On the 15th of May, the Malta Financial Services Authority ('MFSA') released its " Feedback Statement Issued Further to Stakeholder Responses to the MFSA Consultation Document on Proposed Amendments to the Credit Institutions and Financial Institutions (Payment Accounts) Regulations".
This follows a consultation document on the proposed amendments to the Credit Institutions and Financial Institutions (Payments Accounts) Regulations (S.L. 371.18) ('PAR'), which was issued on the 22nd of November 2017, transposing Directive 2014/92/EU ('PAD').
The feedback originates from four stakeholders, as well as a stakeholder which approached the MFSA with additional queries and clarifications on the interpretation of the proposed amendments to the PAR. The MFSA has clarified a number of issues regarding the requirements and obligations of those affected by the PAR, as well as to clarify the relevant legal parameters. It has also incorporated several elements from the respondents' recommendations.
The newly amended PAR have now entered into force with immediate effect, excluding Regulations 8, 10, 12, and 13, which shall enter into force upon the behest of the Minister for Finance.
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