A notable regulatory change has taken effect concerning the process for submitting annual financial reports prepared in accordance with the European Single Electronic Format (“ESEF”). Companies subject to these requirements should take note of the following developments.
Prior to the entry into force of the amendments referred to below, companies obliged to prepare annual financial reports in ESEF format were required to submit such reports directly to the Malta Business Registry (“MBR”) via the BAROS portal.
Following the entry into force of certain provisions of Act XVIII of 2025, such financial reports (including the balance sheet, directors’ report, auditors’ report, and annual accounts) are now to be filed with the Malta Financial Services Authority (“MFSA”), being the competent authority for these purposes. The MFSA shall then make the relevant documentation available directly to the MBR through secure channels.
In so far as listed issuers are concerned, issuers submitting ESEF-compliant annual financial reports through the MFSA LH Portal, as required in terms of the law, are no longer required to make any separate re-submission to the MBR through BAROS, as the MFSA will make the relevant documentation available directly to the MBR. This will become mandatory for financial reporting periods starting on or after 17 April 2026.
This means that a separate filing of the same ESEF-compliant financial reports with the MBR through the BAROS portal is no longer required.
For filing purposes, the MBR will take into account the date of approval reflected in the relevant financial statements and the date of submission on the MFSA LH Portal and has not, at this stage, indicated that separate proof of shareholder approval of the accounts will be required.
Should you require any further clarification, please do not hesitate to get in touch.
