Regulations, 2017

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

Taqsima B

L.N. 388 of 2017

FINANCIAL MARKETS ACT

(CAP. 345)

European Rights for Regulated Markets (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 European Title, scope and

Rights for Regulated Markets (Amendment) Regulations, 2017, and commencement.

these regulations shall be read and construed as one with the S.L. 345.11.

European Rights for Regulated Markets Regulations, hereinafter

referred to as "the principal regulations".

(2) The purpose of these regulations is to transpose and

implement Articles 4(1),(55)(b) and (56) and Article 79(2) of MiFID,

as herein defined and shall be interpreted and applied accordingly.

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

2018.

In sub-regulation (2) of regulation 1 of the principal Amends

regulations, for the words, "Articles 42(6) and 62(3) and (4) of the regulation

the principal

MiFID Directive", there shall be substituted the words, "Articles regulations.

4(1),(55)(b) and (56), Article 53(6), Article 79(2) and Articles 86(3)

and (4) of MiFID".

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a)

for the definition "European regulated market",

there shall be substituted the following definition

" "European regulated market" means a regulated

market as defined in Article 4(1)(21) of MiFID authorised

by its European regulatory authority within the meaning of

Article 44 of MiFID;"; and

(b)

for the definition "MiFID Directive" there shall be

substituted the following 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 have

been or may be issued thereunder.".

In sub-regulation (3) of regulation 5 of the principal

regulations, for the words, "and the provisions of article 19 of the Act

shall apply mutatis mutandis.", there shall be substituted the words,

"and the provisions of Part VI of the Act shall apply mutatis

Immediately after sub-regulation (3) of regulation 5 of the

principal regulations, there shall be inserted the following new Part

"Part IV

Cooperation between the competent authority and European

regulatory authorities

Where the operations of a European

regulated market that has established arrangements in

Malta have become of substantial importance for the

functioning of the securities markets and the protection

of the investors in Malta, the competent authority shall

establish proportionate cooperation arrangements with

the European regulatory authority of the home Member

State or EEA State of the European regulated market.

Part V

Administrative Penalties, other Administrative Measures and

Appeals

(1)

Where a person falling within the

scope of these regulations fails to comply 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 apply

mutatis mutandis.".

€0.18