Regulations, 2025

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,515, 3 ta’ Ottubru, 2025 B 1951

L.N. 215 of 2025

MALTA FINANCIAL SERVICES AUTHORITY ACT

(CAP. 330)

FINANCIAL MARKETS ACT

(CAP. 345)

Financial Markets Act (MiFID and MiFIR Administrative

Penalties, Measures and Investigatory Powers) (Amendment)

Regulations, 2025

IN EXERCISE of the powers conferred by article 20A of the

Malta Financial Services Authority Act and 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 Markets Citation and

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

Investigatory Powers) (Amendment) Regulations, 2025 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 transpose Article 1(12)

of Directive (EU) 2024/790 of the European Parliament and of the

Council of 28 February 2024 amending Directive 2014/65/EU on

markets in financial instruments.

Regulation 7 of the principal regulations shall be amended Amends

regulation 7 of

as follows

the principal

regulations.

(a) in paragraph (c) of sub-regulation (1) thereof the

words "4G(1), 4H, 7" shall be substituted by the words "4G(1),

7";

(b) sub-regulation (2) thereof shall be substituted by the

following

"(2) These regulations shall apply at least in the case

of a breach of any of the following provisions of MiFIR

(a) Articles 3(1) and (3) relating to pre-trade

transparency requirements for trading venues in

respect of shares, depositary receipts, ETFs,

certificates and other similar financial instruments;

(b) the first sub-paragraph of Article 4(3)

relating to waivers for equity instruments;

(c)

Article 5 relating to volume cap;

(d) Article 6 relating to post-trade

transparency requirements for trading venues in

respect of shares, depositary receipts, ETFs,

certificates and other similar financial instruments;

(e) the first sentence of the third sub-

paragraph of Article 7(1) relating to authorisation of

deferred publication;

(f) Article 8(1) relating to pre-trade

transparency requirements for trading venues in

respect of bonds, structured finance products and

emission allowances;

(g) Article 8a(1) and (2) relating to pre-trade

transparency requirements for trading venues in

respect of derivatives;

(h) Article 8b relating to pre-trade

transparency requirements for trading venues in

respect of package orders;

(i) Article 10 relating to post-trade

transparency requirements for trading venues in

respect of bonds, structured finance products,

emission allowances and derivatives;

(j) the first sentence of the second sub-

paragraph of Article 11(1), the second sub-paragraph

of Article 11(1a), Article 11(1b) and the fourth sub-

paragraph of Article 11(3) relating to deferred

publication in respect of bonds, structured finance

products or emission allowances;

(k) the first sentence of the second sub-

paragraph and the fourth sub-paragraph of Article

11a(1) relating to deferred publication in respect of

derivatives;

(l)

Article 12(1) relating to the obligation to

make pre-trade

and

post-trade

data

available

separately;

(m) Article 13(1) and (2) relating to the

obligation to make pre-trade and post-trade data

available on a reasonable commercial basis;

(n) Article 14(1), (2) and (3) relating to the

obligation for systematic internalisers to make public

firm quotes in respect of shares, depositary receipts,

ETFs, certificates and other similar financial

instruments;

(o) Article 15(1) and (2) and the second

sentence of Article 15(4) relating to the execution of

client orders;

(p) the second sentence of article 17(1)

relating to access to quotes;

(q) Article 20(1), Article 20(1a) and the first

sentence of Article 20(2) relating to post-trade

disclosure by investment firms, including systematic

internalisers, in respect of shares, depositary receipts,

ETFs, certificates and other similar financial

instruments;

(r) Article 21(1), (2) and (3) relating to post-

trade disclosure by investment firms in respect of

bonds, structured finance products, emission

allowances and derivatives;

(s) Article 22(2) relating to the provision of

information for the purposes of transparency and

other calculations;

(t) Article 22a(1) and (5) to (8) relating to the

transmission of data to the CTP;

(u)

Article 22b(1) relating to data quality;

(v) Article

22c(1)

relating

to

the

synchronisation of business clocks;

(w) Article 23(1) and (2) relating to the

trading obligation for investment firms;

(x)

Article 25(1) and (2) relating to the

obligation to maintain records;

(y) the first sub-paragraph of Article 26(1),

Article 26(2) to (5), the first sub-paragraph of Article

26(6) and the first to fifth and eighth sub-paragraph

of Article 26(7) relating to the obligation to report

transactions;

(z) Article 27(1) relating to the obligation to

supply financial instrument reference data;

(aa) Article 27f(1), (2) and (3) relating to the

requirements for the management body of a data

reporting services provider;

(ab) Article 27g(1) to (5) relating to the

organisational requirements for APAs;

(ac) Article 27i(1) to (4) relating to the

organisational requirements for ARMs;

(ad) Article 28(1) relating to the obligation to

trade on regulated markets, MTFs or OTFs;

(ae) Article 29(1) and (2) relating to the

clearing obligation for derivatives traded on regulated

markets and timing of acceptance for clearing;

(af) Article 30(1) relating to indirect clearing

arrangements;

(ag) Article 31(3) relating to post-trade risk

reductions services;

(ah) Article 35(1), (2) and (3) relating to non-

discriminatory access to a CCP as defined in Article

2(1) of Regulation (EU) No 648/2012 of the European

Parliament and of the Council of 4 July 2012 on OTC

derivatives, central counterparties and trade

repositories;

(ai) Article 36(1), (2) and (3) relating to non-

discriminatory access to a trading venue;

(aj) Article 37(1) and (3) relating to non-

discriminatory access to and the obligation to licence

benchmarks;

(ak) Article 39a relating to the prohibition of

receiving payment for order flow;

(al) Article 40 relating to ESMA temporary

intervention powers;

(am) Article 41 relating to EBA temporary

intervention powers; and

(an) Article 42 relating to product intervention

by the competent authority.";

(c)

sub-regulation (3) thereof shall be deleted.

€0.27