Regulations, 2017

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,925, 22 ta’ Diċembru, 2017

Taqsima B

L.N. 386 of 2017

FINANCIAL MARKETS ACT

(CAP. 345)

Financial Markets Act (Membership and Access) (Amendment)

Regulations, 2017

IN EXERCISE of the powers conferred by article 49 of the

Financial Markets Act, the Minister responsible for the regulation of

financial services, acting on the advice of the Malta Financial

Services Authority, has made the following regulations

(1)

The title of these regulations is the Financial Title and

Markets Act (Membership and Access) (Amendment) Regulations, commencement.

2017, and these regulations shall be read and construed as one with

the Financial Markets Act (Membership and Access) Regulations, S.L.345.06.

hereinafter referred to as "the principal regulations".

(2) These regulations shall come into force on the 3rd January

2018.

Sub-regulation (2) of regulation 1 of the principal Amends

regulation 1 of

regulations, shall be substituted by the following

the principal

regulations.

"(2)

The objective of these regulations is to transpose

and implement article 4(1),(30) and (55), Article 36 and Article

53(3) of MiFID, as herein defined, and shall be interpreted and

applied accordingly.".

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a)

immediately after the definition "competent

authority", there shall be inserted the following new definition

" "Directive 2013/36/EU " means Directive 2013/

36/EU of the European Parliament and of the Council of 26

June 2013 on access to the activity of credit institutions

and the prudential supervision of credit institutions and

investment firms, as amended from time to time, and

includes any implementing measures that may have been

or may be issued thereunder;";

(b)

the definition "the Directive" shall be deleted;

(c)

in paragraph (c) of the definition "home Member

State or EEA State", for the words, "is situated.", there shall be

substituted the words, "is situated;"; and

(d)

immediately after the definition"home Member

State or EEA State", as amended, there shall be inserted the

following new definition

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

European Parliament and of the Council of 15 May 2014

on markets in financial instruments as amended from time

to time, and includes any implementing measures that may

have been or may be issued thereunder.".

In sub-regulation (3) of regulation 6 of the principal

regulations, for the words, "Directive 2006/49/EC", there shall be

substituted the words "Directive 2013/36/EU".

Immediately after regulation 8 of the principal regulations

there shall be inserted the following new regulation

(1)

Where a person falling within

"Administrative Penalties,

other administrative

the scope of these regulations fails to comply

measures and Appeals.

with any provisions of such regulations or any

rules issued thereunder further implementing

such regulations, the competent authority may,

by notice in writing and without recourse to a

court hearing, impose on such person an

administrative penalty and other administrative

measures in accordance with the provisions of

the Financial Markets Act (MiFID and MiFIR

Administrative Penalties, Measures and

Investigatory Powers) Regulations, 2017.

(2) A right of appeal to the Financial

Services Tribunal shall lie from the decisions

which the competent authority shall take under

these regulations and the provisions of Part VI

of the Act shall mutatis mutandis apply.".

€0.09