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Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,855, 10 ta’ Mejju , 2022
Taqsima  B
____________________________________________________________________B 755
L.N. 137 of 2022
FINANCIAL MARKETS ACT
(CAP. 345)
MALTA FINANCIAL SERVICES AUTHORITY ACT
(CAP. 330)
Financial Markets Act (MiFID and MiFIR Administrative 
Penalties, Measures and Investigatory Powers) (Amendment) 
Regulations, 2022
IN EXERCISE of the powers conferred by article 49 of the
Financial Markets Act and articl e 20A of the Malta Financial Se rvices
Authority Act, the 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. 330.12. 
S.L. 345.22.1. (1) The title of these regulations is the Financial Markets
Act (MiFID and MiFIR Administrative Penalties, Measures and
Investigatory Powers) (Amendment) Regulations, 2022, and theseregulations shall be read and construed as one with the Financi al
Markets Act (MiFID and MiFIR Administrative Penalties, Measuresand Investigatory Powers) Regulations, hereinafter referred to as "the
principal regulations".
(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 ofcollecting trade reports for financial instruments listed inArticles 6, 7, 10, 12 and 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 by the
following: 
" (c) in the case of a market operator authorised to
operate an MTF or OTF, or a regulated market, withdrawal
or suspension of the authorisation of the institution in
accordance with the provisions of the Financial Markets
Act and any regulations issued thereunder;";
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(b) immediately after paragraph (g), there shall 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 (i) of sub-regulation (1) thereof, for the
words "2017; and", there shall be substituted the words "2017." ,
and paragraph (j) 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 by
the following: 
" (aa)  the provisions of Article 37(1) and (3)
on non-discriminatory access to and obligation to
licence benchmarks; and";
(iii) immediately after p aragraph (aa) thereof, as
substituted, there shall be added the following new
paragraph:
" (ab) 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 (c) of sub-regulation (4) thereof shall be
deleted; and
(d) in paragraph (b) of sub-regulation (5) thereof, for the
words "of the transaction", there shall be substituted the word s
"of the transaction;" and, immediately thereafter, there shall beadded the following new paragraph:
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" (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 acc ordance with
Article 2(3) of MiFIR;".
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