Regulatory Alerts2020-07-28
Added · Updated
Circular to Credit Institutions on the Extension to the Restriction on Dividend Distributions or Share Buy-backs and Variable Remuneration
The MFSA extends the applicability of ECB Recommendation ECB/2020/35 to all credit institutions licensed under the Banking Act, requiring them to refrain from dividend distributions and share buy-backs until at least 1 January 2021. These institutions must also exercise extreme moderation regarding variable remuneration payments, particularly for material risk takers, to preserve capital positions. This directive aligns with ESRB Recommendation ESRB/2020/7 and supersedes previous guidance under ECB/2020/19.
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