Featured Product

    CBM and MFSA Publish Regulatory and Reporting Updates in March 2022

    March 17, 2022

    The Central Bank of Malta (CBM) launched its Corporate Strategic Plan, with continued focus on the digital transformation strategy. Additionally, the Malta Financial Services Authority (MFSA) issued a circular on reminding authorized persons about their expectation with respect to cybersecurity as well as a circular on reporting on correspondent banking payment transactions.

    Below are the key details of the recent updates:

    • The key strategic objectives highlighted in the CBM Corporate Strategic Plan include enhancing the macro-prudential toolkit, strengthening the stress testing framework, enhancing financial crisis preparedness, enhancing risk mitigation and security measures, integrating sustainable finance and the effects of climate change in the relevant areas of competencies of CBM, and enhancing overall efficiency and effectiveness, while actively promoting environmental awareness, corporate social responsibility, inclusiveness, and diversity.
    • MFSA issued a circular to remind authorized persons about their expectation to conduct proper situational awareness and regularly assess their exposures to developing Information and Communications Technology (ICT) and cybersecurity threats, while taking timely measures to address them. Authorized persons are expected to continue to follow the developments from reputable sources, revisit, and re-assess their ICT and security risks (including third-party risks), and ensure that they have business continuity and disaster recovery plans in place that address severe but plausible scenarios. Authorized Persons are expected to ensure that their backup and recovery processes are functioning correctly and in line with secure backup best practices. 
    • MFSA issued a circular to credit institutions on amendments to template for reporting on correspondent banking payment transactions. The main amendments in the revised reporting template to be utilized as from June 2022 reference date include change in terminology from correspondent bank to correspondent entity, addition of a new column identified as Geographical Location both in the Outward and Inward tab of the template, and setting 12 currencies as fixed columns in the reporting template while including a drop-down list for the other reporting currencies.

     

    Related Links

     

    Keywords: Europe, Malta, Banking, Strategic Plan, ESG, Climate Change Risk, Cyber Risk, Reporting, CBM, MFSA

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697