Through a circular issued on the 7 January 2022, the MFSA
advised that Banking Rules BR/01, BR/12, BR/141, BR/15
and BR/21 had been revised primarily to transpose Directive (EU)
2019/878 of the European Parliament and of the Council of 20 May
2019 amending Directive 2013/36/EU ("CRD
V"). Additionally, for the first time, the Banking
Rules now include a specific banking rule dealing with governance
of banks, namely BR/24 on Internal Governance of Credit
Institutions. The revisions to the Banking Rules and BR/24 are in
force.
BR/24 incorporates:
- the EBA Guidelines on Internal Governance,
(EBA/GL/2021/05)2 (the "EBA
Guidelines". To-date these guidelines had been
incorporated 'indirectly' by way of reference in Annex 1 of
BR/12 and certain aspects of internal governance had also been
addressed in Annex 2B of BR/12 entitled Technical Criteria on
Governance Arrangements and the Treatment of Risks (now being
repealed);
