COVID-19: Emergency Measures in Malta | Update 19

COVID-19: Emergency Measures in Malta | Update 19

1. International News

  1. European Commissions adopts banking package to facilitate lending to households and businesses in the EU

2. Legal Notices

  1. Legal Notice 162 of 2020 (General Provisions applying to the Suspension of Legal and Judicial Times (Amendment) Regulations, 2020)

3. Administrative Notices

  1. Malta Business Register: Important Notice to Subject Persons
  2. Malta Development Bank: Updated List of Accredited Commercial Banks as intermediaries of the COVID-19 Guarantee Scheme

 

1. International News

1.1   European Commissions adopts banking package to facilitate lending to households and businesses in the EU

On 28th April 2020, the European Commission adopted a banking package aimed at facilitating bank lending to households and businesses throughout the European Union. The aim of this package is to ensure that banks can continue to lend money to support the economy and help mitigate the significant economic impact of the Coronavirus.

It includes:

  • an Interpretative Communication on the EU's accounting and prudential frameworks, such as those made by the Basel Committee of Banking Supervision, the European Banking Authority and the European Central Bank, amongst others.
  • targeted “quick fix” amendments to banking rules, such as to the Capital Requirements Regulation, in order to maximise the ability of banks to lend and absorb losses related to COVID-19. The Commission has also put forward exceptional temporary measures to alleviate the immediate impact of COVID-related developments, by adapting the timeline of the application of international accounting standards on banks’ capital; by treating more favourably public guarantees granted during this crisis; by postponing the date of application of the leverage ratio buffer and by modifying the way of excluding certain exposures from the calculation of the leverage ratio. The Commission has also proposed to advance the date of application of several agreed measures that incentives banks to finance employees, SMEs and infrastructure projects.

Source

2. Legal Notices

2.1 Legal Notice 162 of 2020 (General Provisions applying to the Suspension of Legal and Judicial Times (Amendment) Regulations, 2020)

This Legal Notice amends Legal Notice 141 of 2020 such that it now provides that following the publication of the Closure of the Courts of Justice Order, the Minister of justice suspended the running of any time period which is affected by or otherwise, subject to the Closure of the Courts of Justice Order:

  1. under any substantive or procedural law, including any period of prescription and any peremptory period; and
  2. decreed or otherwise ordered by any court.

Any such time periods shall remain so suspended until 7 days following the lifting of the said order of the Superintendent and shall thereafter continue to run.

The updated regulation shall also suspend the running of any time period established in any agreement (whether a private writing or a public deed), including any time period for the performance of any obligation set out in such agreement, if any to the extent that the closure has a direct effect on the ability of any party to exercise its rights or to perform its obligations in terms of the same agreement. Any such time period shall remain suspended until the 20th day following the lifting of the said order of the Superintendent and shall thereafter continue to run. For the avoidance of doubt, this shall apply to each of the following:

  1. the running of all the legal periods imposed on a notary public by law to register any deed, will, act or private writing;
  2. the running of any period within which a notary public, in terms of any applicable law, must pay taxes collected by him in the exercise of his profession;
  3. the running of any time period related to fiscal benefits, incentives or exemptions;
  4. the running of any time period within which a notary public is to submit any information or documentation to any authority or regulator pursuant to relevant notarial activity; and
  5. the running o time with respect to the expiration of any registered promise of sale agreement.

The suspensions mentioned above shall be deemed to have started to run from 16th March 2020. 

3. Administrative Notices

3.1 Malta Business Register: Important Notice to Subject Persons

On 28th April 2020, MBR have issued a notice reminding subject persons that the Companies Act (Register of Beneficial Owners) Regulations, 2017 had been amended by Legal Notice 158 of 2019. Following the coming into force of these Regulations, subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations which are providing services in or from Malta, have an added obligation to report to the Registrar of Companies any discrepancies they find between the information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar of Companies.

Source

3.2 Malta Development Bank: Updated List of Accredited Commercial Banks as intermediaries of the COVID-19 Guarantee Scheme

The Malta Development Bank have updated the list of accredited commercial banks as intermediaries of the COVID-19 Guarantee Scheme.

Source