Requirements) (Amendment) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,205, 8 ta’ Marzu, 2024 B 353

L.N. 60 of 2024

FINANCIAL MARKET ACT

(CAP. 345)

Regulated Markets and Market Operators (Authorisation

Requirements) (Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 49 of the

Financial Market 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 Regulated Citation and

Markets and Market Operators (Authorisation Requirements) scope.

(Amendment) Regulations, 2024 and these regulations shall be read

and construed as one with the Regulated Markets and Market S.L. 345.04.

Operators (Authorisation Requirements) Regulations, hereinafter

referred to as the "principal regulations".

(2) The scope of these regulations is to transpose Article 4(1)

point (37) of Directive 2014/65/EU of the European Parliament and of

the Council of 15 May 2014 on markets in financial instruments and

amending Directive 2002/92/EC and Directive 2011/61/EU (recast), as

amended by Article 1(2) 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.

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 "Regulation (EU) No

596/2014" there shall be added the following new definition

""Regulation (EU) No 600/2014" means Regulation

(EU) No 600/2014 of the European Parliament and of the

Council of 15 May 2014 on markets in financial

instruments and amending Regulation (EU) No 648/2012;"

and

(b) immediately after the definition "the Schedule" there

shall be added the following new definition

""senior management" means natural persons who

exercise executive functions within an investment firm, a

market operator, or a data reporting services provider as

defined in point (36a) of Article 2(1) of Regulation (EU)

No 600/2014, and who are responsible and accountable to

the management body for the day-to-day management of

the entity, including for the implementation of the policies

concerning the distribution of services and products to

clients by the firm and its personnel.".

€0.09