INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 1
SUBSIDIARY LEGISLATION 370.40
INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE 
PENALTIES, MEASURES AND INVESTIGATORY 
POWERS) REGULATIONS
3rd January, 2018
LEGAL NOTICE 401 of 2017, as amende d by Legal Notice 135 of 2022.
Title, scope. 1. (1) The title of these regulations is the Investment
Services Act and Banking Act (M iFID and MiFIR Administrative
Penalties, Measures a nd Investigatory Powers) Regulations.
(2) The purpose of these regulations is to transpose and
implement Article 70(1), Article  70(3) to (6) and Article (71)( 1) to (5)
of MiFID, as herein defined and shall be interpreted and applie d
accordingly.
(3) These regulati ons shall apply to:
(a) Maltese investment firms;
S.L. 370.10(b) European investment firms which have
established a branch in Malta in terms of the European Passport
Rights for Investment Firms Regulations with respect to thematters to for which the competent authority is responsible interms of Article 35(8) of MIFID;
Cap. 371.(c) Maltese credit institutions licensed under the
Banking Act insofar as these offer structured deposits asdefined in regulation 2(1); and
(d) persons to whom the p rovisions of MiFIR apply.
Interpretation.
Amended by:
L.N. 135 of 2022.2. (1) In these regulations, unless the context otherwise
requires:
Cap. 345."approved publication arrangement" or "APA" means a
person authorised under MiFIR to provide the service ofpublishing trade reports on behalf of investment firms pursuantto Articles 20 and 21 of MiFIR;
"approved reporting mechanism" or "ARM" means a
person authorised under MiFIR to provide the service ofreporting details of transactions to competent authorities or t o
ESMA on behalf of investment firms;
"competent authority" means the Malta Financial
Services Authority established by the Malta Financial ServicesAuthority Act;
2 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
"consolidated tape provider" or "CTP" means a person
authorised under MiFIR to provide the service of collectingtrade reports for financial instr uments listed in Articles 6, 7 , 10,
12, 13, 20 and 21 of MiFIR from regulated markets, MTFs,OTFs and APAs and consolidating them into a continuouselectronic live data stream providing price and volume data perfinancial instrument;
"deposit" means a credit ba lance which results from
funds left in an account or from temporary situations deriving
from normal banking transactio ns and which a credit institution
is required to repay under the legal and contractual conditionsapplicable, including a fixed-term deposit and a savingsdeposit, but excluding a credit balance where:
(a) its existence can only be proven by a
financial instrument as defined herein unless it is asavings product which is evidenced by a certificate ofdeposit made out to a named person and which exists in aMember State on 2 July 2014;
(b) its principal is no t repayable at par;
(c) its principal is only repayable at par under
a particular guarantee or agreement provided by thecredit institution or a third party;
"ETF" means an ‘exchange-traded fund’ being a fund of
which at least one unit or share class is traded throughout the  day
on at least one trading venue and with at least one market make r
which takes action to ensure that the price of its units or sha res on
the trading venue does not vary significantly from its net asse t
value and, where applicable, fro m its indicative net asset valu e;
"European investment firm" means an investment firm as
defined in Article 4(1) of MiFID authorised by its Europeanregulatory authority within the meaning of Article 5 of MiFIDor authorised by a European regulatory authority in an EEAState";
Cap. 370."financial instrument" means an instrument included in
the Second Schedule to the Investment Services Act;
INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 3
Cap. 371.
S.L. 371.11."Maltese credit institution" m eans a credit institution as
defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June2013 on prudential requirements for credit institutions andinvestment firms and amending Regulation (EU) No 648/2012,as amended from time which is licensed in terms of the BankingAct, whose head office is in Malta and who is entitled to carryon an activity in a Member State other than Malta in exercise o f
a European passport right as de fined in the European Passport
Rights for Credit Institutions Regulations;
Cap. 370."Maltese investment firm" means a person licensed in
terms of the Investment Service s Act, whose head office is in
Malta and who is entitled to carry on an activity in a MemberState or EEA State other than Malta in exercise of a EuropeanRight;
"European Right" means the entitlement of a person to
establish a branch, or provide services, in a Member State orEEA State other than that in w hich it has its head office:
(a) in accordance with the Treaty as applied in
the Member State or EEA State; and
(b) subject to the requirements of MIFID and
subject to any regulations m ade under the Act; and, or
Investment Services Rules and, or Conduct of BusinessRules issued by the competent authority in terms ofarticle 6 of the Act; implementing such requirements asmay be applicable;
"MiFID" means Directive 2014/65/EU of the European
Parliament and of the Council of 15 May 2014 on markets infinancial instruments, as am ended from time to time, and
includes any implementing measures that have been or may beissued thereunder;
"MiFIR" means Regulation (EU) No 600/2014 of the
European Parliament and of the Council of 15 May, 2014 onmarkets in financial instruments and amending Regulation (EU)No 648/2012, as may be amended from time to time, andincludes any implementing measures, implementing technicalstandards, regulatory techni cal standards, guidelines and
similar measures that have bee n or may be issued thereunder;
"structured deposit" means  a  d e p o s i t  a s  d e f i n e d  i n
paragraph (c) of the definition "deposit", and which is fullyrepayable at maturity on terms under which interest or apremium will be paid or is at risk, according to a formulainvolving factors such as: 
(a) an index or combination of indices,
excluding variable rate deposits whose return is directly
4 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
linked to an interest rate index such as Euribor or Libor; 
(b) a financial instrument or combination of
financial instruments; 
(c) a commodity or combination of
commodities or other physical or non-physical non-fungible assets; or 
(d) a foreign exchange rate or combination of
foreign exchange rates;
Cap. 370.
Cap. 371.(2) Words and expressions which are also used in the
I n v e s t m e n t  S e r v i c e s  A c t  o r  i n  t h e  B a n k i n g  A c t  s h a l l  h a v e  t h e  s a me
meaning as in the respective Acts.
Supervisory 
powers and powers to impose 
penalties.
Cap. 370.Cap. 371.3. The competent authority shall exercise its supervisory
powers and its powers to impose penalties, in such a way as to ensure
full and complete adherence to t he requirements and obligations
arising out of the Investment Services Act or the Banking Act a nd any
regulations, Investment Services Rules and Conduct of Business Rules
issued by the competent authority and MiFIR, either directly or  i n
collaboration with European regulatory authorities and with ove rseas
regulatory authorities, in terms of law as warranted by the rel evant
circumstances and shall take all measures necessary to ensure t hat
such administrative pena lties are implemented. 
Administrative 
penalties and other 
administrative measures.
Cap. 370.
Cap. 371.4. (1) Without prejudice to article 16A of the Investment
Services Act, to any regulations made under article 6(2) of theInvestment Services Act and to a rticle 35A of the Banking Act a nd to
the supervisory powers of the c ompetent authority referred in
regulation 3, the competent authority shall impose administrati ve
penalties and other administrativ e measures in respect of breac hes of: 
Cap. 370. (a) the provisions of the Investment Services Act and,
or of regulations and, or Inve stment Services Rules and
Conduct of Business Rules issued by the competent authoritytransposing the provisions of MiFID;
(b) the provisions of MiFIR.
(2) The administrative penaltie s and other measures taken
pursuant to sub-regulation (1) shall be effective, proportionat e and
dissuasive. 
Administrative 
penalties and other administrative 
measures for 
breaches of MiFID and MiFIR.
Amended by:
L.N. 135 of 2022.5. (1) The competent authority shall exercise its
supervisory powers and its powers to take and impose at least t he
following administrative penalties and measures:
(a) a public statement which indicates the natural or
legal person and the natu re of the infringement;
INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 5
(b) an order requiring the natural or legal person to
cease the conduct and to desist from a repetition of thatconduct;
Cap. 370.( c )  i n  t h e  c a s e  o f  a  M a l t e s e  i n v e s t m e n t  f i r m
authorized in Malta, withdrawal  or suspension of the relative
licence or authorisation in accordance with the provisions of t he
Investment Services Act and the regulations issue d thereunder;
(d) a temporary ban on any Maltese investment firm
being a member of or participant in regulated markets or MTFsor any client of OTFs;
(e) in the case of a legal person, maximum
administrative fines of up to five million euro (€5,000,000), o r
10% of the total annual turnover of the legal person accordingto the last available accounts approved by the managementbody:
Provided that where the legal person is a parent
undertaking or a subsidiary of th e parent undertaking which has
to prepare consolidated financial accounts in accordance withDirective 2013/34/EU of the European Parliament and of theCouncil, the relevant total annual turnover shall be the totalannual turnover or the corresponding type of income inaccordance with the relevant Union law in the area ofaccounting, according to the last available consolidatedaccounts approved by the management body of the ultimateparent undertaking;
( f ) i n  t h e  c a s e  o f  a  n a t u r a l  p e r s o n ,  m a x i m u m
administrative fines of up to five million euro (€5,000,000);
(g) maximum administrative fines of up to twice the
amount of the benefit derived from the infringement where thatbenefit can be determined, even if that exceeds the maximumamounts specified in parag raphs (e) and (f) above.
( 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 accordancewith Article 27e of MiFIR.
Publication of 
decisions. 6. (1) The competent authority shall publish any
decision imposing an administrative penalty or measure which it  shall
take under these regulations on its official website, without u ndue
delay after the person on whom the penalty or measure was impos ed
has been informed of that decision. The publication shall inclu de at
least information on the type and nature of the infringement an d the
identity of the pe rsons responsible:
Provided that this obligation shall not apply to decisions
imposing measures that are of  an investigatory nature.
6 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
(2) Notwithstanding sub-regulation (1), where the
publication of the identity of the legal persons or of the pers onal data
of the natural persons is considered by the competent authority  to be
disproportionate following a case- by-case assessment conducted on
the proportionality of the publication of such data, or wherepublication jeopardises the stability of financial markets or a n on-
going investigation, the compe tent authority shall either:
(a) defer the publication of t he decision to impose the
administrative penalty or measure until the moment where the
reasons for non- publica tion cease to exist; 
(b) publish the decision to impose the administrative
penalty or measure on an anonymous basis in a manner whichcomplies with Maltese law, if such anonymous publicationensures an effective protection of  the personal data concerned;
or
(c) not publish the decision to impose an
administrative penalty or measure at all in the event that theoptions set out in points (a) and (b) are considered to beinsufficient to ensure:
(i) that the stability of financial markets would
not be put in jeopardy; 
(ii) the proportionality of the publication of
such decisions with regard to administrative penalties ormeasures which are deemed to be of a minor nature.
(3) In the case of a decision to publish an administrative
penalty or measure on an anonymous basis in accordance with sub -
regulation (2), the publication of the relevant data may be pos tponed
for a reasonable period of time if  it is envisaged that within that period
the reasons for anonymous public ation shall cease to exist.
(4) Where the decision to impose an administrative penalty
or measure is subject to appeal in terms of regulation 8, the c ompetent
authority shall also publish, immediately, on its official webs ite such
information and any subsequent information on the outcome of su ch
appeal. Moreover, any decision annulling a previous decision toimpose an administrative penalty o r a measure shall also be pub lished.
(5) The competent authority shall ensure that any publication
in accordance with this regulation shall remain on its official  website
for a period of at least five y ears after its publication: 
Provided that personal data contained in the publication
shall only be kept on the official website of the competent aut hority for
the period which is necessary in accordance with the applicable  data
INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 7
protection laws.
(6) This regulation shall be w ithout prejudice to article 16(8)
of the Malta Financial Services Authority Act. 
(7) The competent authority shall inform ESMA of all
administrative penalties imposed b ut not published in accordanc e with
point (c) of sub-regulation (2) including any appeal in relatio n thereto
and the outcome thereof.
(8) The competent authority shall provide ESMA annually
with aggregated information regarding all sanctions and measure s
imposed in accordance with s ub-regulations (1) to (4):
Provided that this obligation does not apply to measures
of an investigatory nature.
(9) Where the competent authority has disclosed an
administrative measure, penalty or criminal sanction to the pub lic, it
shall, at the same time, report that fact to ESMA.
Applicability of 
these regulations. Amended by:
L.N. 135 of 2022.
S.L. 370.10.7. (1) These regulations shall apply at least in the case
of breach of one or more of any of the following by a Malteseinvestment firm or a European investment firm which has establi shed a
branch in Malta in terms of the European Passport Rights forInvestment Firms Regulations ins ofar as the enforcement of the
provisions indicated hereunder fa ll within the responsibility o f the
competent authority in terms of Article 35(8) of MIFID, or by aMaltese credit institution offering structured deposits, insofa r as the
provisions indicated hereunder apply to the latter in terms of Article
1(4) of MIFID: 
Cap. 370.(a) the provisions of article 6(1)(a),(d) and (e) 7(2)(b)
and (c), 10(1), (2) and (4) of  the Investment Services Act;
(b) the provisions of the Investment Services Rules
transposing the provisions of Article 9 (1),(2), the second sub -
paragraph of sub article (3), (5) and (6) 11(1) and (3) and 16 (2),
(4), (5), (6), (7) and (10) of MiFID;
(c) the Conduct of Business Rules transposing the
provisions of the first and second sub-paragraphs of 9(3), 16(3 ),
23(1), (2) and (3), 24(1) to (5) and (7) to (10) and the first and
second sub-paragraphs of Article 24(11), Articles 25(1) to (6),
the second sentence of Article 26(1), Articles 26 (2) and (3), 27
(1) to (8), 28(1) and (2), the s econd sub-paragraph of Article
30(1), the first sentence of the second sub-paragraph of Articl e
30(3) of MiFID;
S.L. 370.05.(d) the provisions of the Investment Services Act
(Control of Assets) Regulations t ransposing Article 16 (8), (9)
and second sub-paragra ph of Article 16(11) of  MiFID;
8 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
L.N. 395.(e) the provisions of regulations 3 to 8 of the
Algorithmic Trading Regulations, 2017 transposing Article 17of MiFID; 
L.N. 400.(f) the provisions of regulations 3(1) to (6), 4, 5, 6(1)
to (3) and (5), 7(1),(3) and (4) of the Multilateral TradingFacilities and Organised Tradi ng Facilities Regulations, 2017;
S.L. 370.13.
L.N. 400.(g) the provisions of regulations 3(2) and 4(2) of the
European Passport Rights for Persons Operating Multilateral
Trading Facilities Regulations or the Multilateral Trading
Facilities and Organised Tradi ng Facilities Regulations, 2017;
S.L. 370.10.(h) the provisions of regulations 3(2)(a), (4) and (5),
4(2) and (5), 8(2), (8), (10) and (11), 10(2), (5) to (7) of th e
European Passport Right for Investment Firms Regulations aswell as those provisions in the la tter regulations, transposing
Article 16(11) of MiFID;
L.N. 387.(i) the provisions of regulation 3(1), (2) and (4) of the
Central Counterparties Access Regulations, 2017;
L.N. 389.(j) the provisions of regulations 3(1) to (3), (5), (15)
and (17) and regulation 4(1) to (7) of the Position Limits andPosition Management Controls in Commodity Derivatives and
Reporting Regulations, 2017; and
L.N. 391.(k) Deleted by Legal Notice 135 of 2022.
L.N. 403.(l) the provisions of the Investment Services Act
(Tied Agents) Regulations, 2017 transposing the first sub-paragraph of Article 29(2), the third sub-paragraph of Article29(2), the first sentence of Article 29(3), the first sub-parag raph
of Article 29(4) and Article 29(5) of MiFID.
(2) Without prejudice to sub-regulation (1), these regulations
shall also apply at least in the case of breach of one or more of the
following provisions of MiFIR by persons to whom the provisions  of
MiFIR apply: 
(a) the provisions of Article  3(1) and (3) on pre-trade
transparency requirements for trading venues in respect of
shares, depositary receipts, ETFs, certificates and otherfinancial instruments;
(b) the provisions of the first paragraph of Article
4(3) on waivers for equity instruments;
(c) the provisions of Article 6 on post-trade
transparency requirements for trading venues in respect of
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(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 9
shares, depositary receipts, E TFs, certificates and other simil ar
financial instruments;
(d) the provisions of the third paragraph of Article
7(1) on the requirement to obtain the competent authority’sprior approval of proposed arrangements for deferred tradepublication;
(e) the provisions of Article 8(1), (3) and (4) on pre-
trade transparency requirements for trading venues in respect o f
bonds, structured finance products, emission allowances andderivatives;
(f) the provisions of Article 10 on post-trade
transparency requirements for trading venues in respect ofbonds, structured finance products, emission allowances andderivatives;
(g) the provisions of the third paragraph of Article
11(1) and the third paragraph of Article 11(3) on authorisationof deferred publication; 
(h) the provisions of Article 12(1) on the obligation to
make pre-trade and post-trade data available separately;
(i) the provisions of Article 13(1) on the obligation to
make pre-trade and post-trade da ta available on a reasonable
commercial basis; 
(j) the provisions of Article 14(1), the first sentence
of sub-article (2), the second to the fourth sentence of sub-article (3) on the obligation fo r systematic internalisers to m ake
public firm quotes in respect of  shares, depositary receipts,
ETFs, certificates and other financial instruments and on therequirement applicable to systematic internaliser on the sizeand sizes at which they quote;
(k) the provisions of the fi rst paragraph of Article
15(1), the first and third sentence of the second paragraph ofsub-article (2) and the second se ntence of sub-article (4) on
execution of client orders;
(l) the provisions of the second sentence of Article
17(1) on the requirement of clea r standards governing access to
quotes of systematic internalisers;
(m) the provisions of Article 18(1), (2), (4) [first
sentence], (5) [first sentence], the first paragraph of sub-art icle
(6) and sub-articles (8) and (9) on the obligation for systemat ic
internalisers to make public fir m quotes in respect of bonds,
structured finance products, emission allowances andderivatives; 
10 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
(n) the provisions of Article 20(1) and (2) (first
sentence) on the post-trade disc losure by investment firms,
including systematic internalisers, in respect of shares,depositary receipts, ETFs, certificates and other similarfinancial instruments and the requirement for the informationwhich is made public and the time limits within which it ispublished to comply with the requirement adopted pursuant toArticle 6 and the regulatory t echnical standards adopted in
accordance with Article 7(2)(a);
(o) the provisions of Article 21(1) to (3) on post-trade
disclosure by investment firms including systematicinternalisers, in respect of bonds, structured finance products ,
emission allowances and derivatives;
(p) the provisions of Article 22(2) on the provision of
information for the purposes of transparency and othercalculations and the requirement of trading venues, APAs andCTPs to store the necessary data for a sufficient period of tim e; 
(q) the provisions of Article 23(1) and (2) on the
trading obligation of investment firms; 
(r) the provisions of Article 25(1) and (20) on the
obligation to maintain records; 
(s) the provisions of the first paragraph of Article
26(1), (2) to (5), the first paragraph to sub-article (6) and t he
first, fifth and eighth paragrap hs to sub-article (7) on the
obligation to report transactions; 
(t) the provisions of Article 27(1) on the obligation of
trading venues and systematic internalisers to provide thecompetent authority with identifying reference data for thepurpose of reporting under Article 26;
(u) the provisions of Article 28(1) and the first
paragraph of sub-article (2) on the obligation to trade onregulated markets, MTFs or OTFs;
(v) the provisions of Article 29(1) and (2) on the
clearing obligation for derivatives traded on regulated marketsand timing of acceptance for clearing; 
(w) the provisions of Article 30(1) on indirect clearing
arrangements;
(x) the provisions of Article 31(2) and (3) on the
requirement of investment firms and market operatorsproviding portfolio compression to make public through an
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MEASURES AND INVESTIGATORY POWERS) [S.L.370.40 11
APA, the volumes of transactions and the time they were
concluded in terms of Article 10 and the requirement to keepcomplete and accu rate records;
(y) the provisions of Article 35(1) to (3) on non-
discriminatory access to  a central counterparty;
(z) the provisions of Article 36(1) to (3) on non-
discriminatory access to a trading venue; 
(aa) the provisions of Article 37(1) and (3) on non-
discriminatory access to a nd obligation to licence
benchmarks; and
(ab)  the provisions of Article 27f(1), (2) and (3),
Article 27g(1) to (5) and Article  27i(1) to (4), where an APA o r
ARM has a derogati on in accordance with Article 2(3).
(3) These regulations shall also apply in cases where:
(a) a Maltese investment firm does not abide by any
order exercised by ESMA by virtue of its temporaryintervention powers in terms of Article 40 of MiFIR;
(b) a Maltese credit institution offering structured
deposits does not abide by any order exercised by the EBA byvirtue of its temporary intervention powers in terms of Article41 of MiFIR; and
(c) a Maltese investment f irm or a Maltese credit
institution offering structured deposits does not abide by anyorder exercised by the competent authority by virtue of theproduct intervention powers in t erms of Article 42 of MiFIR. 
(4) The provision of investment  services, in or from Malta,
without the required authorisati on or approval in accordance wi th:
Cap. 370. (a) the provisions of the Investment Services Act
transposing Article 5 of MiFID;
(b) the provisions of the Investment Services Rules
transposing Article 6(2) of MiFID; 
S.L. 370.10. (c) the provisions of the European Passport Right for
Investment Firms Regulations transposing Articles 34 and 35 ofMiFID;
S.L. 370.13.
L.N. 400.(d) the provisions of the European Passport Rights for
Persons Operating Multilateral Trading Facilities Regulationsor the Multilateral Trading Facilities and Organised TradingFacilities Regulations, 2017 tran sposing Article 34 of MiFID; 
L.N. 405. (e) the provisions of the Investment Services Act
(Provision of Investment Services and Activities by Third
12 [S.L.370.40INVESTMENT SERVICES ACT AND BANKING ACT
(MiFID AND MiFIR ADMINISTRATIVE PENALTIES,
MEASURES AND INVESTIGATORY POWERS)
Country Firms) Regulations, 2017 transposing Article 39 of
MiFID;
L.N. 391.(f) Deleted by Legal Notice 135 of 2022.
shall also be considered as an infringement of the MiFID and
therefore subject to the app licability of these regulations.
(5) The provision of investment services, in or from Malta,
without the required authorisation or approval contrary to therequirements prescribed in:
(a) the provisions of Article 7(1) of MiFIR on the
requirement of market operators and investment firms operatinga trading venue to obtain the competent authority’s priorapproval of the proposed arrangement for deferred tradepublication and to disclose these arrangements to the marketparticipants and to the public;
(b) the provisions of Article 11(1) of MiFIR on the
requirement applicable to market operators and investmentfirms operating a trading venue to obtain authorisation from th e
competent authority for deferred publication of the details oftransactions based on the size a nd type of the transaction; and
(c)  the provisions of Article 27b of MiFIR on the
requirements for authorisation to operate an APA or ARM,where an APA or ARM has a derogation in accordance withArticle 2(3) of MiFIR.
shall also be considered as an infringement of the MiFIR and
thereafter subject to the app licability of these regulations.
(6) Failure to cooperate or comply in an investigation or
with an inspection or request covered by Article 69 of MiFID sh all
also be considered an infringement and subject to the applicabi lity of
these regulations. 
Right of Appeal.
Cap. 330.8. A right of appeal to the Financ ial Services Tribunal shall
lie from the decisions which the competent authority shall take  under
these regulations and the provisi ons of article 21 of the Malta
Financial Services Aut hority Act shall apply mutatis mutandis .