MFSA expects licensed firms to have in place COVID-19 contingency and business continuity plans in place

10th March 2020

‘The MFSA expects regulated firms to take all reasonable measures in order to have appropriate contingency plans in place to be able to deal with any eventuality.’

Following yesterday’s successful large-scale test of its remote working facilities, as part of its COVID-19 contingency and business continuity planning, the Malta Financial Services Authority (MFSA) continues to closely monitor developments in relation to the spread of the virus to assess the impact on the economy, consumers and the financial system.

In a press release issued on Tuesday, the MFSA also said such monitoring is taking place “whilst ensuring that public health advice and guidance from the local Health Promotion and Prevention of Disease Directorate are being adhered to.”

It continued to say that “as Malta’s single regulator of financial services, the MFSA is working with a number of financial services industry players to ensure that regulated firms are responding effectively to the evolving situation.”

The MFSA expects regulated firms to take all reasonable measures in order to have appropriate contingency plans in place to be able to deal with any eventuality.

The regulator said it is also maintaining a close dialogue with the Central Bank of Malta, European Supervisory Authorities, as well with the European Central Bank, to take appropriate actions, in line with identified risks.

The MFSA encourages financial services firms to get in touch through the usual channels should they have any queries.

 


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‘The MBA wishes to advise that its member banks are actively assessing the situation of those sectors and customers most affected by these exceptionally adverse conditions.’