Regulatory Alerts2020-03-13
Added · Updated
Circular on Contingency Planning in light of COVID-19
The MFSA requires licensed entities, including Investment Firms, Custodians, and Fund Managers, to ensure Business Continuity Plans are in place, reviewed, and tested to address disruptions from the COVID-19 outbreak. Licence Holders must update contingency plans, communicate them to stakeholders, and provide minimum written disclosure at account opening, while those unable to hold physical Board Meetings must conduct them via tele or video conferencing with documented rationale. Investment Firms must maintain conduct of business requirements by disclosing investment risks and volatility effects, switch off algorithmic trading systems to prevent market disruptions, and enhance cyber security measures against increased remote working risks. Additionally, entities must prevent unlawful disclosure of inside information and ensure any inside information is made public in a complete and timely manner.
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