FINANCIAL MARKETS (FEES) REGULATIONS

SUBSIDIARY LEGISLATION 345.28

FINANCIAL MARKETS (FEES) REGULATIONS

1 st January, 2025

LEGAL NOTICE 367 of 2024, as amended by Legal Notice 64 and

301 of 2025.

(1)

The title of these regulations is the Financial

Markets (Fees) Regulations.

(2) These regulations shall come into force on the 1 st

January 2025.

(3) These regulations shall apply to fees falling due on, or

after the coming into force of these regulations.

(regulations 3, 4, 5, 6 and 7)

Application Fee

Fees falling

Fees falling

Fees falling

due in 2027

due in 2025

due in 2026

and thereafter

(€)

(€)

(€)

45,000

60,000

75,000

Central securities depository

19,000

22,500

26,500

Central securities depository

also providing banking-type

ancillary services within the

49,000

52,500

56,500

meaning of Section C of the

Multilateral trading facility

37,500

52,500

67,500

Organised trading facility

37,500

52,500

67,500

(1)

In these regulations, unless the context

otherwise requires:-

"Act" means the Financial Markets Act;

"binding legal instrument" means any directly applicable

measures, including but not limited to, any implementing

technical standards, regulatory technical standards or similar

measures, issued under European Union legislation;

"Capital Markets Rules" means the Capital Markets

Rules issued by the competent authority in accordance with

article 13 of the Act;

"competent authority" means the Malta Financial

Services Authority established by the Malta Financial Services

Authority Act;

"CSDR" means Regulation (EU) No. 909/2014 of the

European Parliament and of the Council of the 23 July 2014 on

improving securities settlement in the European Union and on

central securities depositories and amending Directives 98/26/

EC and 2014/65/EU and Regulation (EU) No. 236/2012, as

may be amended from time to time, and any binding legal

instruments, guidelines and other measures that have been or

may be issued thereunder;

"debt securities" means securities which create or

acknowledge indebtedness;

"equity securities" means shares and other securities

equivalent to shares in companies, as well as any other type of

securities giving the right to acquire any of the aforementioned

FINANCIAL MARKETS (FEES)

securities as a consequence of their being converted or the rights

conferred by them being exercised, provided that securities of

the latter type are issued by the issuer of the underlying shares

or by an entity belonging to the group of the said issuer;

"ISIN" means the international securities identification

number assigned to a security;

"issuer" means any legal entity which issues or proposes

to issue securities;

"market capitalisation" means the aggregate market value of the

securities traded on the trading venue, represented in euro or euro

equivalent amount, at the time when the annual supervisory fee is due

in accordance with these regulations;

"multilateral trading facility" means a person that is

licensed under the Investment Services Act to provide, or hold

himself out as providing, the investment service set out in item

9 of the First Schedule to the said Act;

"organised trading facility" means a person that is

licensed under the Investment Services Act to provide, or hold

himself out as providing, the investment service set out in item

11 of the First Schedule to the said Act;

"Prospectus Regulation" means Regulation (EU) No.

2017/1129 of the European Parliament and of the Council of

14 June 2017 on the prospectus to be published when

securities are offered to the public or admitted to trading on a

regulated market, and repealing Directive 2003/71/EC, as may

be amended from time to time, and any binding legal

instruments, guidelines and other measures that have been or

may be thereunder;

"sponsor" means a person providing advice, guidance

and expertise to issuers applying, or intending to apply, for

admissibility to listing of securities on a local regulated market

under the Act, and as may be prescribed.

(2) Words and expressions used in these regulations which

are defined in the Financial Markets Act or in the Investment

Services Act, but which are not herein defined shall have the same

meaning as assigned to them in the respective Acts, as applicable.

(regulations 3, 4, 5, 6 and 7)

FINANCIAL MARKETS (FEES)

Annual Supervisory Fee

Fees falling

Fees falling

Fees falling

due in 2027

due in 2025

due in 2026

and thereafter

(€)

(€)

(€)

Regulated market with market

capitalisation

from €nil to €5 billion

60,000

80,000

100,000

over €5 billion up to €10

80,000

100,000

120,000

billion

over €10 billion up to €25

100,000

120,000

140,000

billion

over €25 billion up to €50

120,000

140,000

160,000

billion

over €50 billion

140,000

160,000

180,000

Central securities depository

25,000

30,000

35,000

Central securities depository

also providing banking-type

ancillary services within the

85,000

90,000

95,000

meaning of Section C of the

Annex to the CSDR

Multilateral trading facility

with market capitalisation

from €nil to €5 billion

50,000

70,000

90,000

over €5 billion up to €10

70,000

90,000

110,000

billion

over €10 billion up to €25

90,000

110,000

130,000

billion

over €25 billion up to €50

110,000

130,000

150,000

billion

over €50 billion

130,000

150,000

170,000

Organised trading facility with

market capitalisation

from €nil to €5 billion

50,000

70,000

90,000

over €5 billion up to €10

70,000

90,000

110,000

billion

over €10 billion up to €25

90,000

110,000

130,000

billion

over €25 billion up to €50

110,000

130,000

150,000

billion

over €50 billion

130,000

150,000

170,000

FINANCIAL MARKETS (FEES)

Amended by: 

(1) A body corporate or unincorporate that intends to

provide the services of a regulated market in or from Malta shall,

upon submission of an application to the competent authority for

authorisation in accordance with article 4 of the Act, pay to the

competent authority an application fee as established in the First

Schedule, as applicable, with respect to such application.

(2) A regulated market authorised in accordance with article

4 of the Act shall, subject to the provisions of sub-regulation (4), pay

to the competent authority an annual supervisory fee as established in

the Second Schedule, as applicable.

(3) Notwithstanding the provisions of sub-regulation (2),

the first annual supervisory fee due to the competent authority shall

be the annual supervisory fee established in the Second Schedule, as

applicable, prorated according to the period remaining between the

date when the regulated market is granted an authorisation in

accordance with article 4 of the Act and the end of the calendar year

in which such authorisation was granted.

(4) The first annual supervisory fee due in accordance

with sub-regulation (3) shall be paid to the competent authority on

the date when the regulated market is granted an authorisation

under the Act, and every annual supervisory fee following the first

annual supervisory fee which is due in accordance with sub-

regulation (2) shall be paid to the competent authority on the 1st

January of each calendar year.

(regulation 8)

L.N. 64 of 2025.

Prospectus Fees

Document

Article 6 of the Prospectus Regulation

Registration document

Article 9 of the Prospectus Regulation

Universal

registration

document

Article 14 of the Prospectus Regulation Registration document

for secondary issuances

Article 15 of the Prospectus Regulation Registration document

for

EU

growth

prospectus

Article 6 of the Prospectus Regulation Securities note

Article 14 of the Prospectus Regulation Securities

note

for

secondary issuances

Article 15 of the Prospectus Regulation Securities note for EU

growth prospectus

Article 6 of the Prospectus Regulation / Prospectus/

Article 8 of the Prospectus Regulation Base prospectus

Article 14 of the Prospectus Regulation Prospectus/Base

prospectus

for

secondary issuances

Article 15 of the Prospectus Regulation EU growth prospectus/

Base prospectus

Article 23 of the Prospectus Regulation Supplement

Full valuation report

immovables

Chapter 7 of the Capital Markets Rules

Full valuation report

movables

Full valuation report

other (shares, intangible

assets, etc.)

Condensed

valuation

report

Article 8 of the Prospectus Regulation

Final terms filing fee

FINANCIAL MARKETS (FEES)

Listing Fees

Securities to be listed

Fee (€)

Equity securities

15,000

Collective investment schemes

2,000

Added by: 

Fourth Schedule

(regulation 8A)

L.N. 301 of 2025.

Covered Bond Programme Fees

Fee (€)

Application fee

15,000

Annual supervisory fee

25,000.

Added by: 

Fifth Schedule

(regulation 8B)

L.N. 301 of 2025.

Sponsor Fees

Fee (€)

Application fee

2,000

Fixed annual supervisory fee

Variable annual supervisory fee

1,000

Maximum fee

10,000

(1)

A person that intends to establish and operate a

central securities depository in Malta or to provide, or hold itself out

to be providing, the service of a central securities depository in or

from Malta shall, upon submission of an application to the competent

authority for authorisation in accordance with article 24 of the Act,

pay to the competent authority an application fee as established in the

First Schedule, as applicable, with respect to such application.

(2) A central securities depository authorised in accordance

with article 25 of the Act shall, subject to the provisions of sub-

regulation (4), pay to the competent authority an annual supervisory

fee as established in the Second Schedule, as applicable.

(3) Notwithstanding the provisions of sub-regulation (2),

the first annual supervisory fee due to the competent authority shall

be the annual supervisory fee established in the Second Schedule, as

applicable, prorated according to the period remaining between the

date when the central securities depository is granted an authorisation

in accordance with article 25 of the Act and the end of the calendar

year in which such authorisation was granted.

(4) The first annual supervisory fee due in accordance

with sub-regulation (3) shall be paid to the competent authority on

the date when the central securities depository is granted an

authorisation under the Act, and every annual supervisory fee

following the first annual supervisory fee which is due in accordance

with sub-regulation (2) shall be paid to the competent authority on

the 1st January of each calendar year.

(1)

A person that intends to provide, or hold

himself out as providing, the investment service set out in item 9 of

the First Schedule to the Investment Services Act shall, upon

submission of an application to the competent authority for a licence

in accordance with article 5 of the Investment Services Act, pay to

the competent authority an application fee as established in the First

Schedule, as applicable.

(2) A multilateral trading facility shall, subject to the

provisions of sub-regulation (4), pay to the competent authority an

annual supervisory fee as established in the Second Schedule, as

applicable.

(3) Notwithstanding the provisions of sub-regulation (2),

the first annual supervisory fee due to the competent authority shall

be the annual supervisory fee established in the Second Schedule, as

applicable, prorated according to the period remaining between the

date when the multilateral trading facility is licensed as such and the

end of the calendar year in which such licence was granted.

(4) The first annual supervisory fee due in accordance with

sub-regulation (3) shall be paid to the competent authority on the date

when the multilateral trading facility is licensed as such and every

annual supervisory fee following the first annual supervisory fee

which is due in accordance with sub-regulation (2) shall be paid to

the competent authority on the 1st January of each calendar year.

(1)

A person that intends to provide, or hold

himself out as providing, the investment service set out in item 11 of

the First Schedule of the Investment Services Act shall, upon

submission of an application to the competent authority for a licence

in accordance with article 5 of the Investment Services Act, pay to

the competent authority an application fee as established in the First

Schedule, as applicable.

(2) An organised trading facility shall, subject to the

provisions of sub-regulation (4), pay to the competent authority an

annual supervisory fee as established in the Second Schedule, as

applicable.

(3) Notwithstanding the provisions of sub-regulation (2),

the first annual supervisory fee due to the competent authority shall

be the annual supervisory fee established in the Second Schedule, as

applicable, prorated according to the period remaining between the

date when the organised trading facility is licensed as such and the

end of the calendar year in which such licence was granted.

(4)

The first annual supervisory fee due in accordance with

sub-regulation (3) shall be paid to the competent authority on the date

when the organised trading facility is licensed as such and every

annual supervisory fee following the first annual supervisory fee

which is due in accordance with sub-regulation (2) shall be paid to

the competent authority on the 1st January of each calendar year.

(1)

Notwithstanding the provisions of regulations 3 to

6, where more than one (1) application fee is due in accordance with the

said regulations, such application fees, other than the highest of the said

application fees, shall be reduced by twenty five percent (25%).

(2)

Notwithstanding sub-regulation (1) and regulation 5(1) of

the Investment Services Act (Fees) Regulations, where an application

fee is due in accordance with regulation 5 and, or 6 in addition to any

one (1) or more application fees which are due in accordance with

regulations 3 and, or 4 and regulation 3 of the Investment Services Act

(Fees) Regulations, such application fees, other than the highest of the

said application fees, shall be reduced by twenty five percent (25%).

(3)

Notwithstanding the provisions of these regulations and

without prejudice to regulation 5(2) of the Investment Services Act

(Fees) Regulations, where a person authorised under the Act and, or

licensed under the Investment Services Act intends to obtain an

additional authorisation and, or to provide an additional investment

service, the application fee due by such person in accordance with these

regulations with respect to every such authorisation and, or investment

service shall be reduced by twenty five percent (25%)

Provided that, for the purposes of this sub-regulation

(a)

"authorisation" means an authorisation as required

by regulated markets and central securities depositories in

accordance with articles 4 and 24 of the Act respectively, as

applicable;

(b)

"authorised" means authorised as a regulated

market and, or a central securities depositary in accordance with

articles 4 and 25 of the Act, as applicable;

(c)

"investment service" means any of the investment

services referred to in items 9 and 11 of the First Schedule to the

Investment Services Act; and

(d)

"licensed" means licensed as an investment service

licence holder in accordance with article 6 of the Investment

Services Act, to provide, or hold himself out as providing, the

investment service set out in item 9 and, or 11 of the First

Schedule to the Investment Services Act, as applicable.

(4)

Notwithstanding the provisions of regulations 3 to 6

where more than one (1) annual supervisory fee is due in accordance

with the said regulations, such annual supervisory fees, other than the

highest of the said annual supervisory fees, shall be reduced by twenty

five percent (25%).

(5) Notwithstanding sub-regulation (4) and regulation 5(4) of

the Investment Services Act (Fees) Regulations, where an annual

supervisory fee is due in accordance with regulations 5 and, or 6 in

addition to any one (1) or more annual supervisory fees which are due

in accordance with regulations 3 and, or 4 and regulation 4 of the

Investment Services Act (Fees) Regulations, such annual supervisory

fees, other than the highest of the said annual supervisory fees, shall be

reduced by twenty five percent (25%).

A person applying to the competent authority for the

approval of a prospectus and, or the admissibility to listing of

securities on a local regulated market shall, upon submission of an

application to the competent authority for approval or admissibility in

accordance with article 15 of the Act, pay to the competent authority

the fees established in the Third Schedule, as applicable

Provided that the fee due in accordance with this

regulation with respect to every debt security assigned an ISIN,

including Malta Government stocks, shall be the following

(a)

where the market capitalisation of a debt

security is up to twelve million and five hundred thousand

euro (€12,500,000), thirteen thousand euro (€13,000);

(b)

where the market capitalisation of a debt

security is more than twelve million and five hundred

thousand euro (€12,500,000) but less than fifty million euro

(€50,000,000)

(i)

ten thousand euro (€10,000) for the first

twelve million and five hundred thousand euro

(€12,500,000) in market capitalisation; and

(ii) three thousand euro (€3,000) for every

additional two million and five hundred thousand euro

(€2,500,000) in market capitalisation or part thereof;

(c)

where the market capitalisation of a debt

security is more than fifty million euro (€50,000,000)

(i)

fifty five thousand euro (€55,000) for

the first fifty million euro (€50,000,000) in market

capitalisation; and

(ii) two thousand and five hundred euro

(€2,500) for every additional two million and five

hundred thousand euro (€2,500,000) in market

capitalisation or part thereof

Provided further that, in any case, the

aggregate of the amounts referred to in sub-paragraphs (i) and

(ii) of paragraph (c) of the first proviso shall not exceed one

hundred thousand euro (€100,000).

(1)

A credit institution that intends to issue a covered

bond programme shall, upon submission of an application to the

competent authority for approval in accordance with article 31D of the

Act, pay to the competent authority an application fee as established in

the Fourth Schedule.

(2)

A credit institution shall, subject to the provisions of sub-

regulation (3), pay to the competent authority an annual supervisory

fee as established in the Fourth Schedule with respect to every covered

bond programme which was approved by the competent authority.

(3)

The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the covered bond programme is approved by the competent

authority and annually thereafter on the date when such approval was

granted.

(4)

The first annual supervisory fee due in accordance with

sub-regulation (3) shall be paid to the competent authority on the date

when a sponsor is registered under the Act, and every annual

supervisory fee following the first annual supervisory fee which is due

in accordance with sub-regulation (2) shall be paid to the competent

authority on the 31st st January of each calendar year.

(1)

A person that intends to act as a sponsor in Malta,

or hold itself out to act as such shall, upon submission of an

application to the competent authority for registration in accordance

with article 12B of the Act, pay to the competent authority an

application fee as established in the Fifth Schedule.

(2)

A person registered as a sponsor in accordance with

article 12B of the Act shall, subject to the provisions of sub-regulation

(4), pay to the competent authority an annual supervisory fee which

shall be the aggregate of the following

(a)

the fixed annual supervisory fee established in the

Fifth Schedule; and

(b)

where applicable, the variable annual supervisory

fee for every application for the admissibility to listing of

FINANCIAL MARKETS (FEES)

securities on a local regulated market submitted to the

competent authority, in relation to which a sponsor was

appointed to provide his services as such during the preceding

calendar year

Provided that the variable annual supervisory fee

shall not exceed the maximum annual supervisory fee

established in the Fifth Schedule.

(3) Notwithstanding the provisions of sub-regulation (2), the first

annual supervisory fee due to the competent authority shall be the

fixed annual supervisory fee established in the Fifth Schedule prorated

according to the period remaining between the date when the sponsor

was registered under the Act and the date when the next annual

supervisory fee is due in accordance with sub-regulation (4).

(1)

The fees established and due in terms of these

regulations shall not be refundable.

(2) Without prejudice to the provisions of regulations 3(3),

4(3), 5(3) and 6(3), the fees established and due in terms of these

regulations shall not be prorated.