Capital Markets Supervision
The function also supervises financial and non-financial entities falling under the scope of EMIR or SFTR. The Benchmarks Regulation, Crowdfunding Regulation, Securitisation Regulation, the DLT MTF Pilot Regime, Data Reporting Services Providers, Central Counterparties, and Credit Rating Agencies also fall within the remit of this function.
The Capital Markets Supervision function is also responsible for the regulation and oversight of activities in capital markets, including the processing of applications for admissibility to listing on Regulated Markets, the processing of notifications in terms of the Securitisation Act, the supervision of the continuing obligations of Listed Companies on Regulated Markets in Malta, and the supervision of the markets to identify any market abuse.
Notification of Managers’ Transactions in terms of Article 19(1) of MAR
Persons Discharging Managerial Responsibilities and Persons Closely Associated with them are required, in terms of Article 19(1) of Regulation (EU) No 596/2014 on the Market Abuse Regulation, to notify the issuer and the MFSA of every transaction conducted on their own account relating to the shares or debt instruments of that issuer or to derivatives or other financial instruments linked thereto. Such notifications shall be made promptly and no later than three business days after the date of the transaction, once the total value of transactions executed in the issuer’s financial instruments within a calendar year reaches €10,000.
For more information regarding Managers’ Transactions, kindly refer to the Authority’s Circular issued on 28 June 2019.
Notifications are to be made through the Authority’s online submission portal, which may be accessed by clicking the ‘Submit a Notification’ button to the left.
Guidelines Circular
For a detailed overview of the submission process, please refer to the Circular issued by the Authority on 06 January 2022.
Transition Timeframe Circular
For more details with regard to the timeline of the transition to the web-based PDMR notification form, please refer to the Circular issued by the Authority on 06 January 2022.
Circular on Subscriptions to New Issuances
For more information on the notification of subscriptions to new issuances and other frequently asked questions, please refer to the Circular issued by the Authority on 10 November 2021.
Reporting of Infringement in terms of Article 32 (1) of MAR
As the MFSA is the designated competent authority under the Reporting of Infringement Regulations (Subsidiary Legislation 476.04), it is designated to establish effective mechanisms to enable the reporting of actual or potential infringements of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (‘MAR’ or the ‘Regulation’).
Market participants who have information relating to actual or potential infringements of MAR are encouraged to submit a report to the Authority by completing the Form which can be accessed here. A more in-depth explanation of the process for submitting a report of infringement may be found in the guidelines circular.
The form can be submitted to the Authority through the following dedicated communication channels:
| Method | Details |
| Face-to-face meeting | N/A |
| mar.infringement@mfsa.mt | |
| By mail | MAR Reporting of Infringement Unit, Triq l-Imdina, Zone 1, Central Business District, Birkirkara, Malta |
| Through telephone (Unrecorded) | 2548 5632 |
If a market participant would like to submit a report without disclosing his/her identity, one may choose to report the infringement by mail. In any case, however, the MFSA shall not disclose to any person, either directly or indirectly, the identity of the reporting person or reported person or any other reference to circumstances that would allow the identity of the reporting person or reported person to be deduced, unless such disclosure is made in accordance with Articles 27, 28 and 29 of MAR.
If the Reporting Person is somehow disciplined by his respective employer for having made the disclosure, the law provides for several remedies:
- File an application to the First Hall, Civil Court for an order requiring the person who has taken the detrimental action to either remedy that action, or else to an injunction to be issued, as per Article 7 of the Act; or
- Bring his claim before the Industrial Tribunal and have his right asserted if the matter concerns employment issues, as per Chapter 542 of the Laws of Malta; or
- Lodge a complaint to the Office of the Ombudsman within a period of six (6) months from the date of the disciplinary action, for the office of the Ombudsman to conduct their investigation, as per Article 14 of Chapter 385 of the Laws of Malta.
Persons making information available to the MFSA in accordance with MAR are not considered to be infringing any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and are not to be involved in liability of any kind related to such disclosure.
Trading Venues Operated by Market Operator
Central Securities Depositories (CSD)
Data Reporting Services Providers
Securitisation
Listed Entities
Market Data
Market Oversight
Crowd Funding Service Providers
DLT Market Infrastructures
Trading Venues Operated by Market Operator
Secondary Legislation
S.L. 345.03 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 345.04 – Regulated Markets (Authorisation Requirements) Regulations
S.L. 345.05 (R) – Regulated Markets and Central Securities Depositories (Fees) Regulations
Repealed by:
S.L. 345.06 – Financial Markets Act (Membership and Access) Regulations
S.L. 345.07 (R) – Financial Markets Act (Off-Market Deals) Regulations
Repealed by:
S.L. 345.08 – Transfer of Listed Financial Instruments Regulations
S.L. 345.10 (R) – Financial Markets Act (Transparency) Regulations
Repealed by:
S.L. 345.11 – European Rights for Regulated Markets Regulations
S.L. 345.12 (R) – Central Securities Depository (Authorisation Requirements) Regulations
Repealed by:
S.L. 345.13 – Central Securities Depository (Control of Assets) Regulations
S.L. 345.14 (R) – Designated Financial Instruments Regulations
Repealed by:
S.L. 345.15 – Financial Markets Act (Credit Rating Agencies) Regulations
S.L. 345.18 – Central Counterparties Access Regulations
S.L. 345.20 – Financial Markets Act (SME Growth Markets) Regulations
S.L. 345.21 – Data Reporting Services Regulations
S.L. 345.23 – Algorithmic Trading Regulations
S.L. 345.24 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 345.25 -Markets in Financial Instruments Regulations
S.L. 345.27 – Financial Markets Act (Covered Bonds) Regulations
S.L. 345.28 – Financial Markets (Fees) Regulations
Amended by:
S.L. 345.29 – Financial Markets Act (Green Bonds) Regulations
Introduction
Financial Market Rules Stipulating Financial Resources and Financial Reporting Requirements Applicable to Regulated Markets and Central Securities Depositaries
Central Securities Depositories (CSD) Regulation
Consultation Paper on the draft guidelines on the access to CCPs or trading venues by CSDs
A copy of the presentations given out during the Finance Malta Educational clinic on EMIR and CSDR 16th December 2015 are available here.
Short Selling Regulation
EU Regulations
Central Securities Depositories (CSD)
- Consultation Papers
- EU Regulations
- CSD Requirements
- Internalised Settlement
- Settlement Discipline
- Newsroom
A copy of the presentations given out during the Finance Malta Educational clinic on EMIR and CSDR 16th December 2015 are available here.
Data Reporting Services Providers
Secondary Legislation
S.L. 345.03 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 345.04 – Regulated Markets (Authorisation Requirements) Regulations
S.L. 345.05 (R) – Regulated Markets and Central Securities Depositories (Fees) Regulations
Repealed by:
S.L. 345.06 – Financial Markets Act (Membership and Access) Regulations
S.L. 345.07 (R) – Financial Markets Act (Off-Market Deals) Regulations
Repealed by:
S.L. 345.08 – Transfer of Listed Financial Instruments Regulations
S.L. 345.10 (R) – Financial Markets Act (Transparency) Regulations
Repealed by:
S.L. 345.11 – European Rights for Regulated Markets Regulations
S.L. 345.12 (R) – Central Securities Depository (Authorisation Requirements) Regulations
Repealed by:
S.L. 345.13 – Central Securities Depository (Control of Assets) Regulations
S.L. 345.14 (R) – Designated Financial Instruments Regulations
Repealed by:
S.L. 345.15 – Financial Markets Act (Credit Rating Agencies) Regulations
S.L. 345.18 – Central Counterparties Access Regulations
S.L. 345.20 – Financial Markets Act (SME Growth Markets) Regulations
S.L. 345.21 – Data Reporting Services Regulations
S.L. 345.23 – Algorithmic Trading Regulations
S.L. 345.24 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 345.25 -Markets in Financial Instruments Regulations
S.L. 345.27 – Financial Markets Act (Covered Bonds) Regulations
S.L. 345.28 – Financial Markets (Fees) Regulations
Amended by:
S.L. 345.29 – Financial Markets Act (Green Bonds) Regulations
Introduction
Financial Market Rules Stipulating Financial Resources and Financial Reporting Requirements Applicable to Regulated Markets and Central Securities Depositaries
Central Securities Depositories (CSD) Regulation
Consultation Paper on the draft guidelines on the access to CCPs or trading venues by CSDs
A copy of the presentations given out during the Finance Malta Educational clinic on EMIR and CSDR 16th December 2015 are available here.
Short Selling Regulation
EU Regulations
Securitisation
Malta has indeed developed into an attractive jurisdiction for international business and investment, through its ever-growing commitment to establishing itself as a financial services hub. The flexibility of the securitisation regime allows for an extensive range of assets, including future receivables, which may be securitised through a Maltese vehicle.
Click on the link below for Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation.
Listed Entities
Commission Regulations
Commission Regulation (EC) No.382/2014
Commission Regulation (EC) No.759/2013
Commission Regulation (EC) No. 862/2012
Commission Regulation (EC) No. 486/2012
Commission Regulation (EC) No.311/2012
Commission Regulation (EC) No.1289/2008
Commission Regulation (EC) No 211/2007
Capital Markets Rules
Capital Markets Rules In Full
Full Capital Markets Rules as amended on 13 February 2025
Full Capital Markets Rules as amended on 9 December 2024
Full Capital Markets Rules as amended on 23 January 2023
Full Capital Markets Rules as amended on 6 December 2021
Full Capital Markets Rules as amended on 13 August 2021
Full Listing Rules as amended on 2nd March 2021
Full Listing Rules as amended on 24th December 2020
Full Listing Rules as amended on 1st July 2019
Full Listing Rules as amended on 13th February 2019
Full Listing Rules as amended on 27th November 2018
Full Listing Rules as amended on 25th May 2018
Full Listing Rules as amended on 24th April 2018
Full Listing Rules as amended on 6th March 2018
Full Listing Rules as amended on 28th November 2017
Full Listing Rules as amended on 1st December 2016
Full Listing Rules as amended on 11th August 2016
Full Listing Rules as amended on 26th November 2015
Full Listing Rules as amended on 29th April 2014
Full Listing Rules as amended on 15th July 2013
Full Listing Rules as amended on 12th December 2012
Full Listing Rules as amended on 30th July 2012
Full Listing Rules as amended on 31st January 2012
Full Listing Rules as amended on 3rd June 2011
Full Listing Rules as amended on 16th November 2010
Full Listing Rules as amended on 11th January 2010
Full Listing Rules as amended on 6th October 2008
Full Listing Rules as amended on 30th June 2008
Full Listing Rules as amended on 1st March 2007
Full Listing Rules as amended on 1st March 2007
Capital Markets Rules in Separate Chapters
| Definitions | |
| Chapter 01 | Malta Financial Services Authority, Compliance with and Enforcement of the Capital Markets Rules |
| Chapter 02 | Sponsors and Their Responsibilities |
| Chapter 03 | Conditions for Admissibility |
| Chapter 04 | Application For Admissibility To Listing |
| Chapter 05 | Continuing Obligations |
| Chapter 06 | Circulars |
| Chapter 07 | Property Companies |
| Chapter 08 | Admissibility requirements for Collective Investment Schemes |
| Chapter 09 | Public Sector Issuers |
| Chapter 10 | Alternative Company Listing Requirements |
| Chapter 11 | Takeover Bids |
| Chapter 12 | Shareholders' Rights |
| Chapter 13 | Gender Balance |
Capital Markets Rules – Amended Chapters
Amendments to the Capital Market Rules as at 13 February 2025:
Amendments to the Capital Market Rules as at 9 December 2024:
Amendments to the Capital Market Rules as at 23 January 2023:
Amendments to the Capital Market Rules as at 6 December 2021:
Amendments to the Capital Market Rules as at 13 August 2021:
Amendments to the Listing Rules as at 2nd March 2021:
Amendments to the Listing Rules as at 24th December 2020:
Amendments to the Listing Rules as at 1st July 2019:
Amendments to the Listing Rules as at 13th February 2019:
Amendments to the Listing Rules as at 27th November 2018:
Amendments to the Listing Rules as at 25th May 2018:
Amendments to the Listing Rules as at 24th April 2018:
Amendments to the Listing Rules as at 6th March 2018:
Amendments to the Listing Rules as at 28th November 2017:
Amendments to the Listing Rules as at 1st December 2016:
Explanatory Note – Circular 05/2016
Amendments to the Listing Rules as at 11th August 2016:
Explanatory Note – Circular 01/2016
Amendments to the Listing Rules as at 17th June 2016:
Amendments to the Listing Rules as at 19 November 2015:
Explanatory Note – Circular 01/2015
Appendix 1 – Changes to Index and Definitions of Listing Rules
Amendments to Listing Rules as at 29 April 2014:
Explanatory Note – Circular 01/2014
Amendments to Listing Rules as at 12 December 2012:
Explanatory Note – Circular 01/2013
Changes to Index and Definitions of Listing Rules
Amendments to Listing Rules as at 30 July 2012:
Explanatory Note – Circular 02/2012
Appendix 1 – Explanatory Note – Circular 02/2012
Amendments to Listing Rules as at 31 January 2012:
Explanatory Note – Circular 01/2012
Changes to Index and Definitions of Listing Rules
Amendments to Listing Rules as at 3 June 2011:
Explanatory Note – Circular 01/2011
Changes to Index and Definitions of Listing Rules:
Amendments to MFSA Listing Rules as at 16 November 2010
Amendments to Listing Rules as at 11 January 2010:
Explanatory Note – Circular 01/2010
Changes to Index and Definitions of Listing Rules
Amendments to MFSA Listing Rules as at 6 October 2008
Amendments to Listing Rules as on 30 June 2008:
Explanatory Note – Circular 01/2008
Changes to Index and Definitions of Listing Rules
Appendix 1 – Changes to Chapter 8
Appendix 2 – Changes to Chapter 9
Appendix 3 – Changes to Chapter 15
Amendments to Listing Rules as on 1 March 2007:
Amendments to MFSA Listing Rules as on 1 March 2007
Amendments to Listing Rules as on 19 June 2006:
Amendments to MFSA Listing Rules as on 19 June 2006
Amendments to Listing Rules as on 29 November 2005:
Amendments to MFSA Listing Rules as on 29 November 2005
Amendments to Listing Rules as on 15 December 2004:
Amendments to MFSA Listing Rules as on 15 December 2004
Amendments to Listing Rules as on 10 December 2004:
Amendments to MFSA Listing Rules as on 10 December 2004
Amendments to Listing Rules as on 17 November 2004:
Amendments to MFSA Listing Rules as on 17 November 2004
Amendments to Listing Rules as on 19 October 2004:
Amendments to MFSA Listing Rules as on 19 October 2004
Amendments to Listing Rules as on 23 August 2004:
Prospectuses - Admissibility on WSM
Prospectuses - Offers to the Public
Wholesale Securities Markets
WSM Capital Markets Rules
WSM Capital Markets Rules as at 3 November 2021
WSM Capital Markets Rules as at 13 August 2021
Listing Rules for the Wholesale Securities Markets as at 27 February 2017
Listing Rules for the European Wholesale Securities Market as at February 2012
Guidance Notes
MFSA Guidance Note – Listing on the WSM of Securities backed by Unlisted Funds
MFSA Guidance Note on Life Settlement Securities
MFSA Guidance Note on Delegated Regulation amending EC Regulation 809/2004
Listing Agents
| Name of Listing Agent | Date of Approval Letter | Telephone |
Applications for Admissibility to Listing
Save for certain exemptions authorised under Regulation (EU) 2017/1129 of the European Parliament and of the Council (“the Regulation”), the approval and subsequent publication of a prospectus is required when securities are offered to the public or admitted to trading on a regulated market.
To this end, the conditions governing the Application for Admissibility to Listing are principally laid out in the Capital Markets Rules, as published by the Malta Financial Services Authority (MFSA). Nevertheless, the process set out hereunder aims to summarise the procedure generally undertaken when submitting an Application for Admissibility Listing, including seeking approval of a prospectus.
Prior to submitting an application, it is recommended that the proposed issuer sets up a preliminary meeting with the Authority, together with the Sponsor and the main advisors to the proposed application. The primary scope of holding such a meeting is for all parties involved to openly discuss with the Authority the proposed application for admissibility to listing, and to identify any initial concerns that may be apparent at this stage of the process.
At this stage, it is also suggested that the Sponsor provides the Authority with an indicative timetable with regards to dates of submission of documentation and expectations for final approval, in order for the Authority to ensure adequate time and resources in processing the application appropriately.
Once the above has been established, the Authority would expect to receive the respective Notification Letter in terms of Capital Markets Rule 4.1A, subsequent to which the Sponsor (on behalf of the issuer) would then submit all documentation as required by Capital Markets Rule 4.2. Applicants for admissibility to listing of corporate debt securities aimed at local retail investors would also be expected to submit a Financial Due Diligence Report as per the Listing Policies, the purpose of which is to demonstrate their financial soundness to the Authority.
Where the draft documentation submitted does not meet the standards of completeness, comprehensibility and consistency necessary for approval, or where changes or supplementary information are required, the Authority shall inform the Sponsor of such, both in writing and by electronic means.
The turnaround times for the approval or refusal of a prospective application shall be in line with the terms assigned under the Regulation. The time limit set out in the Regulation shall only apply from the date on which the revised documentation as requested by the Authority are submitted satisfactorily.
For more information on submitting an Application for Admissibility to Listing, including seeking approval of a prospectus, please do not hesitate to contact us on listings@mfsa.mt.
Administrative Measures & Penalties
In terms of the Financial Markets Act, the Authority is required to immediately make public decisions taken in terms of Article 39H(1) of the Financial Markets Act, being the discontinuance or suspension of listing of financial instruments admitted to listing and trading on a regulated market. In terms of Article 41A of the Financial Markets Act, if it appears to the Authority that a person has contravened any of the provisions of the Financial Markets Act or of any regulations made under the Financial Markets Act or has contravened or failed to comply with any condition, obligation, requirement, Financial Market Rules, Capital Markets Rules or directives made or given under any of the provisions of the Financial Markets Act, the Authority, may publish a statement to that effect indicating the natural person or the legal entity responsible and the nature of the breach.
Furthermore and in the case of Capital Markets Rules transposing the Transparency Directive, the Authority shall, by means of a public statement and without undue delay, publish decisions on sanctions and measures imposed for a breach of the Capital Markets Rules transposing the Transparency Directive, including at least information on the type and nature of the breach and the identity of natural persons or legal entities responsible for it.
It is current practice that as soon as an issuer is notified of the Authority’s decision to impose an administrative penalty or to discontinue or suspend a listing of financial instruments admitted to listing and trading on a regulated market, the Authority shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances.
Where and as applicable, and in terms of the Financial Markets Act, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. These notices are intended as a summary of the Authority’s decisions and, accordingly, are not the actual decisions themselves.
European Single Electronic Format (ESEF)
The European Single Electronic Format (ESEF) is the electronic reporting format in which issuers on EU regulated markets shall prepare their Annual Financial Report starting 1 January 2021, with the objective of making submission easier for issuers and facilitating accessibility, analysis and comparability for investors and regulators.
Financial Analysis Summary (FAS)
In accordance with the MFSA Listing Policies, the stockbroker appointed as Sponsor by the Issuer will be required to analyse and comment on the Issuer’s last three years financial accounts and the forecast for the year following the issue, summarising these in a document entitled the Financial Analysis Summary. Furthermore, the Issuer is required to ensure that the Financial Analysis Summary is updated annually not later than two months after the publication of the annual accounts.
Financial Analysis Summary (FAS) – Previously Listed Entities
ESMA Documents
Notification of Major Holdings
Practical guide notifications of major holdings
Standard form for notification of major holdings
Standard form for the notification of Home Member State
Enforcement of Financial information
2014 ESMA Guidelines on Enforcement of Financial Information
2020 ESMA Guidelines on Enforcement of Financial Information
Other
WSM Capital Markets Rules
Listing Agents
| Name of Listing Agent | Date of Approval Letter | Telephone |
Market Data
Notification Forms
Notification Form – Data Quality Issues
EMIR Intragroup Transaction Exemption Notification
Kindly submit your notification forms to emir@mfsa.mt and EMIR-notifications@esma.europa.eu
EU Regulations
Commission Delegated Regulation (EU) 2021/1456
Commission Delegated Regulation (EU) No 148/2013
Commission Delegated Regulation (EU) No 149/2013
Commission Delegated Regulation (EU) No 150/2013
Commission Delegated Regulation (EU) No 151/2013
Commission Delegated Regulation (EU) No 152/2013
Commission Delegated Regulation (EU) No 153/2013
Commission Delegated Regulation (EU) No 876/2013
Commission Delegated Regulation (EU) No 1002/2013
Commission Delegated Regulation (EU) No 1003/2013
Commission Delegated Regulation (EU) No 285/2014
Commission Delegated Regulation (EU) No 2015/2205
Commission Delegated Regulation (EU) No 2016/592
Commission Implementing Regulation (EU) No 1247/2012
Commission Implementing Regulation (EU) No 1248/2012
Other Documentation
Assessment of Applicant Central Counterparties (‘CCP’)
List of CCPs and the classes of financial instruments covered by the CCPs’ authorisations
Public Register for the Clearing Obligation Under EMIR
List of pension scheme arrangements exempted from the clearing obligation
A copy of the presentations given out during the EMIR Industry Information Meeting 3rd September 2013 are available here.
A copy of the presentations given out during the Finance Malta Educational clinic on EMIR 20th February 2014 are available here.
A copy of the presentations given out during the Finance Malta Educational clinic on EMIR and CSDR 16th December 2015 are available here.
Implementing Technical Standards
The Commission has adopted 3 ITSs:
- ITS on the format and frequency of reports on the details of securities financing transactions to trade repository
- ITS on the format of application for registration and extension of registration of trade repository
- ITS on the procedures and forms for exchange of information on sanctions, measures and investigations
Guidelines – Reporting under Articles 4 and 12 of SFTR
Regulatory Technical Standards
The EU Commission has adopted the following delegated acts to support or amend the SFTR:
RTS specifying the details of SFTs to be reported to trade repositories
RTS on the access to details of SFTs held in trade repositories
Market Oversight
Legislation
Legal Notice – Financial Markets Act (Short Selling) Regulations, 2012, L.N. 344 of 2012
Commission Delegated Regulation (EU) No 918/2012
Commission Delegated Regulation (EU) No 919/2012
Commission Delegated Regulation (EU) No 826/2012
Commission Implementing Regulation (EU) No 827/2012
ESMA Consultation Paper on Proposed Guidelines on the Exemption for Market Making Activities
Notifications
Public disclosures of significant net short positions, in accordance with Article 6 of Regulation (EU) No 236/2012.
| Date of Notification | Reference No. | Net Short Positions |
|---|---|---|
Click here to view archived notifications.
Secondary Legislation
Crowd Funding Service Providers
Summary of National Provisions concerning Marketing Requirements
The Malta Financial Services Authority is the designated competent authority responsible for carrying out the functions and duties provided for in Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937, (the “ECSP Regulation”), applicable as from 10 November 2021. The Crowdfunding Regulation permits competent authorities of a Member States or EEA State to publish national marketing requirements that will apply to crowdfunding marketing communications in that Member State or EEA State.
Pursuant to Article 27 of the Crowdfunding Regulation, Crowdfunding Service Providers shall ensure, amongst other matters, that:
- all marketing communications about their services, including those outsourced to third parties, are clearly identifiable as such;
- prior to the closure of raising funds for a project, no marketing communication shall disproportionately target planned, pending or current individual crowdfunding projects or offers;
- the information contained in a marketing communication shall be fair, clear and not misleading, and shall be consistent with the information contained in the key investment information sheet (if already available) or with the information required to be in the key investment information sheet (if the key investment information sheet is not yet available).
‘Marketing Communications’ refers to any information or communication from a Crowdfunding Service Provider to a prospective investor or prospective project owner about the services of the crowdfunding service provider, other than investor disclosures required under the Crowdfunding Regulation.
Chapter 2 of the Crowdfunding Rules sets out the marketing requirements that will apply to both investment-based and lending-based crowdfunding services provided by Crowdfunding Service Providers and European Crowdfunding Service Providers when promoting their crowdfunding services through marketing communications to clients in Malta. It aims to outline the high-level principles, standards and relevant risk warnings applicable to crowdfunding marketing communications.
DLT Market Infrastructures
