MFSA to provide financial services stakeholders with updates on applicable transitional measures
Key objective is to ensure that licenced entities continue business with minimal disruption.
Measures taken will be of a temporary nature and remain subject to any decisions and further recommendations as may be made by the three European Supervisory Authorities
In the light of developments related to the withdrawal of the United Kingdom from the European Union, the MFSA has announced that it will be issuing further communication on a number of aspects involving the carrying out of activities by the relevant stakeholders in the financial services sector. This communication is in addition to a number of circulars already published over past months.
Any communication issued by the MFSA should be interpreted in the content of a “no-deal” exit scenario (unless otherwise specifically stated to the contrary) and will provide updates on any transitional measures taken to ensure that licensed entities can continue their business in the various sectors with minimal disruption. The upcoming Circulars will also address situations where UK entities are currently providing services to Maltese clients, and may include conditional equivalence status in particular scenarios and other measures as may be permitted by the applicable EU regulation.
Measures taken will be of a temporary nature and remain subject to any decisions and further recommendations as may be made by the three European Supervisory Authorities (EBA, EIOPA and ESMA) in terms of EU law.
Meanwhile licensed entities are encouraged to continue providing the MFSA with timely and accurate information on any potential consequences envisaged with regard to services provided in the event that the UK leaves the EU without a withdrawal agreement.
On 28 March 2019, the MFSA issued the first Circular, aimed to provide an update to UK licensed investment funds, asset managers and Investment firms passporting into Malta.
Source: Malta Financial Services Authority – Media Release ‘MFSA updates industry on Temporary measures in the event of a “no-deal” Brexit’ (28.03.2019)