Revised Banking Rule BR/23 on Reporting and Disclosure of Exposures
News    ·   28-02-2022
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AUTHOR: Michael Buhagiar

On the 27 February 2022, the Malta Financial Services Authority issued a circular informing the banking sector that it revised Banking Rule BR/23 on Reporting and Disclosure of Exposures subject to Measures applied in response to the COVID-19 Crisis (the “Rule”).

The Rule has been revised to fully align its proportionality measures with those stipulated in the EBA Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis (EBA/GL/2020/07). In particular, the Rule provides for a waiver with respect to the reporting of exposures that are subject to (i) payment moratoria; (ii) forbearance measures introduced in response to the COVID-19 crisis; or (iii) the MDB COVID-19 Guarantee Scheme.  Whereas previously this waiver was only available in respect of credit institutions reporting information on a consolidated basis, following clarification by the EBA in its Report on the implementation of selected COVID-19 policies, the Rule has been amended to allow the granting of this waiver on individual reporting, also to stand-alone institutions not reporting information on a consolidated basis.

Credit institutions should note nonetheless that waivers may only be granted by the Malta Financial Services Authority, and that the amendment of the Rule does not automatically result in the application of any waivers.

Should you have any queries in relation to the amendment of Banking Rule BR/23, you may get in touch with Andrei Vella (andrei.vella@camilleripreziosi.com); Andrew Caruana Scicluna (andrew.caruanascicluna@camilleripreziosi.com); Michael Buhagiar (michael.buhagiar@camilleripreziosi.com); or Kyle Debattista (kyle.debattista@camilleripreziosi.com)

 

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