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MFSA issues circulars to LSIs and FIs regarding the timing of regulatory and statutory reporting

Author: Ganado Advocates
Published on

Further to the Circular on Timing of regulatory reporting due to the outbreak of COVID-19 which was issued by the MFSA on 20 March 2020 to outline the applicable extensions for each sector, the MFSA has issued two additional circulars on 6 April 2020, namely: (a) Circular to Less Significant and Financial Institutions on timing of Regulatory Reporting; and (b) Circular to Financial Institutions outlining COVID-19 measures on Timing of Statutory Reporting, to communicate further extensions to Less Significant Institutions (LSIs) and Financial Institutions (FIs).

Circular to Less Significant and Financial Institutions on Timing of Regulatory Reporting

The MFSA confirms in its Circular that it will be granting LSIs and FIs to have their financial year ending December, a 2-month extension for the submission of the following regulatory reporting:

LSIs related reporting:

i. Audited Annual Financial Statements (to be submitted by not later than 30 June 2020);
ii. Copy of the Auditors’ Management Letter including the LSI’s management reply thereto (to be submitted by not later than 31 August 2020);
iii. ICAAP and ILAAP documentation (to be submitted by not later than 30 June 2020); and
iv. Recovery Plan document (to be submitted by not later than 30 June 2020).

FIs related reporting:

i. Audited Annual Financial Statements (to be submitted by not later than 30 June 2020); and
ii. Copy of the Auditors’ Management Letter including the FI’s management reply thereto (to be submitted by not later than 30 June 2020).

LSIs and FIs having a financial year-end other than December need to make an official request to the MFSA for an extension to the submission deadlines for the abovementioned documentation, which requests will be treated on a case by case basis. The MFSA also clarifies in the Circular that the extension to the deadlines is without prejudice to obligations emanating from the listing rules or any other applicable laws.

Circular to Financial Institutions (FIs) outlining COVID-19 measures on Timing of Statutory Reporting

In this Circular, the MFSA further confirms that it will grant FIs a 1-month extension for the submission of the following statutory reporting with reference date end-March 2020:

i. Financial and statistical information data requirements pursuant to BD/06 (to be submitted by not later than 15 May 2020);
ii. Other Banking Rules data requirements (Other BRs) (to be submitted by not later than 15 May 2020); and
iii. Prudential data requirements specific to the type of activity (to be submitted by not later than 15 May 2020).

The timeframe of any resubmissions of the abovementioned statutory reporting is to be agreed between the MFSA and the concerned FI. Additionally, the MFSA mentions that it might consider granting extensions for other reference dates as deemed necessary in due course.

The article was authored by Caroline Gauci.

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