News Roundup

IESBA issues staff publication highlighting the relevance and applicability of the IESBA Code in combatting greenwashing

A new question and answer publication, titled Ethics Considerations in Sustainability Reporting Including Guidance to Address Concerns about Greenwashing, was issued by IESBA. This publication highlights the relevance and applicability of the International Code of Ethics for Professional Accountants to ethics-related challenges in the context of sustainability reporting and assurance, especially circumstances involving “greenwashing”.

Read more and access the publication here.

EU proposes draft law requiring instant payments by banks

The European Union has proposed draft legislation requiring banks to provide instant payments in euro at no extra cost. Currently, traditional card payments or credit transfers can take up to three days. The proposed legislation will require approval by both the European Parliament and national governments.

Read more here.

ESMA’s 2023 Working Programme and Strategy for 2023-2028

The European Securities and Markets Authority (ESMA) has published its annual working programme for the next year, setting out its priority work areas for 2023.

Read more here.

Furthermore, through the publication of the strategy for the next six years, ESMA highlighted sustainable finance as one of its main areas of action, among the consideration of other EU key priorities.

Read more here.

Financial services contribute to bulk of new FDI

Financial services activities contributed to the absolute majority of foreign direct investment moving towards Malta during 2021. The latest NSO data shows that during 2021, FDI flows in Malta increased by €3.4 billion. In December 2021, a total stock position of €204.1 billion was reached. This represents an increase of €7.9 billion over the corresponding period of the previous year. Data shows that the main contributors to FDI flows were financial and insurance activities with a total contribution of 85.9%.

Read more here.