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ARTICLE · 21 OCTOBER 2015

Recovery Plan To Be Submitted To The MFSA By 31st December 2015

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The Malta Financial Services Authority ("MFSA") recently published a Circular regarding Directive 2014/59/EU (the "BRRD") which establishes a framework for the recovery and resolution of credit institutions...

MaltaFinance and Banking
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The Malta Financial Services Authority ("MFSA") recently published a Circular (click here for direct link) regarding Directive 2014/59/EU (the "BRRD") which establishes a framework for the recovery and resolution of credit institutions and investment firms ("institutions"). Such framework relates to crisis prevention, management and resolution of these entities. The provisions of the BRRD on recovery plans are highlighted by the MFSA, along with those related to the Banking Act and the Investment Services Rules for Investment Services Providers. Such provisions instruct every institution to have a recovery plan in place for the restoration of its financial situation following a significant deterioration, which is proportionate to their size, business model and interconnectedness.

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