Securities and Markets Supervision Securities & Markets Supervision is responsible for the supervision of
investment services companies, collective investment schemes, fund management and related fund services operations, admissibility to listing on recognised investment exchanges, trustees and oversight of financial markets.
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Securities and Markets Supervision

The Securities & Markets Supervision (SMS) function is responsible for supervising investment services licence holders, trading venues, central securities depositories, recognised private collective investment schemes, regulation, and oversight of activities in capital markets. SMS also processes the applications for Collective Investment Schemes as well as Investment Services Licence Holders and handles applications for the admissibility to listing of securities on regulated markets. SMS is also responsible for markets oversight and ensuring that companies having securities listed on regulated markets comply with the respective rules.

Investment Firms

Fund Managers

Custodians / Depositaries

Funds

Recognised Persons

Trading Venues Operated by Market Operator

Central Securities Depositories (CSD)

Data Reporting Services Providers

Securitisation

Capital Markets

Market Oversight

Crowd Funding Service Providers

Investment Firms

Subsidiary Legislation

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 – Investment Services Act (Fees) Regulations

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 – Investments Services Act (Tied Agents) Regulations

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

L.N. 333 of 2021 – Investment Services Act (UCITS Management Company Passport) (Amendment) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

L.N. 334 of 2021 – Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

L.N. 240 of 2021 – Investment Services Act (List of Notified AIFs) (Amendment) Regulations

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 371.15 – Supervisory Consolidation Regulations

S.L. 371.19 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

L.N. 403 of 2017 – Investment Services Act (Tied Agents) Regulations, 2017

Rules pertaining to Licensed Activities

Part BI: Rules applicable to Investment Services Licence Holders which qualify as MiFID Firms

Appendix 1A – Financial Resources Requirements and Guidance on the compilation of the Financial Return for Category 1, Category 2 (which qualify as Fund Managers) and Category 4b Investment Services Licence Holder

Appendix 1B – Capital Resources Requirement and Guidance on the compilation of the automated COREP Return for Category 2 (which qualify as MiFID Firms), Category 3 and Category 4a Investment Services Licence Holders

Appendix 1C – Capital Buffers Requirement Applicable to Category 3 Investment Services Licence Holders

Annex 1 to Appendix 1 – Specimen Subordinated Loan Agreement

Appendix 2A – Financial Return for Category 1 & Category 4b (only)

Appendix 2C – Automated COREP Return

Appendix 3 – Consolidated Capital Resources Requirement and Guidance on the compilation of the automated COREP Return for Consolidations

Appendix 4 – Technical Criteria on the Disclosure Requirements for Investment Services Licence Holders

Appendix 5 – Penalties

Appendix 6 – Insurance Covers

Appendix 7 – Record Keeping

Appendix 8 – Transaction Reporting

Appendix 8 – Transaction Reporting

 Appendix 9 – Definition of ‘Close Links’

 Appendix 10 – Requirements on Risk Management and Internal Capital Adequacy Assessment for Investment Services Licence Holders

 Appendix 11 – Supplementary Licence Conditions on Risk Management, Counterparty Risk Exposure and Issuer Concentration

 Appendix 12 – Remuneration Policy

 Appendix 13 – Transparency Requirements

 Appendix 16 – Complaints handling

ESMA Documents

01/10/2021

Call for evidence - On the European Commission mandate on certain aspects relating to retail investor protection

24/09/2021

Consultation Paper - Review of the MiFID II framework on best execution reports

21/07/2021

Public Statement - ESMA presents the results of the 2020 Common Supervisory Action (CSA) on MiFID II suitability requirements

19/07/2021

Consultation Paper - Guidelines on certain aspects of the MiFID II remuneration requirements

15/07/2021

Public Statement - SPACs: prospectus disclosure and investor protection considerations

29/01/2021

Consultation Paper - Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements

13/01/2021

Public Statement -Reminder to firms of the MiFID II rules on ‘reverse solicitation’ in the context of the recent end of the UK transition period

21/12/2020

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

06/11/2020

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

05/06/2020

Guidelines On certain aspects of the MiFID II compliance function requirements

28/05/2020

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

12/05/2020

Public Statement - COVID-19: Reminder of firms’ MiFID II conduct of business obligations in the context of increasing retail investor activity

08/04/2020

ESMA’s Technical Advice to the Commission on the impact of the inducements and costs and charges disclosure requirements under MiFID II

01/04/2020

Public Statement - COVID-19: Clarification of issues related to the publication of reports by execution venues and firms as required under RTS 27 and 28

23/03/2020

Public Statement - COVID-19: Clarification of issues related to the application of MiFID II requirements on the recording of telephone conversations

04/02/2020

ESMA Q & A on MiFID II and MiFIR Investor Protection and Intermediaries Topics

03/02/2020

ESMA technical advice to European Commission on the effects of the product intervention measures

31/01/2020

Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR

02/01/2020

ESMA Q & A on MiFID II and MiFIR Investor Protection and Intermediaries Topics

03/10/2019

ESMA Q & A on MiFID II and MiFIR Investor Protection and Intermediaries Topics

17/07/2019

Call for evidence - Impact of the inducements and costs and charges disclosure requirements under MiFID II

11/07/2019

Public Statement - Statement of ESMA on the application of product intervention measures under Article 40 and 42 of Regulation (EU) No. 600/2014 (1) (MiFIR) by CFD providers

11/07/2019

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

15/07/2019

Consultation Paper - Guidelines on certain aspects of the MiFID II compliance function requirements

29/05/2019

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

30/04/2019

Final Report - ESMA’s technical advice to the European Commission on integrating sustainability risks and factors in MiFID II

12/04/2019

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

12/11/2018

MiFID II Supervisory briefing - Appropriateness and execution-only

09/11/2018

Q&A On ESMA’s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients

03/10/2018

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

28/09/2018

Q&A On ESMA’s temporary product intervention measures on the marketing, distribution or saleof CFDs and Binary options to retail clients

30/07/2018

Q&A On ESMA’s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients

13/07/2018

Q&A On ESMA’s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients

13/07/2018

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

01/06/2018

Q&A On ESMA’s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients

30/05/2018


Statement of the EBA and ESMA on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive

28/05/2018

Final Report - Guidelines on certain aspects of the MiFID II suitability requirements

25/05/2018

Final Report - Guidelines on certain aspects of the MiFID II suitability requirements

23/03/2018

Q&A On MiFID II and MiFIR investor protection and intermediaries topics

18/12/2017


Q&A On MiFID II and MiFIR investor protection and intermediaries topics

20/11/2017


Q&A On MiFID II and MiFIR investor protection and intermediaries topics

16/11/2017


Q&A On MiFID II and MiFIR investor protection and intermediaries topics

11/10/2017

Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU
Annex template for the assessment of collective suitability

11/10/2017

Q&As on MiFID II and MiFIR investor protection topics

12/07/2017

Consultation Paper Guidelines on certain aspects of the MiFID II Suitability Requirements

10/07/2017

Questions and Answers on MiFID II and MiFIR Investor Protection and Intermediaries Topics

02/06/2017

Guidelines on MiFID II product governance requirements

04/04/2017

Questions and Answers on MiFID II and MiFIR investor protection topics

31/03/2017

Q&A relating to the provision of CFDs and other speculative products to retail investors under MiFiDD

16/12/2016

Q&As on MIFID II and MiFIR investor protection topics

28/10/2016


Consultation Paper - Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU
Annex I - Template for Assessment of Collective Suitability

11/10/2016

Q&As relating to the provision of CFDs and other speculative products to retail investors under MiFID

10/10/2016

Q&As on MiFID II and MiFIR investor protection topics

05/10/2016

Consultation Paper - Draft guidelines on MiFID II product governance requirements

26/07/2016

Warning about CFDs, binary options and other speculative products

25/07/2016

Q&As relating to the provision of CFDs and other speculative products to retail investors under MiFID

02/06/2016

MiFID practices for firms selling financial instruments subject to the BRRD resolution regime.

01/06/2016

Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID

08/04/2016

Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID

07/04/2016

MiFID Suitability Requirements Peer Review Report

21/12/2015

Guidelines - Complex debt instruments and structured deposits

01/12/2015

Guidelines - Complex debt instruments and structured deposits

01/10/2015

Guidelines - The application of the definitions in Sections C6 and C7 of Annex I of Directive 2004/39/EC (MiFID)

10/07/2015

Final Report - MiFID II/MiFIR draft Technical Standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities

24/04/2015

Consultation Paper - Draft guidelines for the assessment of knowledge and competence

25/03/2015

Consultation Paper - Draft guidelines on complex debt instruments and structured deposits

03/03/2015


ESMA Questionnaires – Cost and Benefits Analysis on MiFID II


Questionnaire in relation to the ancillary activity exemption Article 2(1)(j), MiFID II for firms

Questionnaire in relation to position limits and position reporting, Articles 57 and 58, MiFID II for trading venues

Questionnaire in relation to position limits and position reporting, Articles 57 and 58, MiFID II for firms

Questionnaire on equity transparency

Questionnaire on microstructural issues

Questionnaire on RTS 22, RTS 24, RTS 32, RTS 36, RTS 37, RTS 38

Questionnaire on non-equity transparency

Data collection

22/12/2014

ESMA’s Technical Advice to the Commission on MiFID II and MiFIR

22/12/2014

ESMA Consultation Paper - MiFID II / MiFIR

22/05/2014

ESMA Consultation Paper - MiFID II / MiFIR

22/05/2014

ESMA Discussion Paper - MiFID II / MiFIR

07/02/2014

ESMA Opinion - MiFID practices for firms selling complex products

Investment Firms Conduct FAQs

Frequently Asked Questions – MIFID II

 

Investment Firms Webinar FAQs

Investment Firms Regulation and Directive Webinar FAQs

 Investment Services Circulars

 

 

Conduct Supervision Circulars

 

In this section, you will find the Circulars issued by the Authority which are applicable to the conduct supervision of investment firms. These Circulars are a means of keeping the industry updated mainly on regulatory matters. Circulars may be issued to provide updates and clarifications in relation to requirements emanating from investments related regulatory requirements (for example the revised Markets in Financial Instruments Directive known as MiFIDII); to inform the industry on proposed changes to the existing requirements as indicated in the Conduct of Business Rulebook and to inform the industry on any relevant documents published by ESMA.

 

Conduct Supervision Investments Circulars

 

Consultation Documents and Feedback Statements

 

In this section you will find the Consultation Documents issued by the MFSA and which are of interest to investment firms These documents are issued to explain to the industry any new regulatory requirements which the Authority may be proposing to implement and the manner in which these will be implemented. During the consultation period, investment firms will have the opportunity to provide their feedback which the Authority will review. Following the consultation period, the Authority may issue the Feedback statement with a summary of the comments received in the course of the consultation period on that particular topic and the final position of the Authority with respect to the matters forming the subject of the consultation.

 

 Consultation Documents and Feedback Statements

Fund Managers

In this section you will find the Acts of Parliament which lay down the framework of the regulatory regime applicable to investment firms. These provide for the regulatory structure for the supervision of these entities and include, amongst others, the powers of the Authority to grant, refuse, cancel and suspend licences issued to investment firms and to impose sanctions on these entities in specific circumstances. These would also contain enabling clauses allowing the Minister responsible for the regulation of financial services to issue subsidiary legislation as well as the MFSA, as competent authority, to issue Rules to further supplement the provisions in the main Act.

Subsidiary Legislation

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 – Investment Services Act (Fees) Regulations

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 – Investments Services Act (Tied Agents) Regulations

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

L.N. 333 of 2021 – Investment Services Act (UCITS Management Company Passport) (Amendment) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

L.N. 334 of 2021 – Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

L.N. 240 of 2021 – Investment Services Act (List of Notified AIFs) (Amendment) Regulations, 2021

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 371.15 – Supervisory Consolidation Regulations

Rules pertaining to Licensed Activities

 Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies

 Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs

 Appendix 1A – Financial Resources Requirements and Guidance on the compilation of the Financial Return for Category 1, Category 2 (which qualify as Fund Managers) and Category 4b Investment Services Licence Holder

 Annex 1 to Appendix 1 – Specimen Subordinated Loan Agreement

 Appendix 2B – Financial Return for Fund Managers

 Appendix 4 – Technical Criteria on the Disclosure Requirements for Investment Services Licence Holders

 Appendix 5 – Penalties

 Appendix 6 – Insurance Covers

 Appendix 7 – Record Keeping

 Appendix 8 – Transaction Reporting

Appendix 9 – Definition of ‘Close Links’

 Appendix 10 – Requirements on Risk Management and Internal Capital Adequacy Assessment for Investment Services Licence Holders

 Appendix 11 – Supplementary Licence Conditions on Risk Management, Counterparty Risk Exposure and Issuer Concentration

 Appendix 12 – Remuneration Policy

 Appendix 13 – Transparency Requirements

 Annex 1 – AIFM – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)

 Annex 2 – AIF – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)

 Annex 3 – AIF – Specific Information to be reported (Article 24(2) AIFMD)

 Annex 4 – AIF – Specific Information to be reported (Article 24(4) AIFMD)

 Annex 5 – Information on AIFs managed by the AIFM

Appendix 14 – Annual Fund Return

 Appendix 16 – Complaints handling

National Provisions governing marketing requirements for AIFs and UCITS

Last updated on: 17 September 2021

 

In application of Article 1 of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

 

Marketing Requirements for UCITS

 

a) The Format and Content of Marketing Material

 

The format and content of marketing material by UCITS is prescribed in Chapter 1 of the  Conduct of Business Rulebook.  Furthermore, a reference has been included in Rule R.1.2.81 to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications.

 

b) Verification of Marketing Communications by the Authority

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities.  In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Passporting Rules

 

Passporting In

European UCITS wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

 

Passporting Out

Maltese UCITS wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

 

d) De-notification of arrangements made for marketing

 

Where the UCITS Manager no longer wishes to market its UCITS in another Member State, the UCITS Manager is to submit a notification to the MFSA in terms of Article 4(16) of the Investment Services Act (Marketing of UCITS) Regulations.

The notification is to be submitted to the MFSA on [email protected]

 

Marketing Requirements for AIFs

 

a) The Format and Content of Marketing Material

 

AIFMs shall ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF.  All marketing material must be fair, clear and not misleading.

AIFMs shall also note that SLC 3.14 has been introduced in Part BIII of the Investment Services Rules for AIFMs to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications. AIFMs are to note that new requirements are applicable for all AIFs, regardless of the type of target investor.

 

b) Verification of Marketing Communications by the Authority

 

The Authority shall carry out an ex-post review of marketing communications issued by regulated entities.  To note that it is the responsibility of the AIFM Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Marketing to Retail and Professional Investors

 

AIFMs are to refer to the provisions listed below depending on the target investors of the AIFs managed, as well as the marketing communication addressed to them.

 

Retail Investors:

 

Professional Investors:

 

d) Passporting Rules

 

Passporting In

European AIFs managed by Maltese or European AIFMs wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

 

 

Passporting Out

Maltese AIFs wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

 

e) Distribution of Funds Established in a Non-EU Member State under the National Private Placement Regime

 

EU AIFMs or Non-EU AIFMs wishing to market the units of Non-EU AIFs in Malta are to refer to the notification forms and guidance document listed below, as applicable.

 

f) De-Notification of Arrangements made for Marketing

Where the AIFM no longer wishes to market its AIF/s in another Member State, the AIFM is to submit a notification to the MFSA in terms of Article 3(13) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations

The notification is to be submitted to the MFSA on [email protected]

 

g) Pre-marketing in the EU by Maltese AIFMs

 

Maltese AIFMs wishing to carry out pre-marketing must submit a notification by email within two weeks of having begun pre-marketing to [email protected] in accordance with Article 3 (20) and Article 4 (25) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulation. 

 

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Summaries of National Provisions governing marketing requirements for AIFs and UCITS

Last updated on: 17 September 2021

 

Marketing Requirements for UCITS

 

a) Notification for the Marketing of Units

 

A European UCITS Scheme may market its units in Malta provided that prior to the commencement of such marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 8 of the Investment Services Act (Marketing of UCITS) Regulations. Particularly, such a notification is to be received by the MFSA from the Authority of the UCITS home Member State or EEA State and is to include the information outlined in Article 8 1(a)-(d) and Article 8 2(a)-(d) of the Regulation.

A Maltese UCITS Scheme intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule C of the Investment Services Rules for Retail Collective Investments Schemes to the MFSA.

 

b) Notification and Prior Approval of Marketing Communications

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

Marketing Requirements for AIFs

 

a) Notification for the Marketing of Units

 

A European AIF may market its units in Malta provided that prior to the commencement of marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 3 or Article 5 (as applicable) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.

A Maltese AIF intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule 4 of the Investment Services Rules Alternative Investment Funds to the MFSA.

 

b) Notification and Prior Approval of Marketing Communications

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the AIFM to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Marketing to Retail Investors and Professional Investors

 

As from 2 August 2021, in terms of Article 4 of the Cross-Border Distribution of Funds Regulation, AIFMs are required to ensure that all marketing communications addressed to investors, including professional investors, are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner, and that all information is fair, clear and not misleading.

To supplement the above, on 27 May 2021, ESMA published its Guidelines under the Cross-Border Distribution of Fund Regulation, specifying the requirements that funds’ marketing communications must meet. It is to note that such Guidelines will become applicable 6 months after the date of the publication of the translations.

AIFMs shall note that the SLC 3.14 Part BIII has been introduced to include a reference to the new marketing requirements emanating from the CBDF Regulation and the Guidelines on Marketing Communications.

Furthermore, AIFMs managing Retail AIFs should also refer to Section 10 of Part BIII of the Investment Services Rules for Investment Services Providers which sets out further rules relating to disclosure requirements for marketing communications and information provided to retail clients. In addition to minimum disclosure requirements and information to be provided, such rules also set out, inter alia, other requirements relating to record keeping for marketing communications as well as conditions to be satisfied when providing information to retail investors relating to past or future performance.

 

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Regulatory Fees and Charges

Last updated on: 17 September 2021

 

In application of Article 2(1) of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the fees and charges levied by the MFSA for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

 

Fees and Charges

 

The fees levied with respect to cross-border activities emanate from the Investment Services Act (Fees) Regulations. The MFSA charges an initial notification/application fee and an ongoing annual supervisory fee as further detailed below.

European UCITS Management Companies and AIFMs establishing a branch as well as European UCITS and European AIFs marketing their units in Malta shall, annually, upon the anniversary of the date on which they commence business or market their units in Malta, pay the supervisory fee established in the table below, with the first annual fee becoming payable immediately once a licence/authorisation is granted.

 

Cross-Border Management Fees and Charges

 

  Initial Notification Fee Ongoing Annual Supervisory Fee
European UCITS management companies establishing a branch in Malta €1,250

 

€4,000

 

European AIFMs establishing a branch in Malta €1,250

 

€4000

 

Cross-Border Marketing Fees and Charges

 

  Initial Notification Fee Ongoing Annual Supervisory Fee
UCITS & AIF Passporting IN
European UCITS Scheme marketing their units in Malta €2,500

 

€3,000

 

UCITS Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) €450

 

€500
UCITS Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) €450 N/A
European AIF Scheme marketing their units in Malta €2,500

 

€3,000

 

AIF Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) €450

 

€500
AIF Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) €450 N/A

Custodians / Depositaries

In this section you will find the Acts of Parliament which lay down the framework of the regulatory regime applicable to investment firms. These provide for the regulatory structure for the supervision of these entities and include, amongst others, the powers of the Authority to grant, refuse, cancel and suspend licences issued to investment firms and to impose sanctions on these entities in specific circumstances. These would also contain enabling clauses allowing the Minister responsible for the regulation of financial services to issue subsidiary legislation as well as the MFSA, as competent authority, to issue Rules to further supplement the provisions in the main Act.

Subsidiary Legislation

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 – Investment Services Act (Fees) Regulations

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 – Investments Services Act (Tied Agents) Regulations

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

L.N. 333 of 2021 – Investment Services Act (UCITS Management Company Passport) (Amendment) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

L.N. 334 of 2021 – Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

L.N. 240 of 2021 – Investment Services Act (List of Notified AIFs) (Amendment) Regulations, 2021

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 371.15 – Supervisory Consolidation Regulations

Funds

Subsidiary Legislation

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 – Investment Services Act (Fees) Regulations

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 – Investments Services Act (Tied Agents) Regulations

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

L.N. 333 of 2021 – Investment Services Act (UCITS Management Company Passport) (Amendment) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

L.N. 334 of 2021 – Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

L.N. 240 of 2021 – Investment Services Act (List of Notified AIFs) (Amendment) Regulations, 2021

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 371.15 – Supervisory Consolidation Regulations

National Provisions governing marketing requirements for AIFs and UCITS

Last updated on: 17 September 2021

 

In application of Article 1 of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

 

Marketing Requirements for UCITS

 

a) The Format and Content of Marketing Material

 

The format and content of marketing material by UCITS is prescribed in Chapter 1 of the  Conduct of Business Rulebook.  Furthermore, a reference has been included in Rule R.1.2.81 to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications.

 

b) Verification of Marketing Communications by the Authority

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities.  In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Passporting Rules

 

Passporting In

European UCITS wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

 

Passporting Out

Maltese UCITS wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

 

d) De-notification of arrangements made for marketing

 

Where the UCITS Manager no longer wishes to market its UCITS in another Member State, the UCITS Manager is to submit a notification to the MFSA in terms of Article 4(16) of the Investment Services Act (Marketing of UCITS) Regulations.

The notification is to be submitted to the MFSA on [email protected]

 

Marketing Requirements for AIFs

 

a) The Format and Content of Marketing Material

 

AIFMs shall ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF.  All marketing material must be fair, clear and not misleading.

AIFMs shall also note that SLC 3.14 has been introduced in Part BIII of the Investment Services Rules for AIFMs to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications. AIFMs are to note that new requirements are applicable for all AIFs, regardless of the type of target investor.

 

b) Verification of Marketing Communications by the Authority

 

The Authority shall carry out an ex-post review of marketing communications issued by regulated entities.  To note that it is the responsibility of the AIFM Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Marketing to Retail and Professional Investors

 

AIFMs are to refer to the provisions listed below depending on the target investors of the AIFs managed, as well as the marketing communication addressed to them.

 

Retail Investors:

 

Professional Investors:

 

d) Passporting Rules

 

Passporting In

European AIFs managed by Maltese or European AIFMs wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

 

 

Passporting Out

Maltese AIFs wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

 

e) Distribution of Funds Established in a Non-EU Member State under the National Private Placement Regime

 

EU AIFMs or Non-EU AIFMs wishing to market the units of Non-EU AIFs in Malta are to refer to the notification forms and guidance document listed below, as applicable.

 

f) De-Notification of Arrangements made for Marketing

Where the AIFM no longer wishes to market its AIF/s in another Member State, the AIFM is to submit a notification to the MFSA in terms of Article 3(13) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations

The notification is to be submitted to the MFSA on [email protected]

 

g) Pre-marketing in the EU by Maltese AIFMs

 

Maltese AIFMs wishing to carry out pre-marketing must submit a notification by email within two weeks of having begun pre-marketing to [email protected] in accordance with Article 3 (20) and Article 4 (25) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulation. 

 

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Summaries of National Provisions governing marketing requirements for AIFs and UCITS

Last updated on: 17 September 2021

 

Marketing Requirements for UCITS

 

a) Notification for the Marketing of Units

 

A European UCITS Scheme may market its units in Malta provided that prior to the commencement of such marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 8 of the Investment Services Act (Marketing of UCITS) Regulations. Particularly, such a notification is to be received by the MFSA from the Authority of the UCITS home Member State or EEA State and is to include the information outlined in Article 8 1(a)-(d) and Article 8 2(a)-(d) of the Regulation.

A Maltese UCITS Scheme intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule C of the Investment Services Rules for Retail Collective Investments Schemes to the MFSA.

 

b) Notification and Prior Approval of Marketing Communications

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

Marketing Requirements for AIFs

 

a) Notification for the Marketing of Units

 

A European AIF may market its units in Malta provided that prior to the commencement of marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 3 or Article 5 (as applicable) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.

A Maltese AIF intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule 4 of the Investment Services Rules Alternative Investment Funds to the MFSA.

 

b) Notification and Prior Approval of Marketing Communications

 

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the AIFM to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

 

c) Marketing to Retail Investors and Professional Investors

 

As from 2 August 2021, in terms of Article 4 of the Cross-Border Distribution of Funds Regulation, AIFMs are required to ensure that all marketing communications addressed to investors, including professional investors, are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner, and that all information is fair, clear and not misleading.

To supplement the above, on 27 May 2021, ESMA published its Guidelines under the Cross-Border Distribution of Fund Regulation, specifying the requirements that funds’ marketing communications must meet. It is to note that such Guidelines will become applicable 6 months after the date of the publication of the translations.

AIFMs shall note that the SLC 3.14 Part BIII has been introduced to include a reference to the new marketing requirements emanating from the CBDF Regulation and the Guidelines on Marketing Communications.

Furthermore, AIFMs managing Retail AIFs should also refer to Section 10 of Part BIII of the Investment Services Rules for Investment Services Providers which sets out further rules relating to disclosure requirements for marketing communications and information provided to retail clients. In addition to minimum disclosure requirements and information to be provided, such rules also set out, inter alia, other requirements relating to record keeping for marketing communications as well as conditions to be satisfied when providing information to retail investors relating to past or future performance.

 

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Regulatory Fees and Charges

Last updated on: 17 September 2021

 

In application of Article 2(1) of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the fees and charges levied by the MFSA for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

 

Fees and Charges

 

The fees levied with respect to cross-border activities emanate from the Investment Services Act (Fees) Regulations. The MFSA charges an initial notification/application fee and an ongoing annual supervisory fee as further detailed below.

European UCITS Management Companies and AIFMs establishing a branch as well as European UCITS and European AIFs marketing their units in Malta shall, annually, upon the anniversary of the date on which they commence business or market their units in Malta, pay the supervisory fee established in the table below, with the first annual fee becoming payable immediately once a licence/authorisation is granted.

 

Cross-Border Management Fees and Charges

 

  Initial Notification Fee Ongoing Annual Supervisory Fee
European UCITS management companies establishing a branch in Malta €1,250

 

€4,000

 

European AIFMs establishing a branch in Malta €1,250

 

€4000

 

Cross-Border Marketing Fees and Charges

 

  Initial Notification Fee Ongoing Annual Supervisory Fee
UCITS & AIF Passporting IN
European UCITS Scheme marketing their units in Malta €2,500

 

€3,000

 

UCITS Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) €450

 

€500
UCITS Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) €450 N/A
European AIF Scheme marketing their units in Malta €2,500

 

€3,000

 

AIF Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) €450

 

€500
AIF Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) €450 N/A

Recognised Persons

Subsidiary Legislation

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 – Investment Services Act (Fees) Regulations

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 – Investments Services Act (Tied Agents) Regulations

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

L.N. 333 of 2021 – Investment Services Act (UCITS Management Company Passport) (Amendment) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

L.N. 334 of 2021 – Investment Services Act (Alternative Investment Fund Manager) (Passport) (Amendment) Regulations

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

L.N. 240 of 2021 – Investment Services Act (List of Notified AIFs) (Amendment) Regulations, 2021

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 371.15 – Supervisory Consolidation Regulations

Trading Venues Operated by Market Operator

Subsidiary Legislation

S.L. 345.01 – Reduction in the Rate of Income Tax chargeable on Gains or Profits of Quoted Companies (Extension) Notice

S.L. 345.04 – Regulated Markets (Authorisation Requirements) Regulations

S.L. 345.05 – Regulated Markets and Central Securities Depositories (Fees) Regulations

S.L. 345.06 – Financial Markets Act (Membership and Access) Regulations

S.L. 345.08 – Transfer of Listed Financial Instruments Regulations

S.L. 345.11 – European Rights for Regulated Markets Regulations

S.L. 345.13 – Central Securities Depository (Control of Assets) Regulations

S.L. 345.15 – Financial Markets Act (Credit Rating Agencies) Regulations

S.L. 345.17 – Financial Markets Act (OTC Derivatives, Central Counterparties and Trade Repositories) Regulations

S.L. 345.18 – Central Counterparties Access Regulations

S.L. 345.19 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 345.20 – Financial Markets Act (SME Growth Markets) Regulations

S.L. 345.21 – Data Reporting Services Regulations

S.L. 345.22 – Financial Markets Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) 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. 345.26 – Financial Markets Act (CSDR Administrative Penalties, Measures and Investigatory Powers) Regulations

Data Reporting Services Providers

Subsidiary Legislation

S.L. 345.01 – Reduction in the Rate of Income Tax chargeable on Gains or Profits of Quoted Companies (Extension) Notice

S.L. 345.04 – Regulated Markets (Authorisation Requirements) Regulations

S.L. 345.05 – Regulated Markets and Central Securities Depositories (Fees) Regulations

S.L. 345.06 – Financial Markets Act (Membership and Access) Regulations

S.L. 345.08 – Transfer of Listed Financial Instruments Regulations

S.L. 345.11 – European Rights for Regulated Markets Regulations

S.L. 345.13 – Central Securities Depository (Control of Assets) Regulations

S.L. 345.15 – Financial Markets Act (Credit Rating Agencies) Regulations

S.L. 345.17 – Financial Markets Act (OTC Derivatives, Central Counterparties and Trade Repositories) Regulations

S.L. 345.18 – Central Counterparties Access Regulations

S.L. 345.19 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 345.20 – Financial Markets Act (SME Growth Markets) Regulations

S.L. 345.21 – Data Reporting Services Regulations

S.L. 345.22 – Financial Markets Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) 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. 345.26 – Financial Markets Act (CSDR Administrative Penalties, Measures and Investigatory Powers) Regulations

Securitisation

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.

 

Regulation

Capital Markets

Capital Markets Rules

Capital Markets Rules – Amended Chapters

Amendments to the Capital Market Rules as at 6 December 2021:

Circular 03/2021

Amended Capital Markets Rules

 

Amendments to the Capital Market Rules as at 13 August 2021:

Circular 02/2021

Amended Capital Markets Rules

 

Amendments to the Listing Rules as at 2nd March 2021:

Circular 01/2021

Amended Listing Rules

 

Amendments to the Listing Rules as at 24th December 2020:

Circular 01/2020

Amended Listing Rules

 

Amendments to the Listing Rules as at 1st July 2019:

Circular 06/2019

Amended Listing Rules

 

Amendments to the Listing Rules as at 13th February 2019:

Circular 04/2019

Amended Listing Rules

 

Amendments to the Listing Rules as at 27th November 2018:

Circular 15/2018

Amended Listing Rules

 

Amendments to the Listing Rules as at 25th May 2018:

Circular 05/2018

Amended Listing Rules

 

Amendments to the Listing Rules as at 24th April 2018:

Circular 03/2018

Amended Listing Rules

 

Amendments to the Listing Rules as at 6th March 2018:

Circular 01/2018

Amended Listing Rules

 

Amendments to the Listing Rules as at 28th November 2017:

Circular 12/2017​

Amended Listing Rules

 

Amendments to the Listing Rules as at 1st December 2016:

Explanatory Note – Circular 05/2016

Appendix 1 – Chapter 5

 

Amendments to the Listing Rules as at 11th August 2016:

Explanatory Note – Circular 01/2016

Appendix 1 – Chapter 5

 

Amendments to the Listing Rules as at 17th June 2016:

Feedback Statement issued further to Industry Responses to MFSA Consultation Document on Amendments to the Listing Rules Implementing Audit Committee Requirements

Appendix 1 – Definitions

Appendix 2 – Chapter 5

 

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

Appendix 2 – Chapter 1

Appendix 3 – Chapter 5

Appendix 4 – Chapter 8

Appendix 5 – Chapter 10

 

Amendments to Listing Rules as at 29 April 2014:

Explanatory Note – Circular 01/2014

Appendix 1 – Chapter 1

Appendix 2 – Chapter 4

 

Amendments to Listing Rules as at 12 December 2012:

Explanatory Note – Circular 01/2013

Changes to Index and Definitions of Listing Rules

Appendix 1 – Chapter 1

Appendix 2 – Chapter 10

 

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

Appendix 1 – Chapter 4

 

Amendments to Listing Rules as at 3 June 2011:

Explanatory Note – Circular 01/2011

 

Changes to Index and Definitions of Listing Rules:

Appendix 1 – Chapter 1

Appendix 2 – Chapter 2

Appendix 3 – Chapter 3

Appendix 4 – Chapter 4

Appendix 5 – Chapter 5

Appendix 6 – Chapter 6

Appendix 7 – Chapter 8

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

Appendix 1 – Chapter 8

Appendix 2 – Chapter 19

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:

Amendments to MFSA Listing Rules as on 23 August 2004

Prospectuses - Admissibility to Listing

Click here for archive prospectuses.

Listed CompanyPublished ProspetusesDate of Approval
International Hotel Investments p.l.c. Registration Document dated 28 October 2021

Summary Note dated 28 October 2021

Securities Note dated 28 October 2021
28/10/2021
Hili Properties p.l.c. Registration Document dated 25 October 2021

Summary Note dated 25 October 2021

Securities Note dated 25 October 2021
25/10/2021
Dino Fino Finance p.l.c. Prospectus dated 30 September 202130/09/2021
Central Business Centres p.l.c Registration Document dated 24 September 2021

Summary Note dated 24 September 2021

Securities Note dated 24 September 2021
24/09/2021
Mizzi Organisation Finance p.l.c. Registration Document dated 24 September 2021

Summary Note dated 24 September 2021

Securities Note dated 24 September 2021
24/09/2021
VBL p.l.c. Registration Document dated 23 July 2021

Securities Note dated 23 July 2021

Summary Note dated 23 July 2021
23/07/2021
Brown’s Pharma Holdings plc Registration Document dated 10 June 2021

Securities Note dated 10 June 2021

Summary Note dated 10 June 2021
10/06/2021
GO p.l.c. Registration Document dated 25 May 2021

Securities Note dated 25 May 2021

Summary Note dated 25 May 2021
25/05/2021
LifeStar Insurance p.l.c. Prospectus dated 6 May 2021

Supplement date 27 May 2021
06/05/2021
LifeStar Insurance p.l.c. Prospectus dated 4 May 2021

Supplement date 27 May 2021
04/05/2021
RS2 Software p.l.c. Supplement dated 30 March 2021

Registration Document dated 19 February 2021

Securities Note dated 19 February 2021

Summary Note dated 19 February 2021
30/03/2021


19/02/2021
Smartcare Finance p.l.c. Registration Document dated 19 February 2021

Securities Note dated 19 February 2021

Summary Note dated 19 February 2021
19/02/2021
Gap Group p.l.c. Registration Document dated 20 November 2020

Securities Note dated 20 November 2020

Summary Note dated 20 November 2020
20/11/2020
APS Bank plc Prospectus dated 02 November 202002/11/2020
Cablenet Communication Systems plc Registration Document dated 21 July 2020

Securities Note dated 21 July 2020

Summary Note dated 21 July 2020
21/07/2020
Mediterranean Investments Holding plc Registration Document dated 01 July 2020

Securities Note dated 01 July 2020

Summary Note dated 01 July 2020
01/07/2020
Shoreline Mall p.l.c. Registration Document dated 18 June 2020

Securities Note dated 18 June 2020

Summary Note dated 18 June 2020
18/06/2020
AX Group p.l.c. Registration Document dated 22nd November 2019

Securities Note dated 22nd November 2019

Summary Note dated 22nd November 2019
22/11/2019
Harvest Technology p.l.c. Registration Document dated 18th November 2019

Securities Note dated 18th November 2019

Summary Note dated 18th November 2019
18/11/2019
MeDirect Bank (Malta) plc Registration Document dated 7th October 2019

Securities Note dated 7th October 2019

Summary Note dated 7th October 2019
07/10/2019
Trident Estates p.l.c. Prospectus dated 7th October 201907/10/2019
Hili Finance Company p.l.c. Registration Document dated 18th July 2019

Securities Note dated 18th July 2019

Summary Note dated 18th July 2019
18/07/2019
Merkanti Holding p.l.c. Prospectus dated 18th July 201918/07/2019
Stivala Group Finance p.l.c. Registration Document dated 18th July 2019

Securities Note dated 18th July 2019

Summary Note dated 18th July 2019
18/07/2019
Together Gaming Solutions p.l.c. Prospectus dated 21st June 201921/06/2019
TUM Finance plc Registration Document dated 3rd June 2019

Registration Document Annex 1 (Part 1) dated 3rd June 2019

Registration Document Annex 1 (Part 2) dated 3rd June 2019

Securities Note dated 3rd June 2019

Summary Note dated 3rd June 2019
03/06/2019
Bank of Valletta plc Registration Document dated 3rd June 2019

Securities Note dated 3rd June 2019

Summary Note dated 3rd June 2019

Supplement dated 26th June 2019
03/06/2019
SP Finance plc Registration Document dated 8th April 2019

Securities Note dated 8th April 2019

Summary Note dated 8th April 2019
08/04/2019
ENDO Finance plc Registration Document dated 6th March 2019

Securities Note dated 6th March 2019

Summary Note dated 6th March 2019
06/03/2019
Mercury Projects Finance Plc Registration Document dated 4th March 2019

Securities Note dated 4th March 2019

Summary Note dated 4th March 2019
04/03/2019
International Hotel Investments Plc Registration Document dated 4th March 2019

Securities Note dated 4th March 2019

Summary Note dated 4th March 2019
04/03/2019
GAP Group Plc Registration Document dated 4th March 2019

Securities Note dated 4th March 2019

Summary Note dated 4th March 2019
04/03/2019
BMIT Technologies plc Registration Document dated 7th January 2019

Securities Note dated 7th January 2019

Summary Note dated 7th January 2019
07/01/2019
Best Deal Properties Holding Plc Registration Document dated 3rd December 2018

Securities Note dated 3rd December 2018

Summary Note dated 3rd December 2018
03/12/2018
Phoenicia Finance Company Plc
Registration Document dated 15th November 2018

Securities Note dated 15th November 2018

Summary Note dated 15th November 2018
15/11/2018
Melite Finance Plc Registration Document dated 12th November 2018

Securities Note dated 12th November 2018

Summary Note dated 12th November 2018
12/11/2018
Exalco Finance Plc Registration Document dated 31st July 2018

Securities Note dated 31st July 2018

Summary Note dated 31st July 2018
31/07/2018
Hili Finance Company Plc Registration Document dated 4th July 2018

Securities Note dated 4th July 2018

Summary Note dated 4th July 2018
04/07/2018
Main Street Complex plc Registration Document dated 23rd April 2018

Securities Note dated 23rd April 2018

Summary Note dated 23rd April 2018
23/04/2018
Hudson Malta plc Registration Document dated 23rd March 2018

Securities Note dated 23rd March 2018

Summary Note dated 23rd March 2018
23/03/2018
FIMBank plc Prospectus dated 23 March 201823/03/2018
Trident Estates Plc Registration Document dated 18th December 2017

Securities Note dated 18th December 2017

Summary Note dated 18th December 2017
18/12/2017
Bank of Valletta P.L.C. Registration Document dated 30th October 2017

Securities Note dated 30th October 2017

Summary Note dated 30th October 2017
30/10/2017
Bortex Group Finance PLC Registration Document dated 30th October 2017

Securities Note dated 30th October 2017

Summary Note dated 30th October 2017
30/10/2017
Virtu Finance p.l.c. Registration Document dated 30th October 2017

Securities Note dated 30th October 2017

Summary Note dated 30th October 2017
30/10/2017
Mediterranean Bank Plc Registration Document dated 25th September 2017

Securities Note dated 25th September 2017

Summary Note dated 25th September 2017
25/09/2017
Stivala Group Finance Plc Registration Document dated 25th September 2017

Securities Note dated 25th September 2017

Summary Note dated 25th September 2017
25/09/2017
Simonds Farsons Cisk Plc Registration Document dated 31st July 2017

Securities Note dated 31st July 2017

Summary Note dated 31st July 2017
31/07/2017
Grand Harbour Marina p.l.c. Registration Document dated 26 June 2017

Securities Note dated 26 June 2017

Summary Note dated 26 June 2017
26/06/2017
Central Business Centres Plc Base Prospectus dated 29th May 2017

Final Terms of Central Business Centres Plc dated 12th June 2017
29/05/2017
12/06/2017
Mediterranean Investments Holdings Plc Registration Document dated 29th May 2017

Securities Note dated 29th May 2017

Summary Note dated 29th May 2017
29/05/2017
Tumas Investments Plc Registration Document dated 29th May 2017

Securities Note dated 29th May 2017

Summary Note dated 29th May 2017
29/05/2017
PG Plc Registration Document dated 27th March 2017

Securities Note dated 27th March 2017

Summary Note dated 27th March 2017
27/03/2017
Eden Finance Plc Registration Document dated 27th March 2017

Securities Note dated 27th March 2017

Summary Note dated 27th March 2017
27/03/2017
SD Finance Plc Registration Document dated 27th March 2017

Securities Note dated 27th March 2017

Summary Note dated 27th March 2017
27/03/2017
Von Der Heyden Group Finance Plc Registration Document dated 30th January 2017

Securities Note dated 30th January 2017

Summary Note dated 30th January 2017
30/01/2017
International Hotel Investments Plc Registration Document dated 21st November

Securities Note dated 21st November

Summary Note dated 21st November
21/11/2016
Premier Capital Plc Registration Document dated 21st October

Securities Note dated 21st October

Summary Note dated 21st October
21/10/2016
Dizz Finance plc Registration Document dated 16th September

Securities Note dated 16th September

Summary Note dated 16th September
16/09/2016
Gap Group plc Registration Document dated 16th September

Securities Note dated 16th September

Summary note dated 16th September
16/09/2016
Mediterranean Maritime Hub Finance plc Registration Document dated 16th September

Securities Note dated 16th September

Summary note dated 16th September
16/09/2016
Plaza Centres p.l.c Registration Document dated 11 August 2016

Securities Note dated 11 August 2016

Summary Note dated 11 August 2016
11/08/2016
International Hotel Investments plc Registration Document dated 28 June 2016

Securities Note dated 28 June 2016

Summary Note dated 28 June 2016
28/06/2016
MIDI plc Registration Document dated 28 June 2016

Securities Note dated 28 June 2016

Summary Note dated 28 June 2016
12/05/2016
GlobalCapital plc Prospectus dated 12th May 201604/03/2016
Corinthia Finance p.l.c. Registration Document dated 18th March 2016

Securities Note dated 18th March 2016

Summary Note dated 18th March 2016
18/03/2016
GlobalCapital plc Registration Document dated 4th March 2016

Securities Note dated 4th March 2016

Summary Note dated 4th March 2016
04/03/2016
Medserv p.l.c. Prospectus dated 21 December 2015 21/12/2015
Central Business Centres plc Supplement dated 4th December 2015

Final Terms dated 4th December 2015
04/12/2015
Bank of Valletta p.l.c. Final Terms Series No:1/2015 Tranche No:2 dated 19 February 2016

Final Terms Series No: 2/2015 Tranche No:2 dated 19 February 2016

Base Prospectus dated 16 October 2015

Supplement dated 9 November 2015

Final Terms Series No:1/2015 Tranche No:1 dated 10 November 2015

Final Terms Series No: 2/2015 Tranche No: 1 dated 10 November 2015
16/10/2015
9/11/2015
Malta Properties Company p.l.c. Registration Document dated 16th October 2015

Securities Note dated 16th October 2015

Summary Note dated 16th October 2015
16/10/2015
Hili Properties plc Registration Document dated 18th September 2015

Securities Note dated 18th September 2015

Summary Note dated 18th September 2015
18/09/2015
6PM Holdings plc Registration Document dated 8th July 2015

Securities Note dated 8th July 2015

Summary Note dated 8th July 2015
08/07/2015
Mediterranean Investments Holding p.l.c. Registration Document dated 1st July 2015

Securities Note dated 1st July 2015

Summary Note dated 1st July 2015
01/07/2015
Izola Bank p.l.c. Summary Note dated 18th May 2015

Registration Document dated 18th May 2015

Securities Note dated 18th May 2015
18/05/2015
International Hotel Investments p.l.c. Summary Note dated 10th April 2015

Registration Document dated 10th April 2015

Securities Note dated 10th April 2015
10/04/2015
Central Business Centres p.l.c. Base Prospectus dated 05 December 2014

Final Terms dated 22 December 2014
22/12/2014
Mediterranean Bank plc Registration Document dated 3rd November 2014

Securities Note dated 3rd November 2014

Summary Note dated 3rd November 2014

Addendum dated 10th November 2014
03/11/2014
PTL Holdings p.l.c. Registration Document dated 3rd November 2014

Securities Note dated 3rd November 2014

Summary Note dated 3rd November 2014
03/11/2014
Hal Mann Vella Group p.l.c. Registration Document dated 6th October 2014

Securities Note dated 6th October 2014

Summary Note dated 6th October 2014
06/10/2014
United Finance p.l.c. Registration Document dated 6th October 2014

Securities Note dated 6th October 2014

Summary Note dated 6th October 2014
06/10/2014
Santumas Shareholdings p.l.c. Registration Document dated 6th October 2014

Securities Note dated 6th October 2014

Summary Note dated 6th October 2014
06/10/2014
Pefaco International Plc Prospectus dated 16th July 2014 16/07/2014
Tumas Investments Plc. Registration Document dated 7th July 2014

Securities Note dated 7th July 2014

Summary Note dated 7th July 2014
07/07/2014
Mediterranean Investments Holding Plc. Registration Document dated 2nd June 2014

Securities Note dated 2nd June 2014

Summary Note dated 2nd June 2014
02/06/2014
Mariner Finance p.l.c. Registration Document dated 2nd June 2014

Securities Note dated 2nd June 2014

Summary Note dated 2nd June 2014
02/06/2014
FIMBank p.l.c. Prospectus dated 3 June 2014 02/06/2014
Island Hotels Group Holdings Plc Registration Document dated 6th May 2014

Securities Note dated 6th May 2014

Summary Note dated 6th May 2014
05/05/2014
Pendergardens Developments plc Registration Document dated 5th May 2014

Securities Note dated 5th May 2014

Summary Note dated 5th May 2014
05/05/2014
AX Investments p.l.c. Prospectus dated 3rd February 2014 03/02/2014
International Hotel Investments p.l.c. Prospectus dated 21/10/2013 18/10/2013
Gasan Finance Company P.L.C. Prospectus dated 18 October 2013 18/10/2013
MEDSERV P.L.C. Base Prospectus dated 12th August 2013

Supplement dated 30th August 2013

Supplement dated 7 April 2014

Final Terms dated 7 April 2014 - Series 1/2013, Tranche 1

Final Terms dated 7 April 2014 - Series No: 1 Tranche No: 2
12/08/2013
07/04/2014
Mediterranean Bank plc Prospectus dated 12th June 2013 - The published prospectus is made up of Summary Note and Securities Note dated 12th June 2013 and the Registration Document dated 21 November 2012 12/06/2013
Tigné Mall p.l.c. Prospectus dated 20th March 2013 18/03/2013
A25 Gold Producers Corp. Prospectus dated 21st December 2012 21/12/2012
Mediterranean Bank plc Prospectus dated 21st November 2012 21/11/2012
International Hotel Investments plc Prospectus dated 16th November 2012 16/11/2012
Malita Investments plc Prospectus dated 2nd July 2012 02/07/2012

Prospectuses - Admissibility on WSM

Listed Company Published ProspectusDate Of Approval
D Foods Finance p.l.c. Base Prospectus date 21st July 2020

Final Terms dated 21st July 2020
21/07/2020
Hom Re Limited Registration Document dated 10 March 2020

Securities Note dated 10 March 2020
10/03/2020
Axion Securitisation SCC Plc – ARN High Yield 1 Cell Base Prospectus date 23rd January 201923/01/2019
G2G Plc Base Prospectus date 23rd January 2019

Final Terms dated 3rd April 2019
23/01/2019
Vera Emptio GmbH
Registration Document dated 3rd September 2018

Securities Note – Junior Bond dated 3rd September 2018

Securities Note – Senior Bond dated 3rd September 2018
03/09/2018
True Sale GmbH
Registration Document dated 31st August 2018

Securities Note – Junior Bond dated 31st August 2018

Securities Note – Senior Bond dated 31st August 2018
31/08/2018
Helix SCC Plc Supplement dated 9th August 2018 09/08/2018
Turku Marine Industry Holdings OY Registration Document dated 25/05/2018

Securities Note dated 25/05/2018
25/05/2018
TURUN TELAKKAKIINTEISTÖT OY Registration Document dated 25/05/2018

Securities Note dated 25/05/2018
25/05/2018
MRP MARITIME RISK PROTECTION GMBH Registration Document dated 26/04/2018

Securities Note date 26/04/2018
26/04/2018
Investar Plc Supplement dated 22nd December 2017 22/12/2017
Helix SCC Plc Base Prospectus dated 18th December 2017

Final Terms dated 18th December 2017
18/12/2017
Arkadia Securitisation SCC Limited Base Prospectus dated 1st December 2017

Final Terms dated 1st December 2017
01/12/2017
Innovation Financial Solutions (IFS) Plc Base Prospectus dated 6th October 2017 06/10/2017
PCAM Issuance III S.A. Supplement dated 13th October 2017 17/10/2017
Investar Plc Supplement dated 15th September 2017 15/09/2017
PCAM Issuance III S.A. Base Prospectus (An offering programme for the issuance of profit contingent secured bonds) dated 24th August 2017 24/08/2017
Investar Plc Prospectus dated 23rd June 2017 23/06/2017
Mata Finance Plc Base Prospectus dated 18/05/2017 18/05/2017
London Capital and Finance Plc Supplement dated 18/05/201718/05/2017
NPL SECURITISATION EUROPE SPV S.r.l. rospectus dated 03/02/2017 03/02/2017
Quasar Systems S.A. Registration Document dated 31/01/2017

Securities Note dated 31/01/2017
31/01/2017
Helix SCC plc Supplement dated 20/01/2017

Final Terms dated 23/01/2017
20/01/2017
23/01/2017
Ferratum Bank PLC
Base Prospectus dated 14/12/2016

Final Terms dated 22/06/2017

Final Terms dated 15/12/2016
14/12/2016
22/06/2017
15/12/2016
Helix SCC plc Base Prospectus dated 1/10/2016

Final Terms dated 28/12/2016
1/10/2016
28/12/2016
London Capital & Finance plc Base Prospectus dated 18/10/2016 18/10/2016
Innovation Financial Solutions (IFS) p.l.c. Supplement dated 8th July 201608/07/2016
Pantheon Securities SCC plc Registration Document dated 27 April 2016 27/04/2016
Innovation Financial Solutions (IFS) p.l.c. Final Terms dated 17 February 2016

Base Prospectus dated 16 February 2016
17/02/2016
16/02/2016
Investar p.l.c.
Supplement dated 29th February 2016

Prospectus dated 12th January 2016
29/02/2016
12/01/2016
Commonwealth Securitisations plc The published prospectus is made up of a Securities Note dated 16th November 2015 and a Registration Document dated 29th July 2015 16/11/2015
Delta1 Securities plcThe published prospectus is made up of a Securities Note dated 6th October 2015 and a Registration Document dated 13th October 2014. 06/10/2015
Innovation Financial Solutions (IFS) p.l.c. Final Terms dated 19 August 2015
Commonwealth Securitisations plc Registration Document dated 29 July 2015

Securities Note dated 29 July 2015
29/07/2015
Ferratum Bank p.l.c. Base Prospectus dated 17/07/2015

Final terms dated 22/06/2015
17/07/2015
Innovation Financial Solutions (IFS) p.l.c. Final Terms dated 6 July 2015
ETI Securities plc The published prospectus is made up of a Securities Note dated 28 April 2015 and a Registration Document dated 27 June 2014 28/04/2015
Quasar Systems SA


Registration Document dated 27th May 2015

Securities Note dated 27th May 2015

Supplement dated 17th November 2015
27/05/2015
Innovation Financial Solutions (IFS) p.l.c. Base Prospectus dated 26/11/2014

Supplement dated 5th February 2015

Final Terms dated 17 February 2015

Final Terms dated 8 May 2015
26/11/2014
05/02/2015
ETI Securities plc The published prospectus is made up of a Registration Document dated the 27th June 2014 and Securities Note dated 12th March 2015 12/03/2015
Delta1 Securities plc The published prospectus is made up of a Registration Document dated 13th October 2014 and the Securities Note dated 9th February 2015 09/02/2015
Delta1 Securities plc The published prospectus is made up of a Securities Note dated 8th January 2015 and the Registration Document dated the 13th October 2014 08/01/2015
Delta1 Securities plc Registration Document dated 13th October 2014

Securities Note dated 13th October 2014
13/10/2014
Pefaco International plc Supplement dated 17th October 2014

Prospectus dated 9 September 2014
17/10/2014
09/09/2014
ETI Securities plc
Registration Document dated 27th June 2014

Securities Note dated 27th June 2014
27/06/2014

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 [email protected].

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.

Annual Reports & Financial Statements - Listed Entities & Respective Guarantors

Listed Entities And Respective Guarantors Latest Accounts Previous Accounts
1923 Investments p.l.c. (formerly PTL Holdings p.l.c.)
6pm Holdings plc
APS Bank plc
AX Investments plc
AX Group plc
AX Holdings Limited (Guarantor of AX Investments plc)
Bank of Valletta plc
Best Deal Properties Holding plc
Best Deal Developments Limited
(Guarantor of Best Deal Properties Holding plc)
BMIT Technologies plc
Bortex Group Finance plc
Bortex Group Holdings Company Limited (Guarantor of Bortex Group Finance plc)

Cablenet Communication Systems plc
Central Business Centres plc
Corinthia Finance plc
Corinthia Palace Hotel Company Limited (Guarantor of Corinthia Finance plc and Mediterranean Investments Holding plc)
DIZZ Finance plc (formerly Dizz Rentals Limited)
Dizz Group of Companies Limited (Guarantor of Dizz Finance plc)
Eden Finance plc
Eden Leisure Group Limited (Guarantor of Eden Finance plc)
Endo Finance plc
International Fender Providers Ltd
(Guarantor of Endo Finance plc)
IFP International Fender Providers Limited
(Guarantor of Endo Finance plc)
Endo Properties Limited (formerly: P&C Limited)
(Guarantor of Endo Finance plc)
Exalco Finance plc
Exalco Properties Ltd (Guarantor of Exalco Finance plc)
Exalco Holdings Limited (Parent of Exalco Finance plc)
FIMBank plc
GAP Group plc
Gap Għargħur Limited (Guarantor of GAP Group plc)
GAP Luqa Limited (Guarantor of GAP Group plc)
Gap Mellieħa (I) Limited (Guarantor of GAP Group plc)
Gap Properties Limited
(Guarantor of GAP Group plc)
Geom Developments Limited (Guarantor of GAP Group plc)

Gasan Finance Company plc
LifeStar Holding plc (formerly Global Capital plc)
Go plc
Grand Harbour Marina plc
Hal Mann Vella Group plc
Sudvel Limited (Guarantor of Hal Mann Vella Group plc)
Hili Properties plc
Harbour (APM) Investments Limited
(Guarantor of Hili Properties plc)
Harvest Technology plc
Hili Estates Limited
(Guarantor of Hili Properties plc)
Hili Finance Company plc
Hili Ventures Limited
(Guarantor of Hili Finance Company plc)
HSBC Bank Malta plc
Hudson Malta plc
Hudson International Company Limited
(Guarantor of Hudson Malta plc)

Time International (Sport) Limited
(Guarantor of Hudson Malta plc)
International Hotel Investments plc
IHI Magyarország Zrt.
(Guarantor of International Hotel Investments Plc)

Izola Bank plc
Lombard Bank plc
Loqus Holdings plc (formerly Datatrak Holdings plc)
Main Street Complex plc
Malita Investments plc
Malta International Airport plc
MaltaPost Plc
Malta Properties Company plc.
Mapfre Middlesea plc (formerly Middlesea Insurance plc )
Mariner Finance plc
Mercury Projects Finance plc
Mercury Towers Limited
(Guarantor of Mercury Projects Finance plc)
Melite Finance plc
MeDirect Bank plc (formerly Mediterranean Bank plc)
Mediterranean Investments Holding plc
Mediterranean Maritime Hub Finance plc
MMH Holdings Limited (formerly Ablecare Oilfield Services Holdings Limited)

(Guarantor of Mediterranean Maritime Hub Finance plc)
Medserv Operations Limited (Guarantor of Medserv plc)
Medserv plc
Merkanti Holding plc
MIDI plc
Pefaco International plc
Pendergardens Developments plc
PG plc
Phoenicia Finance Company plc
Phoenicia Malta Limited
(Guarantor of Phoenicia Finance Company plc)
Phoenicia Hotel Company Limited
(Guarantor of Phoenicia Finance Company plc)
Plaza Centres plc
Premier Capital plc
RS2 Software plc
Santumas Shareholdings plc.
SD Finance plc
SD Holdings Ltd
(Guarantor of SD Finance Plc)

Shoreline Mall plc
SP Finance plc
Sea Pebbles Limited
(Guarantor of SP Finance plc)
Simonds Farsons Cisk plc
Smartcare Finance plc
Smartcare Holdings Limited
(Guarantor of Smartcare Finance plc)
Smartcare Pinto Limited
(Guarantor of Smartcare Finance plc)
Stivala Group Finance plc
Carmelo Stivala Group Limited
(Guarantor of Stivala Group Finance plc)

Tigne' Mall p.l.c. (formerly known as Tigne' Mall Limited)
Trident Estates plc
TUM Finance plc
Easysell
(Guarantor of TUM Finance plc)
Tumas Investments plc
Together Gaming Solutions plc
Spinola Development Company Limited
(Guarantor of Tumas Investments plc)



United Finance plc
Virtu Finance plc
Virtu Maritime Limited
(Guarantor of Virtu Finance plc)
Von Der Heyden Group Finance plc.
Timan Investments Holdings Limited (Guarantor of Von Der Heyden Group Finance plc.)

Annual Reports & Financial Statements - Previously Listed Entities & Respective Guarantors

Previously Listed Entities And Respective Guarantors Latest Accounts Previous Accounts
Crimsonwing plc
Island Hotels Group Holdings plc (Struck off following merger)
Melita Capital plc
Mizzi Organisation Finance plc