Financial Markets Act (Cap. 345), article 3

3. (1) The Minister, acting on the advice of the Competent Authority, may make regulations setting out - (a) the requirements and conditions which must be satisfied by a market if it is to qualify as a regulated market in respect of which an authorisation may be issued by the competent authority; (b) the requirements including reporting and transparency requirements and conditions w hich a regulated market must continue to satisfy if it is to remain a regulated market; (c) the circumstances and the manner in which an authorisation or the requirements and conditions to which it is subject may be varied, suspended or revoked; (d) requirements for the regulation and supervision of market operators and, or regulated markets; (e) arrangements for the investigation of complaints about market operators and, or regulated markets; (f) the functions of the Tribunal with respect to proceedings under the bye-l aws of regulated markets by persons subject to such bye-laws; Cap. 379. (g) arrangements for the scrutiny of practices of market operators and, or bye-laws and practices of regulated markets and for preventing restrictive practices in terms of the Competition Act and any regulations made thereunder; 14 CAP. 345.] FINANCIAL MARKETS (h) categories of transactions that are to be carried out exclusively on a regul ated market and the circumstances in which investors may be exempted therefrom; (i) exemptions from the requirement for an authorisation under article 4(1) which may be subject to such variations, additions, adaptations and modifications as may be prescribed and which may be subject to such conditions or other requirements, including other forms of authorisation and notification procedures, as may be prescribed; (ia) fees and charges in respect of any request, application or other matter that may be submitted to the Authority under this Act, including the fees and charges in respect of any permission, licence, authorisation, registration, exemption or any other benefit, as well as any fees and charges in respect of the Authority’s regulatory, supervisory or investigative functions in accordance with this Act and any regulations made or Rules issued thereunder; (j) prescribing anything that is incidental to or connected with any of the above matters. Added by: XXXI. 2017.17. (2) Regulations made under this article may impose: (a) administrative penalties which may not exceed one hundred and fifty thousa nd euro (€150,000) for each infringement or failure to comply, as the case may be; (b) punishments or other penalties in respect of any contravention or failure to comply not exceeding a fine (multa) of four hundred and sixty six thousand euro (€466,000) or to a term of imprisonment not exceeding four years, or to both such fine and imprisonment; (c) administrative penalties higher than one hundred and fifty thousand euro (€150,000) and fines higher than four hundred and sixty six thousand euro (€466,000), where deemed necessary or appropriate for any contravention of or failure of compliance with any EU Directive or EU Regulation or of any regulations made under this article to transpose or to give effect to any EU Directive or EU Regulation. (3) Regulations made under this article may also prescribe penalties and fines as provided for in sub-article (2)( c), for any breach of any provision of the Act or f or any breach of any Financial Market Rules, transposing and, or implementing any EU Directive or EU Regulation. FINANCIAL MARKETS [CAP. 345. 15 Application for authorisation. Substituted by: XVII. 2002.114. Amended by: XX. 2007.14, 17; XIX. 2010.18; XX. 2013.26; XXXI. 2017.18; XLVI.2021.12; LXXI.2021.7; IX.2023.4.