-22EBA updates on risks and vulnerabilities in the EU banking sector
2015-12-22EBA publishes final Guidelines on sound remuneration policies and its Opinion on the application of proportionality
2015-12-22EBA acknowledges notification from the Portuguese Government and Banco de Portugal
2015-12-22EIOPA is ready to provide the Solvency II risk-free interest rate term structures
2015-12-21Reissue - ESMA seeks candidates for its stakeholder representative group
2015-12-21ESMA has published its Follow-up Report on the development of the ‘Best Practice Principles for Providers of Shareholder Voting Research and Analysis
2015-12-21EBA consults on draft Guidelines on stress testing
2015-12-21EBA calls for more certainty and consistency in the application of restrictions to profits pay-outs to restore capital adequacy
2015-12-21Consultation on the Guidelines on stress testing and supervisory stress testing
2015-12-21Proxy advisors take steps towards increased transparency
2015-12-17EP confirms the extension of Andrea Enria as Chairperson of the EBA
2015-12-17EBA defines harmonised prudential requirements for Central Securities Depositories (CSDs)
2015-12-16EBA issues final Guidelines on institutions exposures to shadow banking entities and recommends approach to limiting risks
2015-12-16EBA identifies areas of improvement in the cooperation between EU and third countries
2015-12-15EIOPA - Press release on the Fourth Consumer Trends Report.
2015-12-14Press ReleaseConsultation Document
2015-12-14Press ReleaseConsultation Paper
2015-12-10Consultation on Implementing Technical Standards on proposed amendments to FINREP IFRS due to IFRS 9 (EBACP 2015 23)
2015-12-10Consultation on separation of payment card schemes and processing entities under the IFR
2015-12-10Discussion on RTS on strong customer authentication and secure communication under PSD2
2015-12-09EIOPA Stakeholder Groups selection procedure – deadline extended to 6 January 2016
2015-12-09Press ReleaseEIOPA Financial Stability Report December 2015
2015-12-04ESMA seeks candidates for its stakeholder representative group
2015-11-30MFSA Newsletter - November 2015
2015-11-26EU-U.S. Insurance Project holds its 3rd Public Forum
2015-11-26Correction statement on 2015 EU-wide transparency data
2015-11-24Financial services done right, a feature by The Report Company. This is part of an extensive reportage on Malta published on The Guardian.
2015-11-24The European Banking Authority (EBA) has published the outcome of its 2015 EU-wide transparency exercise.Press ReleaseReport – 2015 EU-wide transparency exercise  
2015-11-19Consultation on RTS on criteria for a preferential treatment in cross-border intragroup financial support under LCR
2015-11-19ESMA will not exempt the collateralisation of bank guarantees for energy derivatives under EMIR
2015-11-17ESMA consults on the validation and review of CRAs’ methodologies
2015-11-14ECB concludes comprehensive assessment for nine banks
2015-11-13EBA consults on draft Guidelines on the treatment of CVA risk under SREP
2015-11-13ESMA updates EMIR standards on data reporting
2015-11-12EBA updates on remuneration practices and the use of allowances across the EU
2015-11-12EBA publishes benchmarking report on the use of higher ratios for variable remuneration
2015-11-11EBA consults on information exchanges between authorities regarding qualifying holdings
2015-11-11ECB launches consultation on harmonising the exercise of options and discretions in union law
2015-11-09Press ReleaseQ&A
2015-11-05ESMA publishes responses to the Consultation on Draft implementing technical standards under MiFID II
2015-11-05Press ReleaseEU-wide stress testing 2016
2015-11-04Press Release
2015-11-02The disclosure templates and the aggregate report have been published on the ECB - Results of the 2015 comprehensive assessment
2015-10-30MFSA Newsletter - October 2015
2015-10-29ESMA publishes responses to the Consultation on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
2015-10-27EBA publishes final templates and instructions for the Quantitative Impact Study on the definition of default
2015-10-22EBA updates list of Common Equity Tier 1 (CET1) capital instruments
2015-10-22EBA, EIOPA and ESMA consult on anti-money laundering and countering the financing of terrorism
2015-10-22EBA, EIOPA and ESMA consult on Guidelines on risk factors and simplified and enhanced customer due diligence
2015-10-22EBA, EIOPA and ESMA consult on Guidelines on risk based supervision
2015-10-22EBA consults on Guidelines on communication between competent authorities supervising credit institutions and statutory auditors
2015-10-16Malta Risk & Insurance Report 2015
2015-10-12ECB to conclude comprehensive assessment of nine banks in November 2015
2015-10-07Interview with Prof. Bannister as Jurisdictional Requirements: Malta [Interview with Prof. Bannister] on Global Programmes 2015 (a publication by Captive Review).
2015-10-01MFSA Newsletter - September 2015
2015-09-28Press ReleaseOpinion 
2015-09-28ESMA ESMA readies MiFID II, MAR, and CSDR: ESMA readies MiFID II, MAR, and CSDR
2015-09-25Press ReleaseEIOPA Opinion
2015-09-23EBA consults on harmonised definition of default
2015-09-23Consultation on Guidelines on the application of the definition of default
2015-09-22ESMA has published draft ITS on penalties and measures under UCITS V
2015-09-17Hedgeweek Special Report - Malta Alternative Investment Fund Services 2015 - Developments and opportunities in Malta
2015-09-17The MFSA and the Maltese financial services jurisdiction was featured in a Financial Markets in Malta: Developments and opportunitiespublished  in this month's special edition of InvestNews published by Voxia.    
2015-09-16The European Insurance and Occupational Pensions Authorities (EIOPA) has launched a EIOPA - Call for Expression of Interest regarding the setting up of EIOPA Stakeholder Groups regarding the setting up of EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following the expiration of their mandates later next year.   
2015-09-14EBA updates on remuneration practices and high earners data for 2013 across the EU
2015-09-09ESAs see continued risks in EU financial markets and call for rigorous action on assets and liabilities
2015-09-01ESMA approves Greek HCMC short selling ban
2015-08-31MFSA Newsletter - August 2015
2015-08-27MFIN Consultation on Barriers to Capital Movements
2015-08-11Protection for Cell Structures - Protection for Cell Structures by Angele Galea St John, Director, MFSA Authorisation Unit.This article first appeared in Cell Company Guide 2015, published by Captive.
2015-08-07Doing Business in Malta published by The Times of Malta on “Doing Business in Malta”.This supplement features an interview with MFSA Chairman, Prof Joe Bannister, as well as with other financial services practitioners in the banking, insurance and corporate service sectors.  
2015-08-05ESMA advises Commission on implementation of CSD Regulation
2015-08-03MFSA Newsletter - July 2015
2015-07-28ESMA agrees to a further renewal of the short selling ban by Greek HCMC
2015-07-21ESMA agrees to further renewal of short selling ban by Greek HCMC
2015-07-21ESMA publishes updates to Q&As on the application of the AIFMD
2015-07-17Joint Statement by the Romanian Financial Supervision Authority, the European Commission and EIOPA on the independent assessment of the Romanian insurance sector
2015-07-14ESMA agrees to further renewal of short selling ban by Greek HCMC
2015-07-06EIOPA publishes Set 2 of Solvency II Technical Standards and Guidelines

EBA Chairman dismisses rumours over haircuts to Greek depositsAndrea Enria, Chairperson of the European Banking Authority (EBA), the EU institution that reunites the banking supervisors and regulators of the EU, said today in a statement: "I am not aware of any plans to introduce haircuts to retail depositors of Greek banks, as reported in the media this morning. I highly doubt that any authority or public body at EU or Member State level could consider this option, as it would be against EU law and the EBA would immediately start breach of EU law proceedings”. In his statement Enria reminded that “EU legislation is in place to protect retail Greek depositors, as any other depositor in the EU".


EU legislation on deposits guarantees, explained simply:


For the full text of the Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on Deposit Guarantee Schemes

2015-06-30 Main siteThe Right Model - Interview with MFSA Chairman Prof. Joe V. BannisterFinancial Services Review
2015-06-30MFSA Newsletter - June 2015
2015-06-25The Opalesque 2015 Malta Roundtable: Loan funds, cell companies, de minimis regime: Malta fastest growing EU fund jurisdictionIntroductionFull Report
2015-06-17EBA publishes 2014 Annual Report and Executive Summary
2015-06-17EBA issues amended technical standards on leverage ratio disclosure and reporting
2015-06-17EBA issues revised list of ITS validation rules
2015-06-15ESMA launches new strategy and publishes 2014 annual report
2015-06-01EIOPA updates on the major risks to financial stability
2015-05-29EBA publishes guidelines on contributions and payment commitments to deposit guarantee scheme
2015-05-21Press ReleaseCompliance Table
2015-05-13ESMA publishes updates to Q&As on the AIFMD application
2015-05-13ESAs publish responses to consultation on Guidelines for cross-selling practices
2015-05-12Press ReleaseConsultation Paper  
2015-05-12Press ReleaseFinal Report 
2015-05-11ESMA consults on technical standard No 4 on central clearing of IRS
2015-05-06EIOPA updates on preparation for Solvency II
2015-05-06ESMA releases final guidelines clarifying the definition of commodity derivatives under MiFID
2015-05-05EBA updates its monitoring of Additional Tier 1 capital instruments
2015-05-05ESAs - main risks to EU financial market stability have intensified
2015-04-30MFSA Newsletter - April 2015
2015-04-27ESMA publishes updated EMIR Q&A – focus on reporting
2015-04-23ESMA consults on draft guidelines specifying criteria for the assessment of knowledge and competence in MiFID II
2015-04-22ESMA is seeking information on new developments in virtual currency investment
2015-04-17EBA reviews work of EU colleges of Supervisors for cross-border banking groups
2015-04-02Single Supervisory Mechanism   
2015-04-01ESMA publishes updates to Q&As on the implementation of the European Markets Infrastructure Regulation (EMIR)
2015-04-01The European Securities and Markets Authority (ESMA) has published an update of its list of central clearinghouses (CCPs) which are authorised under the European Markets Infrastructure Regulation (EMIR) and its Public Register for the Clearing Obligation.
2015-04-01ECB publishes the 2014 SSM Annual Report
2015-04-01ESMA launches centralised data projects for MiFIR and EMIR
2015-03-30MFSA Newsletter - March 2015
2015-03-26ESMA publishes updates to Q&As on the AIFMD application
2015-03-26ESMA publishes updates to Q&As on the KIID
2015-03-24Press ReleaseConsultation Paper
2015-03-17EBA updates its risk dashboard for EU banking sector
2015-03-12EBA issues revised list of ITS validation rules

The European Insurance and Occupational Pensions Authority (EIOPA) published today the Final Reports, which contain the Advices to the European Commission (EC) regarding the full equivalence assessments of Bermuda, Japan and Switzerland.

The reports will allow the EC to take fully-informed decisions in 2015 in relation to these third countries' regimes.

The Solvency II equivalence criteria are based on the overarching principles of Solvency II and include requirements relating to the system of governance, professional secrecy and the exchange of information, effective risk management, solvency, and powers and responsibilities of supervisory authorities. 

The Final Reports include an annex with the resolution of comments received by EIOPA during the public consultation.

The documentation can be viewed here:

Final Report on full equivalence assessment of Bermuda:

Final Report on full equivalence assessment of Japan:

Final Report on full equivalence assessment of Switzerland:

2015-03-11EBA defines requirements for business reorganisation plans
2015-03-11ESMA publishes responses received to consultation on MiFID II/MiFIR
2015-03-10ESMA clarifies its interest rate swaps clearing standards
2015-03-09ESMA and MAS conclude MoU on CCPs
2015-03-05EBA reviews guidelines on remuneration policies
2015-03-05Consultation on Guidelines on sound remuneration policies
2015-03-04EBA publishes results of the Basel III monitoring exercise as of 30 June 2014
2015-03-03EBA updates on future EU-wide stress tests
2015-03-02The ESMA has today issued a notification with regard to the ESMA publishes an update regarding the MiFID II Consultation Period period which closes tonight at the following local times:
  • Paris - midnight
  • London - 11p.m.
  • New York - 6p.m.
2015-03-02ESMA publishes Overview of all Guidelines and Technical Standards
2015-02-27MFSA Newsletter - February 2015
2015-02-25Press ReleasePeer Review Report
2015-01-30MFSA Newsletter - January 2015
2015-01-23Angele Grech (Director, Authorisation Unit)'s article introduces the Captive Review Malta Insurance Report 2015 which analysis the development of Malta as a financial jurisdiction over the previous year.
2015-01-19White Paper - Disclosure and transparency under AIFMD: a new standard, by Joseph Agius (Deputy Director, Securities and Markets Supervision Unit) and Jonathan Sammut (Analyst, Securities and Markets Supervision Unit) as published in Fund Formation, Domiciling and Distribution 2015, published by Clear Path Analysis.  
2015-01-09Q&A Application of the AIFMDQ&A ESMA’s guidelines on ETFs and other UCITS issues
2014-12-29MFSA Newsletter - December 2014
2014-12-23ESMA publishes credit rating agencies' market share calculations for 2014

ESMA has published Technical Advice and the latest Consultation Paper on MiFID II/MiFIR. ESMA Press StatementConsultation PaperTechnical Advice

2014-12-22EIOPA consults on the Solvency II equivalence of Bermuda, Japan and Switzerland
2014-12-22Press ReleaseGuidelines on the security of internet payments
2014-12-15The European Banking Authority (EBA) published today a consultation paper on draft Guidelines on arrears and foreclosure under the Mortgage Credit Directive (MCD). As foreclosure can have significant consequences for consumers, creditors should implement measures to attempt to resolve with the borrower any payment difficulties before initiating foreclosure proceedings. These draft Guidelines will ensure that such measures are developed and adopted consistently across the European Union. The public consultation will run until 12 February 2015. EBA publishes a consultation paper on draft Guidelines on arrears and foreclosure under the Mortgage Credit Directive (MCD)  
2014-12-12ESMA has just published its Peer Review Report on MiFID Conduct of Business on fair, clear and not misleading information – the first peer review exercise conducted under ESMA which involved the use of on-site visits.
2014-12-09Artemis: Malta completes its Securitisation Cell Company regulations, ready for ILS
2014-12-03EIOPA launches Public Consultation on the Solvency II Standards and Guidelines
2014-12-03EIOPA publishes the outcome of the Public Consultation related to the first set of the Draft Guidelines for Solvency II
2014-12-03EIOPA Publishes its Third Consumer Trends Report
2014-12-02ESMA consults on AIFMD asset segregation requirements
2014-12-01EIOPA Issues Sound Principles For Crisis Prevention, Management And Resolution
2014-11-28EIOPA has published a Consultation paper on powers for banning insurance-based investment products
2014-11-28MFSA Newsletter - November 2014
2014-11-19Speech by Gabriel Bernardino, Chairman of EIOPA, at the 9th European Pension Funds Congress
2014-11-19Embracing Change - Regulatory Innovation: an Article by Angele Grech, published in "Solvency II - 2014", issued by Captive, which discusses Malta's innovative establishment of a regulatory regime for protected cell companies. The full version of the Solvency II - 2014 publication is available here.

Regulator approach is giving Malta the edge (as published on Paul Owens

The approachability of the Malta Financial Services Authority (MFSA) is proving a big pull for prospective captive owners, according to Willis’ captive chief Paul Owens.

Malta is beginning to prove an attractive domicile for corporations wanting to write business direct into Europe, while it also has established PCC legislation.

Captive Review revealed in June Virgin Media was the latest big name to license a captive in the Mediterranean jurisdiction, while Nissan is already on the island.

“The regulatory framework in Malta is a big factor,” Owens, chief executive officer at Willis Global Captive Management, told Captive Review at the European Captive Forum in Luxembourg.

“When we do the feasibility study and domicile review for a client, if Malta is on the shortlist then they like to go there and the positive reception you get from the regulators is very appealing.”

Malta is due to go live with its Securitisation Cell Company legislation in the new year, which should add further options in the cell and insurance-linked securities space.

Soft factors including time zone, travel and the weather also play a part according to Owens, but he says there is substance behind the fact it is now Willis’ fastest growing captive office outside of Vermont.

He added:“We are looking to hire more people and take more office space. We have some really good people there already and the great thing about Malta is there are lots of good people who are suitable too.”



2014-11-03EIOPA consults on the Calculation Process for the Solvency II relevant Risk Free Interest Rate
2014-10-31MFSA Newsletter - October 2014
2014-10-31EIOPA delivers Solvency II Implementing Technical Standards on supervisory approval processes
2014-10-31EIOPA publishes the outcome of the Public Consultation related to the Guidelines on the Operational Functioning of Colleges of Supervisors
2014-10-30EIOPA publishes action plan 2015/16 for colleges and a list of cross-border insurance groups for which a college is in place
2014-10-27EIOPA: EU-U.S. Insurance Project reports on increased transatlantic cooperation
2014-10-23EBA issues revised list of ITS validation rules
2014-10-23EBA - All you need to know about the 2014 EU-wide stress test
2014-10-22The European Insurance and Occupational Pensions Authority (EIOPA) issued today its Guidelines on the use of the Legal Entity Identifier (LEI) in all the official languages of the EU. According to them, national competent authorities (NCAs) should ensure that all institutions under their supervisory remit obtain a LEI code. The use of LEI will apply to all information collected by EIOPA including Solvency II reporting and registers. Within 2 months, the NCAs should confirm to EIOPA their compliance or intention to comply with the Guidelines on the use of LEI that will become applicable on 31 December 2014. With these Guidelines, EIOPA supports the adoption of the LEI system proposed by the Financial Stability Board (FSB) and endorsed by the G20, aimed at achieving a unique, worldwide identification of parties to financial transactions. EIOPA believes that the use of LEIs will enhance supervisory convergence and overall efficiency of the supervisory system while ensuring the high quality, reliability and comparability of data. In addition EIOPA publishes the Final Report on the public consultation on the draft Guidelines related to the use of LEI, which contains the impact assessment of the Guidelines and EIOPA’s Feedback Statement on the public consultation.  The language versions of the Guidelines and other documentation can be viewed EIOPA issues guidelines on the use of the Legal Entity Identifier.
2014-10-09The AIFMD transition in Malta - Article by Robert Higgans and Clare Farrugia as featured in Hedgeweek Special Report Malta Hedge Fund Services 2014.The full version of the Hedgeweek Special Report is available here.
2014-10-06Malta International Training Centre set to introduce actuarial qualifications

1.      Consultation on delegated acts required by the UCITS V Directive ( for comments 24/10/2014 

2.      Consultation on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation ( for comments 01/11/2014 

3.      Consultation on clearing obligation under EMIR - no3 ( for comments 06/11/2014 

4.      Consultation on the implementing measures of the Regulations on EuSEF and EuVECA ( for comments 10/12/2014

5.      Consultation on draft RTS on prospectus related issues under the Omnibus II Directive ( for comments 19/12/2014

6.      Consultation on draft guidelines on the application of C6 and C7 of Annex I of MiFID ( for comments 05/01/2015

2014-09-30MFSA Newsletter - September 2014
2014-09-22The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. Press ReleaseFull Report
2014-09-16The MFSA has published an updated Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes. This revised Manual is updated with the  requirements of the Alternative Investment Fund Managers Directive (2011/61/EU). The objective of this Manual is to increase awareness amongst Directors who are vital for the proper operation of investment companies and funds. The Manual also provides general guidance on the implementation of good governance in financial services. A copy of the Manual is available from the Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes.
2014-09-12The MFSA has published MFSA Insurance and Re-Insurance Statistics 2013 related to the Insurance and Re-Insurance sector for 2013.
2014-09-11The Upper Reach team interviewed Prof. Joseph Bannister, Chairman of the Malta Financial Services Authority about Malta’s economic performance, his role as regulator of the financial sector, and opportunities for Maltese-UK partnerships. Prof. Bannister spoke about the financial sector as being an important part of the economy and how the Authority has put in practice its motto, “innovation through regulation.” The full article is available is on the Innovation through Regulation - Interview with Prof. Bannister.
2014-09-09Appointment of members of the Administrative Board of Review
2014-09-04Practical Implementation of AIFMD in Malta: The MFSA’s Authorisation Process - Article by Dr Christopher P. Buttigieg and Ms Clare Farrugia The full edition of InvestNews (September 2014) is available here.
2014-09-02The Compliance Function and Monitoring Programme - Some Views from Malta. Article by Christopher Buttigieg and Martha Chetcuti This article features as part of the "Fund Outsourcing Europe 2014" publication, published by Clear Path Analysis.  
2014-09-01MFSA Newsletter - August 2014
2014-08-08The opportunity of regulatory innovations - Article by Angele Grech The full edition of the Captive Insurance Times is available here.
2014-08-05FTSE Global Markets - Malta: Lifting the economic rationale
2014-08-05FTSE Global Markets - Regulation a key driver in Malta fund segment
2014-08-01ESMA Statement on Potential Risks Associated with Investing in Contingent Convertible Instruments
2014-07-31MFSA Newsletter - July 2014
2014-07-28ESMA Securities and Markets Stakeholder Group seeks new member to represent users of financial services
2014-06-30MFSA Newsletter - June 2014
2014-06-27Malta Feature on The Brokers' Handbook 2014/2015
  • ESMA Press Release
  • Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies
2014-06-02The European Insurance and Occupational Pensions Authority (EIOPA) invites market participants and (re)insurance stakeholders to provide their feedback on the first set of the draft Guidelines for Solvency II. The consultation will end on 29 August 2014.  It can be viewed on EIOPA's website:
2014-05-31MFSA Newsletter - May 2014
2014-05-23Opalesque Malta Roundtable: EU or non-EU regulations? The relevance of the larger regulatory domain
2014-05-15EIOPA has issued a press release regarding the EIOPA Financial Stability Report May 2014
2014-05-01MFSA Newsletter - April 2014
2014-04-30EIOPA Launches EU - Wide Insurance Stress Test
2014-04-29ECB Press Release - ECB to give banks six to nine months to cover capital shortfalls following comprehensive assessment
2014-04-15EIOPA and the National Bank of Slovakia have issued a EIOPA and National Bank of Slovakia hold a Conference on Personal Pensions on the Conference held today in Bratislava on European Insurance and Occupational Pensions.
2014-04-02Company Service Providers
2014-04-02                                                       News Alert EIOPA consults on operational functioning of colleges of supervisors The European Insurance and Occupational Pensions Authority (EIOPA) invites market participants and (re)insurance stakeholders to provide their feedback on the draft Guidelines on the Operational Functioning of Colleges of Supervisors. The Guidelines aim to clarify and enhance cooperation among competent authorities with regard to the supervision of cross-border insurance or reinsurance groups and to facilitate the functioning of supervisory colleges. They address such issues as cooperation between competent supervisory authorities for cross-border groups, information-sharing among supervisors and communication to the (re)insurance groups. The consultation will end on 30 June 2014. Comments should be submitted via email to Please note that comments submitted after the deadline or not submitted on the provided template cannot be processed. The consultation paper and the template for comments can be viewed here: Legal background EIOPA Guidelines are non-binding instruments addressed to National Competent Authorities (NCAs) or Financial Institutions. Their aim is to ensure common, uniform and consistent application of Union law as well as to establish consistent, efficient and effective supervisory practices drafted by EIOPA in accordance with Article 16 of the Regulation establishing EIOPA. The Guidelines shall be in line with the Solvency II Directive and Implementing Measures, which the Guidelines are aiming to clarify.
2014-04-01EIOPA consults on Set 1 of its Implementing Technical Standards for Solvency II
2014-04-01MFSA Newsletter - March 2014
2014-03-21European Supervisory Authorities (EBA, ESMA and EIOPA) Joint Consultation on the Guidelines on the convergence of supervisory practices relating to the consistency of supervisory coordination arrangements for financial conglomerates
2014-03-21ESMA - Draft Technical Standards for the Regulation on improving securities settlement in the European Union and on central securities depositories (CSD)
2014-03-14Depositor Compensation Scheme Requirements – Request for Information
2014-03-07ECB Press Release - Supervisory Board Members appointed
2014-02-28MFSA Newsletter - February 2014
2014-02-24ESMA launches one-stop shop for EU regulated investment information  
2014-02-21ESMA - Credit Rating Agencies Annual Report 2013
2014-02-17ESMA Q&A on AIFMD
2014-02-14ESMA - Letter to Commissioner Barnier on classification of financial instruments as derivatives
2014-02-11ESMA - Updated Q&A on EMIR, with additional details on trade reporting.
2014-02-11ESMA Press Release: Consultation on CRA transparency requirements
2014-02-07ESMA tells firms to improve their selling practices for complex financial products
2014-02-06EBA, ESMA and EIOPA publish final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recommendations
2014-02-05ESA consultation on draft technical standards on the mapping of ECAI’s credit assessments
2014-01-31EIOPA issues report outlining good practices for websites that compare insurance products
2014-01-31EBA announces key features of the 2014 EU-wide Stress Test
2014-01-31EIOPA: Timeline for the delivery of Solvency II Implementing Technical Standards and Guidelines
2014-01-30ESMA delivers second set of advice on EMIR equivalence
2014-01-24ESMA Press Release: ESA letter to Commissioner Barnier on the Maystadt report.
2014-01-20EIOPA launches a web-section dedicated to the Insurance Stress Test 2014
2014-01-15ESMA publishes updated Q&A on the Prospectus Directive
2014-01-09ECB Press Release: New Directors General for Supervision Appointed
2014-01-09Company Services Providers - Registration
2014-01-07ESMA issues final draft standards on acquisitions and increases in holdings in investment firms under MiFID
2013-12-23ESMA clarifies reporting of on-exchange derivatives under EMIR
2013-12-20EIOPA proposes changes to capital requirements for debt
2013-12-18EBA publishes reports on comparability of Risk Weighted Assets (RWAs) and pro-cyclicality
2013-12-15EBA agrees on definition of identified staff for remuneration purposes
2013-12-02Press Release: ESMA identifies deficiencies in CRAs sovereign ratings processes

Report – 2013/1775 CreditRating Agencies – Sovereign Ratings Investigation

2013-11-27Malta - best funds domicile in Europe say managers and investors
2013-11-21ECB Nominates Candidate for Chair of the SSM Supervisory Board
2013-11-18ESMA has published a press release and a report on the Comparability of IFRS Financial Statements of Financial Institutions in Europe.  
2013-11-15Statement by EIOPA Chairman on the Trilogue agreement on the Omnibus II Directive
2013-11-14ESMA has published a discussion paper and a press release in preparation for the new Market Abuse Regulation.

ESMA has published two consultation papers in conjunction with its colleagues at the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) related to customer complaints handling and reducing the reliance on credit ratings in our guidelines. 

·         Joint Consultation Paper On Mechanistic references to credit ratings in the ESAs’ guidelines and recommendations

·         Draft guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors

2013-11-11ESMA has issued a press release and public statement on the European authorities Common Enforcement Priorities on financial statements for 2013.
2013-11-08ESMA registers DDRL, KDPW, Regis-TR, and UnaVista as trade repositories
2013-10-21EBA publishes final draft technical standards on NPLs and Forbearance reporting requirements
2013-10-18ESMA launches consultation on technical advice to Commission on procedural rules to impose fines on Trade Repositories
2013-10-10The EBA issued yesterday afternoon a statement by the EBA Chairperson Enria, which has been circulated to major international media and newswires. The EU Commission and the ECB have also been informed.   Following yesterday’s publication of an FT article about the possible treatment of the LTRO in future EU-wide stress tests, please find below a statement just released by the EBA’s Chairperson, Andrea Enria: “The EBA has not discussed the treatment of the LTRO in any future stress test and does not see its role in making assumptions about possible monetary policy actions.  We are currently developing the methodology for the next round of stress tests in 2014 and working closely with the ECB to develop an appropriate approach. As yet, no final decisions on methodological aspects have been made”
2013-10-04ESMA Press Release - 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group
2013-10-04ESMA publishes 2014 Work Programme
2013-10-04EIOPA appoints new stakeholder groups
2013-10-01MFSA Newsletter September 2013
2013-10-01ESMA clarifies reporting requirements for alternative fund managers
2013-09-30EIOPA publishes the final Guidelines for the preparation of Solvency II
2013-09-25ECB appoints Oliver Wyman as Consultant for the Comprehensive Assessment of Supervised Banks
2013-09-23ESMA TRV: market conditions improve, as systemic risks persist
2013-09-11ESMA advises Commission on equivalence of non-European derivatives rules
2013-08-30MFSA Newsletter August 2013
2013-08-06EBA publishes second interim report on the consistency of risk-weighted assets in the banking book of EU banks
2013-08-01MFSA Newsletter July 2013
2013-07-22ESMA consults on accounting enforcement guidelines
2013-07-22The EBA publishes a Recommendation on the preservation of capital
2013-07-18ESMA finalises supervisory co-operation agreements for alternative investment funds
2013-07-18EIOPA publishes results of peer reviews on internal models
2013-07-17ESMA consults on non-EU counterparties OTC derivatives
2013-07-16EBA presents data on high earners in EU banks
2013-07-12ESMA - Open Hearing on CRA Regulation & Upcoming publications
2013-07-11ESMA launches consultation on implementation of new CRA Regulation
2013-07-04EIOPA publishes the first EU assessment of the financial situation of pension funds
2013-07-04ESMA Vice Chair and Management Board Election Results
2013-07-03ESMA publishes research on the sale of complex products to retail financial consumers
2013-07-01ESMA approves Spread Research as a credit rating agency
2013-07-01ESMA review finds good compliance with EU market abuse rules
2013-06-28MFSA Newsletter June 2013 - Inside this issue: MFSA launches AIFMD applications process
2013-06-28EIOPA launches public consultation on two Good Practices Reports in the area of consumer protection
2013-06-28Joint Committee of ESAs holds its first Consumer Protection Day
2013-06-28EIOPA issues Opinion on Consumer Protection Issues in Payment Protection Insurance
2013-06-28EIOPA elects new members of its Management Board
2013-06-21ESMA publishes Compliance Table for Guidelines on Market Making
2013-06-17Results of EIOPA Long-Term Guarantees Assessment
2013-06-14EIOPA Annual Report 2012
2013-06-14ESMA Annual Report 2012
2013-06-13EIOPA publishes its 2013 half-year financial stability report
2013-06-11ESMA seeks new members for its Securities Markets Stakeholders Group
2013-06-11ESMA clarifies pay rules applicable to investment firms
2013-06-06ESMA and the EBA publish final principles on benchmarks
2013-06-05IOSCO Launches Investor Education Gateway
2013-05-30ESMA promotes global supervisory co-operation on alternative funds
2013-05-30ESMA approves EIU as a credit rating agency
2013-05-20MFSA Website Notice of Scheduled Maintenance
2013-05-17EBA recommends supervisors to conduct asset quality reviews and adjusts the next EU-wide stress test timeline
2013-05-17European Banking Authority (EBA) Call for Expression of Interest regarding the renewal of the EBA's Banking Stakeholder Group
2013-05-16IMF Report on Malta 2013 (Article IV Consultation)
2013-05-13EIOPA Stakeholder Groups Selection 2013 - Call for Expression of Interest
2013-05-03Emergency measure by the Greek HCMC on short selling and certain aspects of credit default swaps
2013-04-25S&P Report Looks At How The Banking Systems Of Malta And Luxembourg Differ From Cyprus
2013-04-16Bloomberg Brief - Economics Europe - Malta’s Banking Bill of Health Seems Clean Though Clarity on Liabilities May Be Required
2013-04-15ESMA finds divergence in national supervision of money market funds
2013-04-12Joint Committee of the European Supervisory Authorities calls for action on cross-sectoral risks
2013-04-05EIOPA launches consultation on draft guidelines for complaints handling by insurance intermediaries
2013-04-04Bloomberg Brief - Economics Europe - Banking Crisis, Bailout of Cyprus Unlikely to Be Repeated for Malta (page 2)
2013-04-02EIOPA Press Release: EU-US Insurance Dialogue agrees high level Project Plan
2013-03-28Malta's banking sector is robust and stable - Ministry of Finance Press Statement
2013-03-27EIOPA consults on Guidelines for the preparation of Solvency II
2013-03-20ESMA certifies Kroll Bond Rating Agency to operate in the EU

The European Securities and Markets Authority (ESMA) has published its second Annual Report on its supervision of credit rating agencies (CRAs) in the European Union. The report summarises the supervisory work undertaken by ESMA, during 2012, in ensuring that CRAs complied with the CRA Regulation.  The report includes details on ESMA’s supervisory, registration, and policy work; and focuses on its investigation into bank rating methodologies and the follow up work to the March 2012 report on deficiencies in CRAs rating processes, governance and control mechanisms.

  • Credit Rating Agencies Annual Report 2012


2013-03-15EIOPA and the World Bank sign agreement to develop global insurance sector
2013-02-28ESMA and the EBA warn investors about contracts for difference
2013-02-14ESMA issues first risk report on EU securities markets
2013-02-12ESMA seeks feedback for review of the Short Selling Regulation
2013-02-06International Adviser - HMRC recognises new Irish/Maltese exchange
2013-02-04MFSA Newsletter - January 2013
2013-01-23The EBA recommends major EU cross-border banking groups to develop recovery plans
2013-01-21ESMA calls for improvements in disclosures related to goodwill impairment
2013-01-02MFSA Newsletter - December 2012
2012-12-20ESMA proposes guidelines on the scope of the CRA Regulation
2012-12-19ESMA clarifies rules for alternative investment funds and their managers
2012-12-10EIOPA - Methodology Report for Collecting, Analysing and Reporting on Consumer Trends
2012-12-03MFSA Newsletter - November 2012
2012-11-01MFSA Newsletter - October 2012
2012-10-19ESMA Guide to Investing
2012-10-02MFSA Newsletter - September 2012
2012-09-17ESMA proposes remuneration guidelines for firms providing investment services
2012-09-17ESMA consults on market maker and primary dealer exemption for short selling
2012-09-10ESMA warns retail investors about the pitfalls of online investing
2012-09-03MFSA Newsletter - August 2012
2012-08-01MFSA Newsletter - July 2012
2012-07-30EBA - Information on the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP
2012-07-30Consumer Affairs Unit Annual Report 2011
2012-07-27EBA publishes Guidelines to streamline data collection on remuneration practices
2012-07-25ESMA - UCITS/ETF guidelines and the consultation paper on repo arrangements
2012-07-17EBA Consultation paper on technical standards on the calculation of credit risk adjustments
2012-07-03MFSA Newsletter - June 2012
2012-06-25The Financial Services Authority (FSA) has published its annual report for 2011/12. The annual report is a key component of the FSA’s accountability framework. The report outlines how the FSA has performed against the priorities set out in its 2011/12 Business Plan and its statutory objectives. FSA publishes annual report for 2011/12
2012-06-22This update contains one new Q&A and Automatic execution of trade signals. ESMA publishes an update to the MiFID Q&A in the area of Investor Protection and Intermediaries
2012-06-12The European Banking Authority (EBA) launched today a consultation on Draft Regulatory Technical Standards(RTS) on the concept of Gain on Sale associated with future margin income in a securitisation context. These RTS will be part of the single rulebook aimed at enhancing regulatory harmonisation in Europe. The consultation runs until 12 August 2012. A public hearing will take place on 28 June. EBA Consultation paper on Draft Regulatory Technical Standards on the concept of Gain on Sale associated with future margin income in a securitisation context
2012-06-11EIOPA Financial Stability Report June 2012
2012-06-07The European Banking Authority (EBA) launched today a consultation on Draft Implementing Technical Standards (ITS) on supervisory reporting requirements for liquidity coverage and stable funding. These ITS, which will be part of the EU single rulebook, intend to specify the main features (formats, frequencies, IT solutions) of prudential reporting to be applied by financial institutions in Europe. The consultation runs until 27 August 2012. EBA Consultation paper on Draft Implementing Technical Standards on supervisory reporting requirements for liquidity coverage and stable funding
2012-06-07The European Banking Authority (EBA) launched today a consultation on Draft Implementing Technical Standards (ITS) on Supervisory reporting requirements for leverage ratio. These ITS, which will be part of the EU single rulebook, intend to specify the main features (formats, frequencies, IT solutions) of prudential reporting to be applied by financial institutions in Europe. The consultation runs until 27 August 2012. EBA Consultation paper on Draft Implementing Technical Standards on supervisory reporting requirements for leverage ratio
2012-06-07The European Banking Authority (EBA) launched today a consultation on Draft Implementing Technical Standards (ITS) on disclosure for own funds. These draft ITS complement the first set of standards on own funds published last April and focus on the disclosure requirements to be met by institutions. Establishing appropriate disclosure requirements increases the transparency on regulatory capital held by European institutions and ultimately contributes to strengthening its quality and quantity. The consultation runs until 31 July 2012.EBA Consultation paper on Draft Implementing Technical Standards on Disclosure for Own Funds
2012-06-01MFSA Newsletter - May 2012
2012-05-22MFSA Annual Report 2011
2012-04-30MFSA Newsletter - April 2012
2012-03-30MFSA Newsletter - March 2012
2012-03-02MFSA Newsletter - February 2012
2012-03-02Captive Review Feature: Captive Power 50 - The most influential people in the captive industry revealed
2012-02-22Irish Stock Exchange and Malta Stock Exchange launch European Wholesale Securities Market
2012-02-22Regulation on Short Selling and Credit Default Swaps
2012-02-01Appointment of Mr Michael Duignan as Director, Securities and Markets Unit
2012-02-01MFSA Newsletter - January 2012
2012-02-01Hedgeweek 30th January 2012 - Incubator firm sets up three clients in Malta
2012-01-18Financial Times 13th January 2012 - Mediterranean revival
2012-01-05Bloomberg Markets Magazine - Malta Lures Hedge Funds With 300 Days of Sunshine
2011-12-12EIOPA publishes a joint report on calibration of risk factors in the standard formula of Solvency II
2011-12-08The EBA publishes Recommendation and final results of bank recapitalisation plan as part of co-ordinated measures to restore confidence in the banking sector
2011-12-08EBA Recommendation on the creation and supervisory oversight of temporary capital buffers to restore market confidence (EBA/REC/2011/1)
2011-12-08EBA bank recapitalisation plan - Questions & Answers
2011-12-08Joint statement issued today by ECOFIN Council and the EBA reflecting the core elements underpinning the EU-wide recapitalisation exercise
2011-12-05ESMA issues a warning to retail investors on trading in foreign exchange (forex) products
2011-11-25ESMA Public Statement - Sovereign Debt in IFRS Financial Statements
2011-10-31ESMA Press Release - DBRS, Fitch, Moody’s, and S&P receive EU registration – ESMA provides update on endorsement of third countries’ ratings
2011-09-23Guardian Newspaper UK - Malta Special Feature
2011-07-08The EBA Announces Stress Test Publication Date
2011-07-04EIOPA announced today the results of its second European insurance stress test
2011-07-04EIOPA announced today the results of its second European insurance stress test - Presentation
2011-06-03Commercial Crime International - Malta Forum examines new developments in financial crime and its prevention.
2011-06-03Listing Authority Circular to all Company Secretaries of Listed Entities and Investment Services Licence Holders
2011-06-01MFSA Newsletter - May 2011
2011-05-24Press Release - ESMA issues Guidelines on endorsement and clarifies the use for regulatory purposes of credit ratings issued outside the European Union after 6 June 2011
2011-05-24Guidelines on the application of the endorsement regime under Article 4 (3) of the Credit Rating Agencies Regulation No 1060/2009
2011-04-15The Banker – April 2011 – Supplement - Finance Clusters in Malta
2011-03-18Overview of the EBA 2011 banking EU-wide stress test
2011-03-182011 EU-Wide Stress Test: Methodological Note
2011-03-18EBA: General features of the baseline scenario
2011-03-18EBA: Detailed overall scenario table - EEA
2011-03-18Specification and Results of the EBA EU-Wide Stress Test
2011-03-18Guidance for calculation of losses due to Application of Market Risk Parameteres and Sovereign Haircuts
2011-03-18The EBA publishes details of its stress test scenarios and methodology
2011-03-03The EBA completes its top management structure and reaches agreement on the next steps of its EU-wide stress test exercise
2011-02-23Captive Review Malta Report 2011
2011-02-08HFMweek has just published a special report on Malta. The report includes a forward by Prof Joe Bannister
2011-01-14MFSA Note for Information on new EU sup auths
2011-01-13ICF - 11-12 May 2011
2010-06-10NeMa 2010 - Interview with MFSA Chairman Prof. Joe Bannister