Monday, 22nd February 2021


This event has already passed and registrations are closed.


Regulation (EU) 596/2014 on market abuse (‘MAR’) has as its main objectives, the promotion of market integrity and investor protection. An integrated, efficient and transparent financial market requires market integrity. The smooth functioning of securities markets and public confidence in the market are prerequisites for economic growth and wealth. Market abuse harms the integrity of financial markets and public confidence in securities and derivatives. Hence, the Regulation is aimed at detecting and preventing financial market abuse.

Market abuse is a concept that encompasses unlawful behaviour in the financial market, and for the purposes of this Regulation, it should be understood to consist of insider dealing, unlawful disclosure of inside information and market manipulation. Such behaviour prevents full and proper market transparency, which is a prerequisite for trading for all economic actors in integrated financial markets.

MAR applies to financial instruments admitted to trading on a trading venue (regulated market, Multilateral trading facility (‘MTF’) or Organised Trading Facility (‘OTF’)) or for which a request for admission to trading on one of the above mentioned trading venues has been made, and financial instruments not traded on a trading venue, the price or value of which depends on or has an effect on the price or value of a financial instrument traded on a trading venue, including, but not limited to, credit default swaps and contracts for difference.

Apart from issuers of financial instruments, MAR is also applicable to persons professionally arranging or executing transactions (also referred to as investment firms), as well as market operators of regulated markets and investment firms operating an MTF or an OTF.

In October 2019 the European Securities and Markets Authority (‘ESMA’) published a report following a consultation on a wide-ranging review of MAR. This follows a formal request to ESMA for technical advice on the report to be submitted by the Commission under Article 38 of MAR, as the latter requires the European Commission to report to the European Parliament and Council on the application of certain MAR provisions and whether MAR should be amended. Accordingly, ESMA’s report is expected to feed into the Commission’s review of MAR.

This is the first in-depth review of MAR since its implementation in 2016, aimed at determining how MAR has worked in practice and whether it is fit for purpose.

The Authority encourages interested participants to register by filling in the form below by not later than Thursday 18 February 2021. Following successful registration to this webinar, an email will be sent to the registered participants on Friday 19 February 2021 with a link to join the webinar.

Target Audience

Regulatory Authorities, EU Institutions, Central Banks, Academics and Students



0900hrs Welcome Address

Doreen Balzan - Head, Securities and Markets Supervision, MFSA

0905hrs Opening Remarks

Christopher P. Buttigieg - Chief Executive Officer Ad Interim & Chief Officer Supervision, MFSA

0915hrs The Rationale for the Regulation of Market Abuse

Prof. Filippo Annunziata - Senior Partner, Annunziata & Conso

0940hrs MAR Review: Introduction and Scope

Alberto Garcia - Senior Officer, ESMA

1005hrs Coffee Break
1025hrs MAR Review: MFSA Overview

Anneliese Grixti - Senior Manager, Securities and Markets Supervision, MFSA

1055hrs MAR in Practice: CONSOB's Experience

Paola Deriu - Head, Supervisory Office for Spot and Derivative Markets Operations, CONSOB

1125hrs MAR in Practice: CNMV's Experience

Xavier Pedro Zahn Garcia, Secondary Markets Department, CNMV

1155hrs Closing Remarks

Michelle Mizzi Buontempo - Chief Officer Enforcement, MFSA


Chief Officer Supervision & Chief Executive Officer Ad Interim, MFSA

Christopher P. Buttigieg

Dr Christopher P. Buttigieg is the Chief Officer Supervision and the Chief Executive Officer ad interim of the Malta Financial Services Authority. In his role as Chief Officer Supervision, he is responsible for the coordination and implementation of the supervisory and regulatory strategy across all the sectors under the MFSA’s remit. Prior to his appointment as Chief Officer Supervision, he held the position of Chief Officer Strategy, Policy and Innovation, and prior to that he was the Head of the Securities and Markets Supervision function. Dr Buttigieg joined the Authority in 2000 and has gained professional experience in different areas of financial regulation, supervision, and enforcement of market malpractice. He was also responsible for implementing various pieces of EU legislation and has led various regulatory and supervisory teams within the Authority. Dr Buttigieg sits on the Authority’s Executive Committee and is a member of the Board of Supervisors of the European Securities and Markets Authority (ESMA) and the European Banking Authority. He is also the Chair of the ESMA Data Standing Committee. He has a commerce degree (B.Com 1998), an accountancy degree (B.Accty. Hons. 2000) and a financial services law degree (M.A. Fin. Ser. 2003) from the University of Malta, as well as a European Union Law degree (M.A. EU Law and Soc 2005). He also obtained a doctoral degree in law (Ph.D 2014) from the University of Sussex (UK). Doctoral thesis deals with the governance of EU securities regulation and supervision. Dr Buttigieg is a senior lecturer in the Banking and Finance Department of the University of Malta and has published various papers in reputable journals, including the European Law Review, the European Company and Financial Law Review, the Columbia Journal of European Law, the Journal of Financial Regulation and Compliance, the Journal of Business Law, and the Law and Financial Markets Review. He is also a member of the Board of Trustees of the Academy of European Law in Trier and a visiting lecturer at the same institution.

Chief Officer Enforcement, MFSA

Michelle Mizzi Buontempo

Michelle Mizzi Buontempo was appointed as Chief Officer Enforcement in March 2020, after five years occupying the position of Head of Conduct Supervision within the MFSA. Michelle has over twenty years of experience in the regulation and supervision of different areas within financial services, including supervision of investment firms and fiduciaries. She represents the MFSA at various Committees of the ESAs. During her career within the MFSA, Michelle has been entrusted with the responsibility of piloting a number of projects including the setting up of a regulatory regime to enhance consumer protection in the investments and insurance sector, as well the establishment of a new regulatory framework for trustees and company service providers. Michelle regularly lectures on corporate governance and consumer protection. An advocate by profession, Michelle was awarded a Masters Degree in Financial Services from the University of Malta. She also holds a warrant to practice in the Maltese Courts. Prior to joining the MFSA, she headed the corporate division of a leading audit firm specialising in financial services.

Senior Officer, ESMA

Alberto Garcia

Alberto Garcia was born in Spain in 1973. Degree in Law (University of Zaragoza) and LL.M. in Law (London School of Economics). Worked for the Spanish Securities Markets Commission (Comision Nacional del Mercado de Valores) between 2000 and 2008. Working as senior officer of ESMA’s Markets and Data Reporting Department since 2009 in Secondary Markets and Market Integrity issues.

Senior Partner, Annunziata & Conso

Prof. Filippo Annunziata

Currently Professor of Financial Markets and Banking Legislation at Bocconi University, Milan. His main interests revolve around most areas of Financial markets and Banking regulation, with a particular focus on capital markets legislations (investment funds, investment services, public offerings, trading venues). He has also been extensively engaged with market abuse regulation, corporate governance, and EU Banking Supervision.

Head, Supervisory Office for Spot & Derivative Markets Operations, CONSOB

Paola Deriu

Paola Deriu is the Head of Cash and derivative markets surveillance Unit within Markets Department in CONSOB; in her role she is responsible for the day-to-day smooth functioning of markets, market integrity and market abuse preliminary analysis and detection. Appointed to the role in June 2013, she gained valuable experience in efficient management and coordination of human and IT resources. With more than 20 years’ experience in supervision she developed a deep awareness of market participants and stock exchanges perspectives at both national and international level, as well as a profound knowledge of European regulatory and supervisory framework even from an implementation standpoint. She has been involved in the most complex cases of market manipulation and insider dealing, and was the Secretary of CONSOB’s Market Abuse Standing Committee from 2007 to 2013. A stable member of MISC – Market Integrity Standing Committee at ESMA since 2014, and of the Benchmark Network since 2018, currently Paola is deeply involved in the CONSOB digitalization process and she keeps regular relationship with Scholars and colleagues of NCAs at worldwide level. Paola is an Italian national. Following studies in Rome and in Milan, she began her career in 1993 at LUISS University, where she worked as an assistant and researcher in Commercial Law, while practising as a CPA. She joined the CONSOB in 1995, where she started as junior investigator at the Intermediary Department, before joining Market Department. In 2012 she founded ADC – Associazione Donne CONSOB (CONSOB Women Association).

Head, Securities & Markets, MFSA

Doreen Balzan

Doreen Balzan was appointed Head of Securities & Markets Supervision in May 2020. She is responsible for overseeing investment services licence holders, trading venues, central securities depositaries, recognised private collective investment schemes, regulation and oversight of activities in capital markets. This includes the processing of applications for admissibility to listing on regulated markets and the prevention of financial market abuse. With a career spanning over 38 years, Doreen worked in multiple Operations and Transformation roles within the domain of Banking and Insurance. She has held various senior positions within HSBC Bank Malta p.l.c. and occupied the role of Chief Operating Officer for HSBC Life Assurance (Malta) Ltd prior to joining the MFSA. Doreen is specialised in Operations Management, Technology Projects, Portfolio Transfers, Sustainability, Regulatory and Risk Management. She also holds a Bachelor of Arts degree in Youth & Community Studies from the University of Malta.

Senior Manager, Securities & Markets, MFSA

Anneliese Grixti

Anneliese Grixti is a Senior Manager within the Securities and Markets Supervision Function of the MFSA. Her main area of specialisation is capital markets and she leads the Function’s Market Oversight Team, which is inter alia entrusted with preventing and detecting financial market abuse, and regulating OTC derivatives and SFTs in terms of EMIR and SFTR. An advocate by profession, Anneliese obtained a Bachelor of Laws (Hons) degree from the University of Malta in 2009. She qualified as a lawyer with a Doctor of Laws in 2012 and was admitted to the Maltese bar in 2013. Prior to joining the MFSA as an analyst, Anneliese worked for one of the largest fund administrators in Malta, gaining valuable experience in corporate services. Anneliese is frequently involved in the transposition and implementation of various EU legislation relating to financial services and has represented the MFSA at various European Fora on financial regulation and supervision. She currently represents the MFSA on ESMA’s Market Integrity Standing Committee.

Secondary Markets Department, CNMV

Xavier Pedro Zahn Garcia

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This event has already passed and registrations are closed.