The Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) have taken an important step towards introducing the Harmonised Regulatory Reporting Framework (HRRF).
The HRRF had been identified by the Malta Financial Services Advisory Council as a way to reduce duplication by eliminating, as far as possible, overlapping data requests across different domestic returns and bodies.
Apart from reducing the operational burden for companies involved, the new framework will also create a standardised ecosystem which will reduce the possibility of data errors.
Scope and phased approach
The new framework will affect domestic returns (as opposed to internationally mandated ones) such as regulatory returns, templates, or reporting formats designed and issued internally by the MFSA and/or the FIAU to meet national supervisory requirements.