On Dec. 22, MLT GVT amended law to implement EU legislation.
MLT GVT published the Recovery and resolution (amendment) regulations, 2023 (LN 300 of 2023), amending Recovery and resolution regulations (SL 330.09).
Purpose of amendments is to implement/transpose certain pieces of EU legislation.
Reg 2021/23 on framework for recovery, resolution of central counterparties, Art. 93.
On Jun. 4, 2024, MLT GVT published regulations 129 of 2024 entitled Recovery and Resolution (Amendment) Regulations, 2024, to amend principal regs (SL 330.09).
Implementation of art 2 of EU Reg 2022/2036 re the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy.
And also implement provisions re methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities.
Transposition of provisions of art 1 and art 3 of EU Directive 2019/879 re the loss-absorbing and recapitalization capacity of credit institutions and investment firms.
Changes in regulation 44A to replace sub-regulation 2; sub-reg 4 of regulation 45D is replaced, so does sub-reg 2 of regulation 45H; new provision in sub-reg 1 of reg 45L.
Nov. 2024 Amendment 2 and 3
On Nov. 15, 2024, MLT GVT issued recovery and resolution amendment 2 (Reg 302/2024) and amendment 3 (Reg 303/2024) to transpose provisions of EU law.
Recovery and Resolution (Amendment No. 2) Regulations, 2024 shall be read and construed as one with the Recovery and Resolution Regulation, as stated.
Purpose of amendment 2 is to transpose provisions of Art. 1, Directive 2024/1174, amending Directive 2014/59/EU and Regulation 806/2014, accordingly.
In relation to certain aspects of minimum requirement for own funds and eligible liabilities, and shall be deemed to have come into force on Nov. 13, 2024.
Recovery and Resolution (Amendment No. 3) Regulations, 2024 shall be read and construed as one with the Recovery and Resolution Regulation, as stated.
Purpose of amendment 3 is to transpose provisions of Art. 5, DORA Dir 2022/2556 amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, and 2013/36/EU.
Also, amending 2014/59/EU, 2014/65/EU, 2015/2366 and 2016/2341.
This is in relation to digital operational resilience for the financial sector.
Amendment 3 shall come into force on Jan. 17, 2025, provided regulation 4 shall come into force upon publication of these regulations in the Official Gazette.
Regulators
MLT GVT
Entity Types
B/D; Bank; Exch; IA; Inv Co
Reference
OG B1965, Reg 302/2024, OG B1971, Reg 303/2024, 11/15/2024; LN 129/2024, OG 21,255, 6/4/2024; OG 21,169, LN 300/2023, 12/22/2023; CCPRRR Reg 2021/23; BRRD Dir 2014/59, Dir 2019/879; CBD Dir 2019/2162; Dir 2024/1174; DORA Dir 2022/2556, Reg 2022/2554
