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    MFSA Publishes Reporting and Regulatory Updates for Banks

    December 22, 2022

    The Malta Financial Services Authority (MFSA) published circulars that amend the Banking Rule BR/21 and the Financial Institutions Rule FIR/01, updated the guidelines on reporting through the LH Portal, highlighted the upcoming legislative developments in 2023, and published a policy and guidance note on the enforcement regime for penalties for regulatory reporting breaches.

    Below are the highlights of the key recent updates:

    • MFSA updated the guidelines for credit institutions and foreign bank branches to upload and review certain supervisory reporting data through the LH Portal. The revised LH Portal guidelines for credit institutions cover new data collection, processing, and validation system in line with ECB "HSA" requirements as well as inclusion of implementing technical standards version 3.2 file naming conventions, incorporating change in the European Banking Authority filing rules. The Annex I to the document includes the XML schema specification, describing the structure and content of the XML feedback document. 
    • Also published was a circular that amends the Banking Rule BR/21 by implementing the European Banking Authority (EBA) Guidelines on the benchmarking exercises on remuneration practices, gender pay gap, and approved higher ratios under the Capital Requirements Directive, or CRD (2013/36/EU). The circular concerns the implementation of EBA Guidelines on the data collection exercises regarding high earners under the CRD. The amendments to this Banking Rule shall apply from December 31, 2022.
    • The revisions to the Financial Institutions Rule FIR/01 provide clarification in relation to the limited network exclusions under the second Payment Services Directive (PSD2) and crowdfunding services. The amendments include a new paragraph 58A, which specifies that the assessment of MFSA shall be performed on the basis of the EBA Guidelines on the limited network exclusion under PSD2 (EBA/GL/2022/02). With regard to the Crowdfunding Regulation (2020/1503), a new paragraph 15B has been inserted in the rule to remove any conflict that may arise between recital 9 of the Crowdfunding Regulation and the Financial Institutions Act. The revised rule FIR/01 shall come into force with immediate effect.
    • Additionally, MFSA highlighted certain upcoming legislative developments, including developments with respect to the regulation on the Markets in Crypto-Assets (MiCA) and the Digital Operational Resilience Act (DORA), which are expected to come into force during the second and first quarters of 2023, respectively. MFSA also noted that the transposition of Non-Performing Loan, or NPL Directive (2021/2167) into the national law is in progress. MFSA notified that the final text of the Banking Package 2021 is expected to be published by June 2023, with the Capital Requirements Regulation (CRR3) becoming applicable from January 01, 2025 while 18 months are factored in for transposition of the Capital Requirements Directive (CRD6) by MFSA.


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    Keywords: Malta, Reporting, Basel, PSD2, Remuneration Benchmarking, Crowdfunding Regulation, Regtech, MiCA Regulation, Europe, CRD, EBA, MFSA, Banking, LH Portal, DORA, CRR3, CRD6

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