COVID-19 Updates: MFSA Publishes Updates For Licensed Entities

The MFSA has published guidance and regulatory updates on the COVID-19 outbreak and its effects on the financial services sector.

This is piece forms part of a series of COVID-19 updates published by our firm in response to developments around the pandemic. For more on this series, please see here.

Licensed entities are expected by the MFSA to:

• take all reasonable measures to ensure they have appropriate business contingency plans ('BCPs') in place to deal with any eventuality relating to the outbreak of COVID-19;
• consider the impacts of COVID-19 on their BCPs;
• review, update and test their BCP in light of the current outbreak.

The MFSA highlights that BCPs must be communicated to all stakeholders and employees and any disclosure on contingencies adopted should be posted on the licence holder's website. Licence holders who do not have adequate BCPs are to notify the MFSA without any delay.