Directive) (Amendment) Regulations, 2023

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,032, 4 ta’ April, 2023

L.N. 74 of 2023

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Supervisory Review Investment Firms

Directive) (Amendment) Regulations, 2023

IN EXERCISE of the powers conferred by article 12 of the

Investment Services 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 Investment Citation and

Services Act (Supervisory Review Investment Firms Directive) scope.

(Amendment) Regulations, 2023, and these regulations shall be read

and construed as one with the Investment Services Act (Supervisory S.L. 370.47.

Review Investment Firms Directive) Regulations, hereinafter referred

to as the "principal regulations".

(2) The purpose of these regulations is to transpose Article 57

of Directive (EU) 2019/2034 of the European Parliament and of the

Council of 27 November 2019 on the prudential supervision of

investment firms and amending Directives 2002/87/EC, 2009/65/EC,

2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU, and they

shall be interpreted and applied accordingly.

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

regulations, for the words, "43, and 45 of Directive (EU) 2019/2034", regulation

the principal

there shall be substituted the words, "43, 45 and 57 of Directive (EU) regulations.

2019/2034".

Immediately after regulation 14 of the principal Adds regulation

15 to the

regulations, there shall be added the following new regulation

principal

regulations.

(1) The competent authority shall publish

"Publication.

the following information in accordance with the

technical standards adopted by the European

Commission

(a) the texts of laws, regulations,

administrative rules and general guidance adopted

in Malta in relation to the IFD;

(b) the manner of exercise of the options

and discretions available in the IFR and the IFD;

(c) the general criteria and methodologies

it uses in the review and evaluation pursuant to

regulation 9;

(d) without

prejudice

to

the

confidentiality provisions of the Act, aggregate

statistical data on key aspects of the

implementation of the IFR and the IFD in Malta,

including the number and nature of supervisory

measures taken and of administrative penalties

imposed in terms of the Act.

(2) The information published in accordance

with sub-regulation (1) shall be sufficiently

comprehensive and accurate to enable a meaningful

comparison of the approaches adopted by the European

regulatory authorities.

(3) The disclosures shall be published following

a common format and they shall be updated regularly.

The disclosures shall be published on the official

website of the competent authority.".

€0.09