On 5 February 2020, the Malta Financial Services Authority (the
“MFSA”) published an update, following
the United Kingdom’s withdrawal from the European Union, to
clarify issues relating to governance and reporting obligations for
UK entities from 1 February 2020.
The United Kingdom has officially withdrawn its European Union
membership on the 31 of January 2020. The terms of the withdrawal
agreement stipulate that EU law will continue to apply to the UK,
as if it was still a Member State, during the transition period
from 1 February 2020 to 31 December 2020. However, UK
representatives will no longer be permitted to participate in the
EU institutions, agencies, or other bodies, and their governance
structures, except where exceptionally justified.