On March 19, 2020, the European Commission (Commission) adopted a Communication on the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (Temporary Framework).
The European Commission (the “EC”), through its decision dated 2 April 2020 , approved the Maltese state aid COVID-19 loan guarantee scheme (the “CGS”). This decision was prompted by a notification sent by Malta to the EC under the EU Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (the “Temporary Framework”).
A medical benefit can be procured by those individuals employed in the private sector of Malta, and who after the 27th of March 2020 due to COVID-19 and medical reasons, are not reporting to work in pursuance of an order by the Superintendent of Public Health not to leave their residence.
On 2 April 2020, the Malta Financial Services Authority (the “MFSA”) issued a circular in relation to a consultation paper launched by the European Securities and Markets Authority (“ESMA”) on draft Regulatory and Implementing Technical Standards (“RTS” and “ITS” respectively) under the Regulation (EU) 2019/834 (“EMIR Refit”).
‘For their part European airports are predicting a loss of 67 million passengers in the first quarter of 2020.’ Without a doubt, the aviation sector has been one of the sectors most immediately and severely affected by the sudden outbreak of Covid-19, as evidenced by the dramatic drop in airline passenger numbers.
Undoubtedly, the current COVID-19 unprecedented circumstances have made it significantly more onerous for Reporting Malta Financial Institutions to subsist operational activity whilst simultaneously ensuring conformity with their reporting obligations under the Cooperation with Other Jurisdictions on Tax Matters Regulations (the “Regulations”).