Capital Markets

COVID-19: Capital Markets Update – Further Extensions Of Reporting Deadlines

Authors: Beppe Degiorgio
Published on March 27, 2020
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Practices: Capital Markets
The European Securities and Markets Authority (ESMA) has just issued a public statement to promote coordinated action by National Competent Authorities (NCAs), including the Malta Financial Services Authority (MFSA) regarding issuers’ obligations to publish periodic information for reporting periods ending on 31 December 2019 or after in the context of the COVID-19 outbreak.

COVID-19: Listing Authority’s policy regarding the automatic suspension of securities

Authors: Beppe Degiorgio
Published on April 17, 2020
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Practices: Capital Markets
The MFSA has published a circular (the “Circular”) about the suspension of one of the Listing Authority’s policies which, under normal circumstances, requires the Malta Stock Exchange to suspend the trading of financial instruments admitted to trading when issuers fail to publish, inter alia, audited annual financial statements or their interim financial statements within the timeframes stipulated in the Listing Rules, particularly LR 5.56 and 5.85 (the “Suspension Policy”). The Suspension Policy ensures that investors have sufficient information to properly assess the financial position of the company in which they have invested. The Suspension Policy also protects potential investors who were considering making an investment without the required updated information on the issuer’s financial situation.

COVID-19: MFSA updates to the Maltese Capital Markets

Authors: Beppe Degiorgio
Published on April 9, 2020
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Practices: Capital Markets
Following the outbreak of the COVID-19 pandemic which has wreaked havoc across the global economy, including Malta, the Malta Financial Services Authority (MFSA) has been continuously engaging with the Malta Stock Exchange as the operator of the only licensed Regulated Market in Malta (MSE) to monitor the impact of COVID-19 on our Regulated Market.

COVID-19: Relaxation of reporting deadlines due between May and June 2020

Authors: Beppe Degiorgio
Published on July 1, 2020
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Practices: Capital Markets
The MFSA has issued a circular informing the financial services sector (including the Capital Markets industry) that, in light of the COVID-19 pandemic, it (the “MFSA”) may accept delays in reporting deadlines falling due by June 2020. This said, the MFSA emphasised that delays will only be accepted on an exceptional basis, where the requesting entity provides sufficient justifications to demonstrate that the delay in the regulatory submission is due to COVID-19 related circumstances.

European Commission approves €18.7 million Maltese bond subscription in light of the economic impact of COVID-19

Authors: Neil Bezzina
Published on July 9, 2020
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Practices: Capital Markets
On 6 July 2020, the European Commission approved, under the state aid rules, a bond subscription facility of €18.7 million by the Malta Development Bank (“MDB”) to support Mediterranean Investment Holdings p.l.c (“MIH”), a Maltese real estate developer with various projects in Libya.

Malta to legislate for insurance securitisation

Authors: Matthew Mizzi
Published on June 26, 2013
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Practices: Debt Capital Markets, Derivatives, Financial Markets Regulation, Insurance & Reinsurance Corporate, Structured Finance & Securitisation, Trusts & Foundations
Malta’s financial services regulator, the Malta Financial Services Authority (the MFSA), published for consultation in May 2013 a draft version of the Reinsurance Special Purpose Vehicle (RSPV or SPRV) Regulations. These new regulations will bolster Malta's role as an alternative risk transfer domicile. We provide you with a brief outline of the draft SPRV Regulations as they stood on 17 June, 2013.

MFSA further extends regulatory reporting deadlines for regulated firms due to COVID-19 outbreak

Authors: Beppe Degiorgio
Published on July 1, 2020
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Practices: Capital Markets
Further to a circular published on 20 March 2020 wherein the MFSA informed the financial services industry that it would accept delays from reporting deadlines falling due between March and April 2020, the MFSA has now issued another circular informing the industry that, in light of the COVID-19 pandemic, it (the “MFSA”) may accept delays in reporting deadlines falling due by June 2020. This said, the MFSA emphasised that delays will only be accepted on an exceptional basis, where the requesting entity provides sufficient justifications to demonstrate that the delay in the regulatory submission is due to COVID-19 related circumstances.

MFSA’s Findings on MAR Compliance in the Local Industry

Authors: Nicholas Curmi, Beppe Degiorgio
Published on March 17, 2020
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Practices: Capital Markets
The MFSA has issued a circular on the Market Abuse Regulation (MAR), specifically on its findings following several onsite compliance visits which it has been conducting to assess issuers’ compliance with the Regulation. We have prepared a brief summary of the MFSA’s key findings and recommendations, which we set out below.

Re-connecting issuers and investors through Distributed Ledger Technology

Authors: Nicholas Curmi, James Debono
Published on September 3, 2018
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Practices: Fintech & Blockchain
In the modern digital age, the advent of computerisation has created pathways and connected us in ways we could never have imagined. This is in stark contrast to how the capital markets have developed, where investors and issuers have never been further apart than with the current system of intermediated holdings of securities.

Understanding the New Prospectus Regulation

Authors: Nicholas Curmi, Beppe Degiorgio
Published on September 20, 2019
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Practices: Capital Markets
Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the Prospectus Regulation / Regulation) entered into force on 20 July 2017 but it only became fully applicable on 21 July 2019.