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Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,855, 10 ta’ Mejju , 2022
Taqsima  B
____________________________________________________________________B 745
L.N. 135 of 2022
INVESTMENT SERVICES ACT
(CAP. 370)
BANKING ACT
(CAP. 371)
Investment Services Act and Banking Act (MiFID and MiFIR 
Administrative Penalties, Measures and Investigatory Powers) 
(Amendment) Regulations, 2022
IN EXERCISE of the powers conferred by article 12 of the
Investment Services Act and article 3(1) of the Banking Act, th e
Minister responsible for the regulation of Financial Services, acting on
the advice of the Malta Financial Services Authority, has made the
following regulations:
Citation and 
scope. 
S.L. 370.40. 
S.L. 371.191. (1) The title of these regulations is the Investment
Services Act and Banking Act (MiFID and MiFIR Administrative
Penalties, Measures and Investigatory Powers) (Amendment)Regulations, 2022, and these regulations shall be read and construed as
one with the Investment Services Act and Banking Act (MiFID and
MiFIR Administrative Penalties, Measures and Investigatory Powe rs)
Regulations, hereinafter referred to as "the principal regulati ons".
(2) The scope of these regulations is to: 
(a) transpose sub-article 5 of Article 1 of Directive (EU)
2019/2177 of the European Parliament and of the Council of 18
December 2019 amending Directive 2009/138/EC on the taking-
up and pursuit of the business of Insurance and Reinsurance(Solvency II), Directive 2014/65/EU on markets in financial
instruments and Directive (EU) 2015/849 on the prevention of
the use of the financial system for the purposes of money-
laundering or terrorist financing; and 
(b) implement in part Article 4(2) of Regulation (EU)
2019/2175 of the European Parliament and of the Council of 18December 2019 amending Regulation (EU) No 1093/2010
establishing a European Supervisory Authority (EuropeanBanking Authority), Regulation (EU) No 1094/2010 establishing
a European Supervisory Authority (European Insurance and
Occupational Pensions Authority), Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European
Securities and Markets Authority), Regulation (EU) No 600/
2014 on markets in financial instruments, Regulation (EU) 2016/
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1011 on indices used as benchmarks in financial instruments and
financial contracts or to measure the performance of investment
funds, and Regulation (EU) 2015/847 on informationaccompanying transfers of funds.
Amends 
regulation 2 of 
the principal 
regulations. 2. Sub-regulation (1) of regulation 2 of the principal
regulations shall be amended as follows: 
(a) the definition " "APA" or "approved publication
arrangement" " shall be substituted by the following: 
" "approved publication arrangement" or "APA"
means a person authorised under MiFIR to provide the
service of publishing trade reports on behalf of investmentfirms pursuant to Articles 20 and 21 of MiFIR;";
(b) the definition " "ARM" or "approved reporting
mechanism" " shall be substituted by the following: 
""approved reporting mechanism" or "ARM" means a
person authorised under MiFIR to provide the service ofreporting details of transactions to competent authorities orto ESMA on behalf of investment firms;";
(c) the definition " "CTP " or "consolidated tape
provider" "shall be substituted by the following: 
""consolidated tape provider" or "CTP" means a
person authorised under MiFIR to provide the service of
collecting trade reports for financial instruments listed inArticles 6, 7, 10, 12, 13, 20 and 21 of MiFIR from
regulated markets, MTFs, OTFs and APAs and
consolidating them into a continuous electronic live datastream providing price and volume data per financial
instrument;";
Amends 
regulation 5 of the principal 
regulations.3. Sub-regulation (1) of regulation 5 of the principal
regulations shall be amended as follows:
(a) paragraph (c) thereof shall be substituted as follows:
Cap. 370." (c)  in the case of a Maltese investment firm
authorized in Malta, withdrawal or suspension of the
relative licence or authorisation in accordance with theprovisions of the Investme nt Services Act and the
regulations issued thereunder;
(b) immediately after paragraph (g) thereof, there shall
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be added the following new paragraph: 
" ( h ) i n  t h e  c a s e  o f  a n  A P A  o r  A R M  w h i c h  h a s  a
derogation in accordance with Article 2(3) of MiFIR,
withdrawal and suspension of the authorisation in
accordance with Article 27e of MiFIR.".
Amends 
regulation 7 of the principal 
regulations.4. Regulation 7 of the principal regulations shall be amended
as follows:
(a) in paragraph (j) of sub-regulation (1) thereof, for the
words "2017;" there shall be substituted the words "2017; and",
and paragraph (k) thereof shall be deleted; 
(b) sub-regulation (2) thereof shall be amended as
follows:
(i) paragraph (z) thereof, shall be substituted by
the following:
 "(z) the provisions of Article 36(1) to (3) on
non-discriminatory access to a trading venue;";
(ii) paragraph (aa) thereof shall be substituted as
follows: 
" (aa) the provisions of Article 37(1) and (3)
on non-discriminatory access to and obligation to
licence benchmarks; and";
(iii) immediately after paragraph (aa) of sub-
regulation (2) thereof, as ame nded, there shall be added the
following new paragraph:
" (ab) the provisions of Article 27f(1), (2) and
(3), Article 27g(1) to (5) and Article 27i(1) to (4),
where an APA or ARM has a derogation in
accordance with Article 2(3).";
(c) paragraph (f) of sub-regulation (4) thereof shall be
deleted; and 
(d) sub-regulation (5) thereof shall be amended as
follows:
(i) in paragraph (a) thereof, for the words "to the
public; and", there shall be substituted the words "to thepublic;";
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(ii) in paragraph (b) thereof, for the words "of the
transaction", there shall be substituted the words "of the
transaction; and" and immediately thereafter, there shall beadded the following new paragraph:
"(c)  the provisions of Article 27b of MiFIR on
the requirements for authorisation to operate an APAor ARM, where an APA or ARM has a derogation in
accordance with Article 2(3) of MiFIR.".
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