MFSA expects licensed firms to have coronavirus contingency plans

The Malta Financial Services Authority said that it expects all licensed firms to have in place contingency and business continuity plans to address the economic and financial impact of the coronavirus outbreak.

The authority said that it was working together with a number of operators in the financial services industry to ensure that regulated firms were 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 MFSA 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,” it said.

The authority observed that as part of its own plans, it carried out a large-scale test of its remote working facilities yesterday.

“The MFSA continues to closely monitor developments in relation to the spread of COVID-19 to assess the impact on the economy, consumers and the financial system, whilst ensuring that public health advice and guidance from the local Health Promotion and Prevention of Disease Directorate are being adhered to,” it said.