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Capital MarketsLegal Update

MFSA Update: PMDR Notifications to be Filed Online

Persons discharging managerial responsibilities ('PMDRs'), or persons closely associated with them, are now required to submit PMDR notifications through the Malta Financial Services Authority's ('MFSA') online form. In terms of the Market Abuse Regulation (Regulation (EU) No 596/2014, hereinafter the 'Regulation'), PMDRs and persons closely associated with them are required to notify the issuer and the MFSA of every transaction conducted on their own account relating to the shares or debt instruments of that issuer once the total value of transactions executed in a calendar year exceeds €5,000. It is important to note that such notifications must be made by…
MamoTCV Advocates
13th January 2022
Capital Markets

EU Commission publishes proposal for a Regulation on European Crowdfunding Service Providers for Business

 This article was written by Mikiel Calleja and Maria Refalo.Crowdfunding is the raising of money from individuals, to fund a project or carry out a venture.Carried out online, crowdfunding is advantageous because it has the potential to help better match investors with business projects in need of funding with crowdfunding platforms acting as an intermediary between investors and business. As such, it is becoming increasingly important to start-up companies and early stage companies, as a source of non-banking finance. On 8 March 2018, the European Commission presented a proposal for a Regulation on European Crowdfunding Service Providers for Business. The…
Mikiel Calleja
2nd November 2018
Capital Markets

EU Commission publishes proposal for a Regulation on European Crowdfunding Service Providers for Business

 This article was written by Mikiel Calleja and Maria Refalo.Crowdfunding is the raising of money from individuals, to fund a project or carry out a venture.Carried out online, crowdfunding is advantageous because it has the potential to help better match investors with business projects in need of funding with crowdfunding platforms acting as an intermediary between investors and business. As such, it is becoming increasingly important to start-up companies and early stage companies, as a source of non-banking finance. On 8 March 2018, the European Commission presented a proposal for a Regulation on European Crowdfunding Service Providers for Business. The…
Mikiel Calleja
2nd November 2018
Banking & FinanceCapital MarketsNews

Malta Stock Exchange plc obtains regulatory approval to launch the Institutional Financial Securities Market

Malta Stock Exchange plc. ("MSE") has obtained regulatory approval to launch the Institutional Financial Securities Market ("IFSM"), a securities market intended for issuers seeking to list securities falling within the scope of the Wholesale Securities Market rules, including but not limited to asset-backed and convertible debt securities, derivatives and insurance-linked notes, having a minimum denomination requirement of €100,000 (or its equivalent in any other currency).The IFSM will be regulated by the Malta Financial Services Authority and market participants will be required to apply to the Listing Authority for the purposes of listing any wholesale securities on the new recognised list…
Michael Psaila
9th October 2017
Capital Markets

New Prospectus Regulation: Easier Access to Capital Markets

On 16 May 2017, the Council adopted new rules on prospectuses for the issuing and offering of securities. The new prospectus regulation ("PR3") will repeal and replace the Prospectus Directive (2003/71/EC) and the existing Prospectus Regulation (809/2004). Unlike directives, regulations do not require further implementation measures by EU member states to be effective. The main aim of PR3 is to facilitate access to financial markets for companies, particularly small and medium-sized enterprises through the simplification of the rules and streamlining of related administrative procedure.The main changes to the prospectus regime are as follows:​Form of Publication. There will no longer be…
Mikiel Calleja
25th July 2017