Notification) (Amendment) Regulations, 2005

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 17,823, 30 ta’ Settembru, 2005

L.N. 322 of 2005

PREVENTION OF FINANCIAL MARKETS ABUSE ACT

(CAP. 476)

Prevention of Financial Markets Abuse (Disclosure and

Notification) (Amendment) Regulations, 2005

IN exercise of the powers conferred by article 25 of the Prevention

of Financial Markets Abuse Act, the Prime Minister and Minister of

Finance, after consultation with the Malta Financial Services Authority,

has made the following regulations>-

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

commencement.

Markets Abuse (Disclosure and Notification) (Amendment) Regulations,

2005 and they shall be read and construed as one with the Prevention of

Financial Markets Abuse (Disclosure and Notification) Regulations, L.N. 108 of 2005.

2005, hereinafter referred to as ‘‘the principal regulations’’.

(2) These regulations shall come into force on the 1 st

October, 2005.

For sub-regulation (2) of regulation 5 of the principal Amends regulation

5 of the principal

regulations, there shall be substituted the following>

regulations.

“(2) The issuer shall promptly inform the competent

authority in writing of its decision to delay the public disclosure of

inside information, together with its reasons for such decision.”.

Regulation 7 of the principal regulations shall be amended as Amends regulation

7 of the principal

follows>-

regulations.

(a) sub-regulation (5) thereof shall be renumbered as sub-

regulation (6)< and

(b) immediately after sub-regulation (4) thereof, there shall

be inserted the following new sub-regulation>

“(5) (a) Issuers who on the 1 st October, 2005 are

already listed on a recognised investment exchange, shall

submit a list of insiders to the competent authority by the 1 st

November, 2005.

(b) Issuers who are given admissibility to listing after

the 1 st October 2005 shall submit a list of insiders to the

competent authority within one month from the date when

the said issuer has been given admissibility to listing.

(c) The competent authority shall be promptly notified

whenever the list of insiders is updated.

(d) The list of insiders to be submitted to the competent

authority shall be prepared in the form set out in Schedule III

to these regulations.

(e) Whenever the list of insiders is updated, the same

form as set out in Schedule III to these regulations shall be

used and any changes made shall be consolidated and

indicated clearly.”.

Regulation 8 of the principal regulations shall be amended as

(a) sub-regulations (2), (3), (4) and (5) thereof shall be

renumbered as sub-regulations (3), (4), (5) and (6) respectively<

(b) immediately after sub-regulation (1) thereof, there shall

be added the following new sub-regulation (2)>

“(2) (a) Where the total amount of transactions within

a calendar year, computed in accordance with sub-regulation

(4), falls below two thousand four hundred Maltese liri,

persons discharging managerial responsibilities within an

issuer or persons closely associated with a person discharging

managerial responsibilities within an issuer, shall be exempt

from notifying the competent authority under this sub-

regulation.

(b) In this sub-regulation, the first calendar year

shall be deemed to commence on the 1 st October, 2005.”< and

(c) paragraph (a) of sub-regulation (4) as re-

numbered shall be deleted and sub-paragraph (b) thereof shall

be re-numbered as the whole sub-regulation (4).

For the proviso to sub-regulation (2) of regulation 10 of the

principal regulations, there shall be substituted the following>

“Provided that in this case, confirmation is notified by means

of a completed form in accordance with the applicable Schedule

to these regulations within the time limits referred to in regulations

8 and 9 hereof.”.

Schedule I to the principal regulations shall be amended as Amends Schedule I

to the principal

follows>

regulations.

(a) for the words “Notification by Persons discharging

managerial responsibilities etc within an Issuer pursuant to Article

10 of the Prevention of Financial Markets Abuse Act, 2005”, there

shall be substituted the words “Notification by Persons discharging

managerial responsibilities within an issuer of financial instruments

and, where applicable, persons closely associated with them,

pursuant to regulation 8 of the Prevention of Financial Markets

Abuse (Disclosure and Notification) Regulations, 2005 and article

10 of the Prevention of Financial Markets Abuse Act, 2005”< and

(b) for the words “Has the competent authority, and#or a

Recognised Investment Exchange already been advised by

telephone, written communication or otherwise^”, there shall be

substituted the words “Has the competent authority already been

advised by telephone, written communication or otherwise^”.

Schedule II to the principal regulations shall be amended as Amends Schedule II

to the principal

follows>

regulations.

(a) for the words “Notification by persons professionally

arranging transactions in financial instruments pursuant to article

11 of the Prevention of Financial Markets Abuse Act 2005 2 ”, there

shall be substituted the words “SUSPICIOUS TRANSACTION

REPORT - Notification by Persons professionally arranging

transactions in financial instruments pursuant to regulation 9 of

the Prevention of Financial Markets Abuse (Disclosure and

Notification) Regulations, 2005 and article 11 of the Prevention

of Financial Markets Abuse Act, 2005 2 ”< and

(b) for the words “Has the competent authority and#or the

law enforcement authorities and#or a Recognised Investment

Exchange already been advised by telephone, written

communication or otherwise^”, there shall be substituted the words

“Has the competent authority already been advised by telephone,

written communication or otherwise^”.

Immediately after Schedule II to the principal regulations, there Adds new Schedule

III to the principal

shall be added the following new schedule>-

regulations.