MFSA Publishes Guidelines on Reporting Requirements for Foreign Banks
MFSA published a circular to branches of foreign credit institutions (foreign branches) in Malta on the supervisory reporting requirements. These guidelines on supervisory reporting requirements for foreign branches provide information on the applicability of all reporting templates within the different modules. Foreign branches are required to submit to MFSA certain reporting modules—FINREP, FINREP_AE, and COREP_OF (C_15.00 only)—on a quarterly basis for reference dates March, June, September, and December.
Foreign branches are requested to take the guidelines into consideration when populating and submitting supervisory reporting modules. This means that any (re)submissions to the MFSA should omit templates that are not applicable and/or not required to be reported. This also means that only applicable templates should be validated and converted to XBRL prior to submission to MFSA. The circular states that the MFSA webpage on supervisory reporting now includes a dedicated area for foreign branches, whereby reporting agents can download the templates and instructions relating to the data modules required to be submitted to MFSA. The webpage also provides information on the submission of modules, including a Remittance Timetable and a guidelines document—Licence Holder (LH) Portal for Branches.
Reporting agents are being reminded that in cases in which the ZIP filename and the XBRL filename do not match the naming convention, as outlined in the document LH Portal for Branches, the upload will be unsuccessful. Attention is also being drawn with respect to the folder structure of submissions made to MFSA. It is essential that there are no intermediary folders in any (re)submissions. This means that the module folder should directly include the Excel templates and the XBRL file, as indicated in section 4 of the document LH Portal for Branches. In cases of re-submissions, foreign branches are also being reminded to resubmit the applicable Excel templates for the whole module, not only the templates for which revisions were expected. This also means that the resubmitted XBRL file should include data related to all the applicable templates of the specific module.
Related Links
Keywords: Europe, Malta, Banking, Guidelines, COREP, FINREP, Reporting, Asset Encumbrance, XBRL, MFSA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
NCUA Proposes to Delay Risk-Based Capital Rule Until 2022Related Articles
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
ECB to Consider Climate Risks When Reviewing Collateral Framework
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
ACPR Publishes Corrective Version of RUBA Taxonomy
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
