Legislation

Financial Markets Act (Cap. 345)

legislation.mt (official source) · last checked 2026-10-09 · 109 articles

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• Art. 1The short title of this Act is the Financial Markets Act. *Vide transitory provision repr oduced at the end of
• Art. 2(1) In this Act and in the Schedule thereto unless the context otherwise requires: "agricultural commodity der
• Art. 2A(1) The competent authority shall carry out its functions under this Act and, in particular, shall ensure comp
• Art. 3(1) The Minister, acting on the advice of the Competent Authority, may make regulations setting out - (a) the
• Art. 4(1)( a) No person shall provide, or hold itself out to provide the services of a regulated market in or from w
• Art. 4AWithout prejudice to any relevant provisions of MAR o r o f MAD , the public law governing the trading conduct
• Art. 4B(1) Persons who are in a position to exercise, directly or indirectly, significant influence over the manageme
• Art. 4C(1) Regulated markets shall be obliged to: (i) have clear and transparent bye-laws regarding the admission of
• Art. 4DA market operator shall be entitled to exercise the rights that correspond to the regulated market that it man
• Art. 4EMarket operators shall not execute client orders against proprietary capital, or engage in matched principal t
• Art. 4F(1) A regulated market shall establish and maintain its operational resilience in accordance with the requirem
• Art. 4HRepealed by Act XXIX.2025. 11. Financial Market Rules. Substituted by: XVII. 2002.114. Amended by: XX. 2007.14
• Art. 5(1) The competent authority may issue Financial Market Rules requiring a regulated market to give it - (a) not
• Art. 6(1) The competent authority may direct that any of the Financial Market Rules issued under article 5 are not t
• Art. 7(Deleted by: XLVI.2021.13 ). Revocation of an authorisation. Substituted by: XVII. 2002.114. Amended by: XX. 2
• Art. 8(1) An authorisation may be revoked by an order made by the competent authority at the r equest, or with the c
• Art. 9(1) Before issuing a directive under article 39K, or before making a revocation order under article 8(2), the
• Art. 10A regulated market intending to take any of the following actions shall notify the competent authority in writ
• Art. 10ARegulated markets shall offer all their members or participants the right to designa te the systems for the cl
• Art. 10B(1) The competent au thority shall draw up a list of the regulated markets registered in Malta and shall forwa
• Art. 11(1) Without prejudice to any other power or function conferred to it by this Act or any other law, it shall al
• Art. 11A(Deleted by XIX. 2016.8 ). Approval of prospectus and admissibility to listing. Substituted by: XLVI.2021.16.
• Art. 12(1) Unless otherwise expressly provided in this Act or in the provisions of any other app licable law, no secu
• Art. 12A(1) Without prejudice to Article 4 of the Prospectus Regulation , the provisions of the Prospectus Regulation
• Art. 12B(1) Any person intending to act as a sponsor in Malta, or to hold itself out to act as such, shall apply with
• Art. 12C(1) The competent authority may register or refuse an application for registration ma de in accordance with ar
• Art. 12DThe competent authority may, at any time, in the circumstances prescribed, cancel or suspend the registration
• Art. 13(1) The competent authority may, from time to time, issue and publish Capital Markets Rules which shall be bin
• Art. 14AThe Minister, acting on the advice of the competent authority, may make regulations to give effect to the prov
• Art. 15(1) An application for the approval of a prospectus and, or the admissibility to listing of securities on a lo
• Art. 15A(1) The competent authority shall notify the applicant of its decision regarding the requested approval of the
• Art. 15B(1) Notwithstanding the provisions of this Act or any other law, the issuer, the offeror, the person asking fo
• Art. 16(1) The competent authority shall notify the applicant of its decision regarding the reques ted approval of th
• Art. 17( Deleted by: XLVI.2021.23 ). Notice of discontinuation or suspension. Substituted by: XVII. 2002.114. Amended
• Art. 18(Deleted by: XLVI.2021.24 ). Penalty in respect of contraventions. Substituted by: XVII. 2002.114. Amended by:
• Art. 19A(Deleted by: XLVI.2021.26 ). 36 CAP. 345.] FINANCIAL MARKETS Sanctions on members of administrative, managemen
• Art. 19B(Deleted by: XLVI.2021.27 ). Suspension of exercise of voting rights. Added by: XIX. 2016.10.
• Art. 19D(Deleted by: XLVI.2021.29 ). Notice of penalty. Substituted by: XVII. 2002.114. Amended by: XX. 2007.34; XIX.
• Art. 20A(Deleted by: XLVI.2021.31 ). Regulatory and investigatory powers of the Listing Authority. Substituted by: XVI
• Art. 21(Deleted by: XLVI.2021.31 ). Cooperation with other European regulatory authorities. Added by: XX. 2013.32. Am
• Art. 21AThe competent authority shall cooperate with other European regulatory authorities whenever necessary for the
• Art. 21BThe competent authority may refer to ESMA cases where a request for cooperation, in particular to exchange inf
• Art. 21CThe obligation of professional secrecy shall not prevent the competent authority from exchanging confidential
• Art. 21DThe competent authority shall notify ESMA o f a n y cooperation agreements it enters into providing for the ex
• Art. 21E(1) For the purpose of making regulated information accessible on ESAP, the collection body shall be the Malta
• Art. 22(Deleted by: XLVI.2021.37 ). Non-liability for acts done in good faith. Substituted by: XVII. 2002.114.
• Art. 23(Deleted by: XLVI.2021.38 ). 38 CAP. 345.] FINANCIAL MARKETS PART IV Substituted by: XX. 2007.36. CENTRAL SECU
• Art. 24(1) No person shall establish and operate a central securities depository in Malta or shall provide, or hold i
• Art. 24AThe Malta Financial Services Authority established by the Malta Financial Services Authority Act shall be the
• Art. 25(1) In determining an applicat ion the competent authority shall have regard to such information and other fac
• Art. 26Without prejudice to any other power or function conferred on it by law or regulation, the functions of a cent
• Art. 27(1) An authorisation may be r evoked by an order issued in writing by the competent authority at the request,
• Art. 28(Deleted by Act XXXI. 2017.32.) Application of other articles. Amended by: V . 1992.2; XVII. 2002.110,
• Art. 29The provisions of articles 4B, 6 and 9 of Part II of this Act shall apply mutatis mutandis to central securiti
• Art. 30(1) The Minister, acting on the advice of the competent authority, may make re gulations setting out: (a) the
• Art. 31The competent authority may from time to time issue Financial Market Rules which sha ll be binding on central
• Art. 31AThis Part shall be read and cons trued in accordance with the CSDR and, insofar as the provisions of this Part
• Art. 31B(1) Without prejudice to any other power or function conferred to it by this Act or any other law, it shall al
• Art. 31C(1) The competent authority may, from time to time, issue and publish Covered Bonds Rules as may be required f
• Art. 31D(1) Without prejudice to the provisions of Part III and to article 54, no covered bonds sha ll be issued in Ma
• Art. 31E(1) Where the competent authority finds that an application for the approval of a covered bond programme does
• Art. 31FA credit institution shall provide the competent authority with details of any changes in t he information pro
• Art. 31H(1) The Minister, acting on the advice of the competent authority, may make regulations to give effect to the
• Art. 31I(1) Covered bond investors and counterparties of derivative contracts that comply with regulation 8 of the Fin
• Art. 32(1) The competent authority may, by notice in writing, require - (i) any regulated market or central securitie
• Art. 33(1) The competent authority may, whenever it deems it necessary or expedient, appoint a n inspector or inspect
• Art. 34(1) Any officer, employee or agent of the competent authority, on producing, if required, evidence of his auth
• Art. 34AAny decision taken under this Act by the competent authority in terms of any provisions of this Act or any reg
• Art. 35Nothing in this Act or any regulations made thereunder, or in any bye-laws of a trading venue shall authorise
• Art. 36Where any trading venue suspects that there may exist circumstances to indicate that any violation of the prov
• Art. 37(1) The competent authority shall act as the contact point in terms of and for the purposes of sub-article (1)
• Art. 37A(1) The competent authority may request the co-operation of a European regulatory authority in supervisory fun
• Art. 37BThe competent authority may refuse to act on a request for co-operation in carrying out supervisory functions,
• Art. 37C(1) Co-operation agreements with overseas regulatory authorities or other authorities, bodies and natural or l
• Art. 37DThe competent authority may refer to ESMA situations where a request relating to one o f the following has bee
• Art. 37E(1) The competent authority shall cooperate closely with the authorities performing the general supervision of
• Art. 38(1) Trading venues, central securities depositories, credit institutions issuing covered bonds, the competent
• Art. 39(1) If, on an application by th e competent authority made to the Civil Court, F irst Hall, the said court is
• Art. 39A(1) Without prejudice to any other powers conferred to it by this Act or any other law, whe re the competent a
• Art. 39B(1) Notwithstanding the provisions of article 39A, the competent authority may impose administrative penalties
• Art. 39C(1) Notwithstanding the provisions of article 39A, the competent authority may impose administrative penalties
• Art. 39CA(1) Without prejudice to the powers of the competent authority under this Act or any other law, where the comp
• Art. 39DWhere obligations imposed in terms of the Prospectus Regulation, this Act or any regulations or Capital Market
• Art. 39EIn the case of administrativ e penalties or measures imposed by the competent authority in accordance with the
• Art. 39F(1) If the competent authority proposes to impose an administrative penalty on any person under any of the pro
• Art. 39FA(1) If the competent authority proposes to impose an administrative penalty or any other administrative measur
• Art. 39GA(1) The competent authority shall publish any decision imposing an administrative penalty or any other adminis
• Art. 39H(1) Without prejudice to any ot her powers conferred to it by this Act or any other law, t he competent author
• Art. 39I(1) Without prejudice to any other powers conferred to it by this Act or any other law, t he competent authori
• Art. 39J(1) Where the competent authority proposes to remove or requires the removal of a listed financial instrument
• Art. 39K(1) Without prejudice to any of the powers conferred on it under this Act, the competent authority may, whenev
• Art. 39L(1) In the event of the insolvency or resolution of a credit institution issuing covered bonds, which is licen
• Art. 40(1) Any person who contravenes or fails to comply with any of the provisions of article 32 or of any court ord
• Art. 41(1) A person guilty of an offence under the provisions of section 40 shall be liable on conviction to a four h
• Art. 41AIf it appears to the competent authority or the competent authority that a person has contravened any of the p
• Art. 41B(Deleted by XLVI. 2021.50 ). PART VI FINANCIAL SERVICES TRIBUNAL 80 CAP. 345.] FINANCIAL MARKETS Appeals to th
• Art. 42(1) Any person who is aggrieved by a decision of the competent authority: (a) to refuse a prospectus or admiss
• Art. 43An appeal against a decision of the competent authority or a market operator of an authorized regulated market
• Art. 44Subject to articles 42 and 43 of this Act, the provisions of article 21 of the Malta Financial Services Author
• Art. 45(1) Quoted financial instrum ents may be traded outside the regulated market on which they are listed, or admi
• Art. 46Notwithstanding the provisions of any other law, the transfer of quoted financial instruments in quoted compan
• Art. 46AThe provisions of this Act and any regulations or Capital Markets Rules or Covered Bonds Rules issued thereund
• Art. 47The provisions of article 1966(3) and (4) of the Civil Code shall not apply with respect to quoted financial i
• Art. 48(1) Without prejudice to the provisions of article 39I the competent authority shall have the power to suspend
• Art. 49(1) The Minister, acting on the advice of the competent authority, may make regulations: (a) to give effect to
• Art. 50Notwithstanding anything contained in the Duty on Documents and Transfers Act , or in any Act replacing that A
• Art. 51(1) An order for the payment of expenses of and incidental to, an investigation under article 33(5) shall cons
• Art. 54(1) Covered bonds issued before 8th July 2022 that comply with the requirements laid down in the relevant prov
• Art. 155(1) With effect from such date * as the Minister may by order establish, hereinafter "the opera tive date", th

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