Regulations, 2022

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,855, 10 ta’ Mejju, 2022 B 755

L.N. 137 of 2022

FINANCIAL MARKETS ACT

(CAP. 345)

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

Financial Markets Act (MiFID and MiFIR Administrative

Penalties, Measures and Investigatory Powers) (Amendment)

Regulations, 2022

IN EXERCISE of the powers conferred by article 49 of the

Financial Markets Act and article 20A of the Malta Financial Services

Authority 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 Markets Citation and

Act (MiFID and MiFIR Administrative Penalties, Measures and scope.

Investigatory Powers) (Amendment) Regulations, 2022, and these

regulations shall be read and construed as one with the Financial S.L. 330.12.

Markets Act (MiFID and MiFIR Administrative Penalties, Measures S.L. 345.22.

and Investigatory Powers) Regulations, hereinafter referred to as "the

principal regulations".

(2)

The scope of these regulations is to

(a) transpose sub-article 5 of Article 1 of Directive (EU)

2019/2177 of the European Parliament and of the Council of 18

December 2019 amending Directive 2009/138/EC on the taking-

up and pursuit of the business of Insurance and Reinsurance

(Solvency II), Directive 2014/65/EU on markets in financial

instruments and Directive (EU) 2015/849 on the prevention of

the use of the financial system for the purposes of money-

laundering or terrorist financing; and

(b) implement in part article 4(2) of Regulation (EU)

2019/2175 of the European Parliament and of the Council of 18

December 2019 amending Regulation (EU) No 1093/2010

establishing a European Supervisory Authority (European

Banking Authority), Regulation (EU) No 1094/2010 establishing

a European Supervisory Authority (European Insurance and

Occupational Pensions Authority), Regulation (EU) No 1095/

2010 establishing a European Supervisory Authority (European

Securities and Markets Authority), Regulation (EU) No 600/

2014 on markets in financial instruments, Regulation (EU) 2016/

1011 on indices used as benchmarks in financial instruments and

financial contracts or to measure the performance of investment

funds, and Regulation (EU) 2015/847 on information

accompanying transfers of funds.

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

regulations shall be amended as follows

(a) the definition " "APA" or "approved publication

arrangement" " shall be substituted by the following

" "approved publication arrangement" or "APA"

means a person authorised under MiFIR to provide the

service of publishing trade reports on behalf of investment

firms pursuant to Articles 20 and 21 of MiFIR;";

(b) the definition " "ARM" or "approved reporting

mechanism" " shall be substituted by the following

" "approved reporting mechanism" or "ARM" means

a person authorised under MiFIR to provide the service of

reporting details of transactions to competent authorities or

to ESMA on behalf of investment firms;";

(c) the definition

" "CTP" or "consolidated tape

provider" " shall be substituted by the following

" "consolidated tape provider" or "CTP" means a

person authorised under MiFIR to provide the service of

collecting trade reports for financial instruments listed in

Articles 6, 7, 10, 12 and 13, 20 and 21 of MiFIR from

regulated markets, MTFs, OTFs and APAs and

consolidating them into a continuous electronic live data

stream providing price and volume data per financial

instrument;";

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

regulations shall be amended as follows

(a) paragraph (c) thereof shall be substituted by the

following

" (c) in the case of a market operator authorised to

operate an MTF or OTF, or a regulated market, withdrawal

or suspension of the authorisation of the institution in

accordance with the provisions of the Financial Markets

Act and any regulations issued thereunder;";

(b) immediately after paragraph (g), there shall be

added the following new paragraph

"(h) in the case of an APA or ARM which has a

derogation in accordance with Article 2(3) of MiFIR,

withdrawal and suspension of the authorisation in

accordance with Article 27e of MiFIR.".

Regulation 7 of the principal regulations shall be amended Amends

regulation 7

as follows

of the

principal

(a) in paragraph (i) of sub-regulation (1) thereof, for the regulations.

words "2017; and", there shall be substituted the words "2017.",

and paragraph (j) thereof shall be deleted;

(b)

sub-regulation (2) thereof shall be amended as

follows

(i) paragraph (z) thereof shall be substituted by the

following

"(z) the provisions of Article 36(1) to (3) on

non-discriminatory access to a trading venue;";

(ii) paragraph (aa) thereof shall be substituted by

the following

" (aa) the provisions of Article 37(1) and (3)

on non-discriminatory access to and obligation to

licence benchmarks; and";

(iii) immediately after paragraph (aa) thereof, as

substituted, there shall be added the following new

paragraph

" (ab) Article 27f(1), (2) and (3), Article 27g(1)

to (5) and Article 27i(1) to (4), where an APA or

ARM has a derogation in accordance with Article

2(3).";

(c) paragraph (c) of sub-regulation (4) thereof shall be

deleted; and

(d) in paragraph (b) of sub-regulation (5) thereof, for the

words "of the transaction", there shall be substituted the words

"of the transaction;" and, immediately thereafter, there shall be

added the following new paragraph

" (c) the provisions of Article 27b of MiFIR on the

requirements for authorisation to operate an APA or ARM,

where an APA or ARM has a derogation in accordance with

Article 2(3) of MiFIR;".

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