Circular to investment firms holding Category 1a, 1b, 2 or 3 licence
(19 September 2014)
Request for data in connection with a review of the Investor Compensation Scheme Regulations.
Fast Payout Mechanism & Reform of Reporting Requirements
(30 March 2012)
The Management Committee of the Depositor Compensation Scheme (the Scheme) is planning to introduce a reform on the reporting requirements of every bank participating in the Scheme. The objective of the reform is two-fold:
- To create a framework for fast payout of compensation to eligible depositors in the event of a bank failure; and
- To assist the Scheme in the evaluation of the funding requirements to cover any compensation payout.
The implementation of the reform requires the collaboration of all banks to set up / update their internal electronic systems in terms of regulation 14(5) of Legal Notice 369 of 2003 (Depositor Compensation Scheme Regulations).
In order to prepare the ground for the projected reform, the Management Committee has prepared a consultation document for all stakeholders with the intention of eliciting their comments and suggestions by 15 May 2012.
Contributions should be addressed to the Chairman – Depositor Compensation Scheme and sent by email firstname.lastname@example.org or mail (c/o Malta Financial Services Authority, Notabile Road Attard BKR3000).
Responses will be published on the Depositor Compensation Scheme’s website (www.compensationschemes.org.mt) unless the respondent specifically requests that its submission remains confidential.
The information contained in the document is intended for consultation purposes only and does not purport to represent or prejudge the final position of the Management Committee regarding the topics covered in the document. Click here for the Consultation Document (docx format).
Responses received by the Depositor Compensation Scheme
The Scheme received one response to its Consultation.
Click here for the response received from the Malta Bankers’ Association.