The Central Bank of Malta has updated technical documentation for AnaCredit reporting, publishing a new version of AnaCredit Reporting Tables and Data Dictionary.

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Overview: This law provides for the authorization of regulated markets, central securities depositories and for the orderly trading in transferable securities as well as matters connected to them. 

Part I: Preliminary 
"MAD" means Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive), as amended from time to time, and includes any implementing measures that have been or may be issued thereunder;  
"MAR" means Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder; 
"market abuse" means conduct amounting to the prohibited use of inside information or market manipulation in terms of the Prevention of Financial Markets Abuse Act; 

Part II: Trading Venues 
(14) A regulated market shall ensure that its fee structures including execution fees, ancillary fees and any rebates are transparent, fair and non-discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way which contributes to disorderly trading conditions or market abuse. In particular, a regulated market shall impose market making obligations in individual shares or a suitable basket of shares in exchange for any rebates that are granted. 

Part V: Regulatory and Investigatory Powers 
35. Nothing in this Act or any regulations made thereunder, or in any bye-laws of a trading venue shall authorize the Minister, the competent authority, any trading venue or any person whomsoever to enquire or cause an enquiry to be made into the affairs of any person except for the purpose of ensuring compliance with the provisions of the Prospectus Regulation, this Act and any regulations or Financial Market Rules, Capital Markets Rules or Covered Bonds Rules made thereunder, the bye-laws of the trading venue concerned and the Prevention of Financial Markets Abuse Act or any regulations made thereunder 
36. Where any trading venue suspects that there may exist circumstances to indicate that any violation of the provisions of the Prevention of Financial Markets Abuse Act may have been committed, is being committed or is likely in the circumstances to be committed, it shall without undue delay report such suspicion to the competent authority. 

38. (1) Trading venues, central securities depositories, credit institutions issuing covered bonds, the competent authority, the competent authority, their respective members, officers, employees or agents, as well as auditors, inspectors and experts, as the case may be, engaged in terms and for the purposes of any of the provisions of this Act – …  
(3) Any person who acts in contravention of this article shall, without prejudice to the provisions of the Prevention of Financial Markets Abuse Act, be guilty of an offence against this Act, and shall on conviction be liable to a fine (multa) of twelve thousand euro (€12,000) or to a term of imprisonment not exceeding two years or to both such fine and imprisonment. 
(4) Any person other than those mentioned in sub-articles (1) and (2) who acquires any documents or any other information to which the said sub-articles relate and who uses such documents or information, with intent to secure advantage either for himself or any other person, shall, without prejudice to the Prevention of Financial Markets Abuse Act, be guilty of an offence against this Act and shall on conviction be liable to the same penalty established for an offence against the provisions of this article.

39H. (1) Without prejudice to any other powers conferred to it by this Act or any other law, the competent authority may: … 
(5) Where a market operator operating an authorized regulated market suspends or removes from trading on that authorized regulated market a listed financial instrument and any related derivatives in accordance with the provisions of this article, the competent authority shall require other authorized regulated markets, MTFs, OTFs and systematic internalizers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the listed financial instrument so suspended or removed, to also suspend or remove that listed financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid, or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market:

Provided that the competent authority shall immediately make public and communicate to ESMA and the European regulatory authorities of the other Member States or EEA States such a decision.

(6) Where the competent authority receives a notification from a European regulatory authority of another Member State or EEA State in accordance with the fourth paragraph of Article 32(2) of MiFID, it shall require other authorized regulated markets, MTFs, OTFs and systematic internalizers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a takeover bid, or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market:

Provided that the competent authority shall communicate its decision to ESMA and the European regulatory authorities of the other Member States or EEA States, including an explanation if the decision was not to suspend or remove from trading the financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market.

39I. (1) Without prejudice to any other powers conferred to it by this Act or any other law, the competent authority may: … 
(5) Where a market operator or investment firm operating an MTF or an OTF suspends or removes from trading on that MTF or OTF a financial instrument and any related derivatives in accordance with the provisions of this article, the competent authority shall require other authorized regulated markets, MTFs, OTFs and systematic internalizers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument so suspended or removed, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market: 

Provided that the competent authority shall immediately make public and communicate to ESMA and the European regulatory authorities of the other Member States or EEA States such a decision. 

(6) Where the competent authority receives a notification from a European regulatory authority of another Member State or EEA State in accordance with the third paragraph of Article 32(2) of MiFID, it shall require other authorized regulated markets, MTFs, OTFs and systematic internalizers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign MTF or OTF, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market: 

Provided that the competent authority shall communicate its decision to ESMA and the European regulatory authorities of the other Member States or EEA States, including an explanation if the decision was not to suspend or remove from trading the financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign MTF or OTF. 

Overview: This Act transposes MAR into Maltese law. 

Part I: Preliminary

Part II: General Provisions

Part III: Market Abuse and Preventative Measures

6. (1) (a) A person shall not engage or attempt to engage in insider dealing, or recommend that another person engage in insider dealing, or induce another person to engage in insider dealing.

6A. (1) (a) A person shall not unlawfully disclose inside information. 

7. Without prejudice to any of the provisions of the Market Abuse Regulation where an issuer or emission allowance market participant has delayed disclosure of inside information under Article 17(4) of the Market Abuse Regulation, it shall inform the competent authority that disclosure of the information was delayed and shall provide a written explanation of how the conditions set out in Article 17(4) were met, immediately after the information is disclosed to the public. 

8. (1) (a) A person shall not engage in or attempt to engage in market manipulation. 

9. Without prejudice to any provisions of the Market Abuse Regulation, the issuer or emission allowance market participant shall ensure that the information that is notified in accordance with Article 19(1) of the Market Abuse Regulation is made public promptly and no later than three working days after the transaction in a manner which enables fast access to this information on a nondiscriminatory basis. The issuer or emission allowance market participant shall use such media as may reasonably be relied upon for the effective dissemination of information to the public. 

13. (1) Without prejudice to any other functions of the competent authority under this Act, the Market Abuse Regulation or any other law, the competent authority shall have the function of monitoring any trading venue in Malta and of detecting instances of market abuse. 

14. (1) Without prejudice to any powers of the competent authority arising under any other law, in the exercise of its functions under this Act and, or under the Market Abuse Regulation, the competent authority shall have the power to have access to any documentation in any form whatsoever and to receive a copy of it and to demand the aforesaid documentation from any person, including: … 

15. (1) Without prejudice to any powers of the competent authority arising under any other law, in the exercise of its functions under this Act and, or under the Market Abuse Regulation, the competent authority shall have the power to demand information in any form whatsoever and to receive a written statement of it and to demand by notice in writing the aforesaid information promptly from any person. In particular, the competent authority may require any person referred to in article 14(1)  

16.(1)(a) Without prejudice to any powers of the competent authority arising under any other law, in the exercise of its powers under this Act and, or under the Market Abuse Regulation, the competent authority may either act directly or it may act indirectly by appointing an inspector or inspectors being any officer or employee of the competent authority or any other person whom the competent authority deems competent for this purpose to investigate and report on the affairs of any person whose affairs or actions are being investigated in relation to a possible breach of this Act…. 

16A. Without prejudice to any other function of the competent authority under this Act, under the Market Abuse Regulation or any other law, the competent authority in Malta may request assistance from a European regulatory authority or an overseas regulatory authority with regard to on-site inspection. Powers to give certain orders. 

17. (1) Without prejudice to any powers of the competent authority arising under any other law, in the exercise and for the purposes of its functions under this Act and, or under the Market Abuse Regulation and for the better implementation thereof, the competent authority shall have the power to issue such orders by notice in writing as it may deem appropriate and any person to whom the order is given shall comply with and otherwise give effect to any such order promptly or within the time and in the manner otherwise stated in the order. 

17A. In the exercise of its powers under this Act and, or the Market Abuse Regulation, the competent authority may request information from market participants in relation to commodity derivatives on related spot markets according to standardized formats, obtain reports on transactions, and have direct access to traders’ system. 

17B. In the exercise of its powers under this Act and, or the Market Abuse Regulation, the competent authority must take all necessary measures to ensure that the public is correctly informed, inter alia, by correcting false or misleading disclosed information, including by requiring an issuer or other person who has published or disseminated false or misleading information to publish a corrective statement.  

17C. In the exercise of its powers under this Act and, or the Market Abuse Regulation, the competent authority may refer matters for criminal investigation. 

18. (1) Where, in the course of an investigation conducted pursuant to this Act, and, or the Market Abuse Regulation, the Attorney General has upon information received from the competent authority reasonable cause to suspect that a person (hereinafter referred to as "the suspect") may be responsible for a breach of this Act, and, or the Market Abuse Regulation, the Attorney General may apply to the Criminal Court for an order (hereinafter referred to as an "attachment order") - … 

19.(1)(a) Where a person (hereinafter referred to as "the person charged") has been charged either criminally or administratively with being in default of any provisions of this Act and, or of the Market Abuse Regulation and upon receiving a request from the competent authority, the Attorney General may where he deems it appropriate request that the Criminal Court issue a written order to any person (hereinafter referred to as a " freezing order") - … 

19A. The competent authority shall ensure that the public is correctly informed by correcting false or misleading disclosed information, including by requiring an issuer or other person who has published or disseminated false or misleading information to publish a corrective statement. 

20. (1) For the purpose of securing compliance with this Act and the Market Abuse Regulation, the competent authority may coordinate its efforts and exchange information with and otherwise collaborate with - … 

21. For the better carrying out of the provisions of this Act and to better implement the provisions of the Market Abuse Regulation and Market Abuse Directive, the competent authority may, from time to time, issue rules which shall be binding on persons specified therein. 

22. (1) Without prejudice to the powers, functions and duties assigned to the competent authority in terms of this Act, the Market Abuse Regulation or any other applicable law, where the competent authority is satisfied that a person’s conduct amounts to a breach of any of Articles 14 and 15, Article 16(1) and (2), Article 17(1), (2), (4), (5) and (8), Article 18(1) to (6), Article 19(1), (2), (3), (5), (6), (7) and (11) and Article 20(1) of the Market Abuse Regulation, the competent authority may by notice in writing and without recourse to a court hearing, take the following administrative sanctions and measures: … 

22A. When determining the type and level of administrative sanctions, the competent authority shall take into account all relevant circumstances, including, where appropriate: … 

23. (1) The provisions of article 21 of the Malta Financial Services Authority Act shall apply mutatis mutandis to appeals that may be brought before the Tribunal under this Act. … 

24. (1) Any person who contravenes or fails to comply with any of the provisions of article 6, 6A, 8, 14, 15, 16, 17A, 18 or 19 shall be guilty of an offence. … 

24A. The provisions of this Act shall apply to the offences which have been committed:
(a) in whole or in part within the Maltese territory, or 
(b) by one of its nationals, or 
(c) by the offender who is a habitual resident in the Maltese territory, or 
(d) for the benefit of a legal person established in the Maltese territory. 

24B. Reporting of infringements in terms of Article 32 of the Market Abuse Regulation shall be carried out in accordance with the Reporting of Infringements Regulations. 

25. (1) The Minister may, acting on the advice of the competent authority, make regulations to better implement the provisions of this Act, and to better transpose the Market Abuse Directive and to better implement the provisions of the Market Abuse Regulation. Regulations made under this article, and strictly related to transposition or implementation as aforesaid, may provide that any provision of this Act or of any other law shall not apply to matters falling under the regulations, and that in so far as any of the provisions of the regulations are inconsistent with the provisions of this Act or of any other law, such provisions in any such regulations shall prevail. … 

Part IV: Miscellaneous Provisions 
26. No transaction shall be deemed to be void or voidable by reason only that it was entered into in contravention of the provisions of this Act. 
27. Rules and regulations made under this Act and any amendment or revocation of such rules and regulations, may be published in the English language only. 
28. No proceedings for an offence under this Act shall be commenced without the consent of the Attorney General. 
29. Without prejudice to the independence of the judiciary, the Minister may, where he considers it appropriate, request any organization responsible for the training of judges, prosecutors, the police and the staff of the competent authority that may be in any way involved in criminal proceedings and investigations, on any matter provided for in this Act, to provide appropriate training with respect to the objectives of this Act and of the Market Abuse Regulation.