Financial services regulation should contribute to an environment that protects consumers, promotes market integrity and supports investment, growth and jobs.[1]
The financial market has become a dynamic arena. In light of such an ever-evolving European legal landscape and the regulatory environment which it commands, Malta is seeking to reinforce its legislation, so as to continue fostering its reputation as a leading financial services hub.
To this effect, his Excellency the Hon. Prof. Edward Scicluna, Malta’s Minister of Finance, proposed a Bill to amend various financial services laws. A motion was moved in Parliament on the 16th March 2017 wherein Bill 204 underwent its first reading in Parliament on the 22nd of March 2017. The proposed Bill, if enacted by Parliament, will introduce amendments chiefly to the three central financial services instruments, being the Financial Markets Act, the Investment Services Act and the Banking Act.
These amendments will serve primarily to ensure that Malta’s financial services legislation is indeed kept abreast with the European financial framework currently in place. Through the proposed Bill, Malta seeks to harmonise its legislation through the transposition and implementation of Directive 2014/65/EU of the European Parliament and of the Council on Markets in Financial Instruments (MiFID II) and Regulation (EU) No. 600/2014 of the European Parliament and of the Council on Markets in Financial Instruments and amending Regulation (EU) No 648/2012 (MiFIR).
Moreover, the Bill also pursues amendments to Malta’s Regulator; the Malta Financial Services Authority (MFSA), in view of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; and also Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse.
To view the Bill with the recommended amendments visit - http://www.justiceservices.gov.mt/DownloadDocument.aspx?app=lp&itemid=28348&l=1
[1] European Commission
