of certain Eligible Entities related to the business of Insurance)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,564, 26 ta’ Diċembru, 2025

L.N. 299 of 2025

ACCOUNTANCY PROFESSION ACT

(CAP. 281)

Accountancy Profession (General Accounting Principles in respect

of certain Eligible Entities related to the business of Insurance)

(Amendment), Regulations, 2025

IN EXERCISE of the powers conferred by article 8(1)(a) of the

Accountancy Profession Act, the Minister responsible for Finance, on

the recommendation of the Accountancy Board has made the

following regulations

(1) The title of these regulations is the Accountancy Citation and

Profession (General Accounting Principles in respect of certain commencement.

Eligible Entities related to the business of Insurance) (Amendment)

Regulations, 2025 and these regulations shall be read and construed as

one with the Accountancy Profession (General Accounting Principles S.L. 281.07.

in respect of certain Eligible Entities related to the business of

Insurance) Regulations, hereinafter referred to as the "principal

regulations".

(2) These regulations shall apply to financial reporting periods

commencing on or after 1st January 2025.

In regulation 2 of the principal regulations the words Amends

regulation 2 of

"regulation 6" shall be substituted by the words "regulation 5".

the principal

regulations.

Regulation 3(1) of the principal regulations shall be Amends

regulation 3 of

amended as follows

the principal

regulations.

(a) the definition of "eligible entity/ie" or "eligible

entities" shall be substituted by the following new definition

" "eligible entity or eligible entities" means the

entities referred to in paragraphs (a) to (l) of sub-regulation

1 of regulation 5;";

(b)

in paragraph (a) of the proviso to the definition of

"insurance and, or reinsurance parent undertaking" the words

"regulation 6" shall be substituted by the words "regulation 5";

(c) immediately after the definition insurance

undertakings" there shall be added the following new definitions

" "licensed special purpose vehicle" means an

undertaking authorised to securitise a transaction within the

scope of section 25 of the Schedule;

"MiFID II Directive" means Directive 2014/65/EU of

the European Parliament and of the Council of 15 May

2014 on markets in financial instruments and amending

Directive 2002/92/EC and Directive 2011/61/EU (recast),

as amended from time to time and includes any

implementing measures that have been or may be issued

thereunder;";

(d) immediately after the definition "regulated market"

there shall be added the following new definitions

" "reinsurance special purpose vehicle" means a

reinsurance special purpose vehicle as defined under

the Reinsurance Special Purpose Vehicles Regulations,

whether established under the said Regulation or

constituted as a securitisation cell company carrying on

business as reinsurance special purpose vehicles under

the Securitisation Cell Companies Regulations";

"risk transferee vehicle" means a reinsurance

special purpose vehicle or a securitisation vehicle or a

licensed special purpose vehicle;

"risk transferee vehicle parent undertaking" means

a parent undertaking of a risk transferee vehicle";

(e) immediately after the definition "the Schedule" there

shall be added the following new definition

" "securitisation vehicle" means a securitisation

vehicle established under the Securitisation Act or as a

securitisation cell company under the Securitisation

Cell Companies Regulations, which is not a reinsurance

special purpose vehicle and which satisfies all of the

following conditions

(a) it enters into a transaction within the

scope of Section 25 of the Schedule;

(b) it is fully funded by always having

assets the value of which is equal to or exceeds

the aggregate maximum risk exposure and being

able to pay the amounts it is liable for as they fall

due; and

(c) the providers of any debt or financing

are professional clients as defined in Annex II of

the MiFID II Directive

Provided that in the case of a securitisation

cell company, every cell of the said cell company and

the core, to the extent that such cells and, or the core

have entered into a transaction within the scope of

Section 25 of the Schedule, shall satisfy the conditions

above for the securitisation cell company to be an

eligible entity.".

In regulation 4 of the principal regulations the words Amends

regulation 4 of

"regulation 6" shall be substituted by the words "regulation 5".

the principal

regulations.

Sub-regulation (1) of regulation 5 of the principal Amends

regulation 5 of

regulations shall be amended as follows

the principal

regulations.

(a) in paragraph (h) thereof immediately after the words

"a cessation undertaking;" there shall be added the word "or";

(b) in paragraph (j) thereof the words "insurance and, or

reinsurance parent undertaking:" shall be substituted by the

words "risk transferee vehicle; or";

(c) immediately after paragraph (j) thereof,

as

substituted, the following new paragraphs shall be added

"(k) insurance

and,

or

reinsurance

parent

undertaking; or

(l)

risk transferee vehicle parent undertaking.".

(d) In the proviso of sub-regulation (1) thereof the words

"regulation 6" shall be substituted by the words "regulation 5".

In item 4.3 of the Schedule to the principal regulations the

words "regulation 6" shall be substituted by the words "regulation 5".

€0.18