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    MFSA Circular Addresses Supervisory Reporting Submissions

    November 14, 2022

    The Malta Financial Services Authority (MFSA) published a circular on updates on the collection, transmission, and validation of supervisory reporting, in accordance with the European Central Bank (ECB) requirements, which adopt a harmonized sequential approach in the supervisory data process.

    The circular intends to remind credit institutions about the main enhancements to the system on data processing for supervisory reports to be submitted to ECB. The circular specifies the following:

    • Additional checks that are required as first-level checks in LH Portal and the addition of the four new statuses on the LH Portal in line with the ECB feedback
    • Submissions with a business error that will be sent to ECB, regardless of whether an error is related to a pending European Banking Authority (EBA) Q&A
    • Each submission sent to ECB will undergo a set of data quality checks
    • Institutions will receive feedback for multiple checks directly from ECB, which will be delivered by email through MFSA

    MFSA notified that ECB will implement the outlined data quality checks on their system on a gradual basis. In this context, institutions may keep receiving data quality reports of MFSA in parallel to the automated ECB feedback, until MFSA is confident that all checks are implemented on the ECB system. With regard to industry testing, the new features of supervisory data process were made available for a two-week testing period, which was aimed at capturing any final technical issues as well as providing the opportunity for entities to familiarize themselves with the enhancements. MFSA announced that the above developments in the supervisory data process will come into effect from November 16, 2022. In addition, MFSA updated the guidelines for credit institutions and foreign branches to upload and review supervisory reporting data through the LH Portal. The updated version of the guidelines provides a step-by-step guide on the new process related to the developments outlined in this circular as well as new file naming conventions for the reporting framework version 3.2 (ITS v3.2).


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    Keywords: Europe, Malta, Banking, Reporting, LH Portal, Guideline, Data Quality Checks, ECB, MFSA

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