B 749
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,855, 10 ta’ Mejju , 2022
Taqsima  B
____________________________________________________________________B 749
L.N. 136 of 2022
FINANCIAL MARKETS ACT
(CAP. 345)
INVESTMENT SERVICES ACT
(CAP. 370)
Data Reporting Services (Amendment) Regulations, 2022
IN EXERCISE of the powers conferred by article 49 of the
Financial Markets Act and article 12 of the Investment Services  Act,
the Minister responsible for the regulation of Financial Servic es,
acting on the advice of the Malta Financial Services Authority, has
made the following regulations: -
Citation and 
scope. 
S.L. 345.21. 
S.L. 370.37.1. (1) The title of these regulations is the Data Reporting
Services (Amendment) Regulations, 2022, and these Regulations shall
be read and construed as one with the Data Reporting Services
Regulations, hereinafter referred to as "the principal regulati ons".
(2) The scope of these regulations is to:
 (a) transpose Article 1(4) 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 andpursuit 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 thefinancial system for the purposes of money-laundering or
terrorist financing; and
(b) implement in part Article 4 of Regulation (EU) 2019/
2175 of the European Parliament and of the Council of 18
December 2019 amending Regulation (EU) No 1093/2010establishing a European Supervisory Authority (European
Banking Authority), Regulation (EU) No 1094/2010 establishing
a European Supervisory Authority (European Insurance andOccupational 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/
1011 on indices used as benchmarks in financial instruments and
financial contracts or to measure the performance of investmentfunds, and Regulation (EU) 2015/847 on information
accompanying transfers of funds.
VERŻJONI ELETTRONIKA
B 750
B 750
Amends 
regulation 1 of 
the principal regulations.2. Sub-regulation 2 of regulation 1 of the principal regulations
shall be substituted by the following: 
"(2)  The purpose of these regulations is to implement
points 34, 35, 36, 36a of Article 2( 1) and Article 27c of MiFIR
and Article 22 of MiFID.
Amends regulation 2 of the principal 
regulations.3. Sub-regulation 1 of regulation 2 of the principal regulation
shall be amended as follows: 
(a) the definition "APA" shall be substituted by the
following: 
""APA" means a person authorised under MiFIR to
provide the service of publishing trade reports on behalf of
investment firms pursuant to Articles 20 and 21 of
MiFIR;";
(b) the definition "ARM" shal l be substituted as follows: 
" "approved reporting mechanism" or "ARM" means
a person authorised under MiFIR to provide the service of
reporting details of transactions to competent authorities or
to ESMA on behalf of investment firms;";
(c) the definition "CTP" 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 in
Articles 6, 7, 10, 12 and 13, 20 and 21 of MiFIR from
regulated markets, MTFs, OTFs and APAs andconsolidating them into a continuous electronic live data
stream providing price and volume data per financial
instrument;";
(d) the definition of "data reporting service provider"
shall be substituted by the following: 
" "data reporting services provider" means an APA,
CTP or ARM and a person referred to in Article 27b(2) of
MiFIR; and 
(e) the definitions of "data reporting services", "home
member state", "management body" and "systematic
internaliser" shall be deleted. 
VERŻJONI ELETTRONIKA
B 751
B 751
Amends 
generally the 
principal regulations.4. The words "Part I", "Part II", "Part III", "Part IV" and "Part
V" of the principal regulations shall be deleted. 
Adds regulation 
2A to the 
principal regulations. 5. Immediately after regulation 2 of the principal regulations,
there shall be added the following new regulation: 
Substitutes  regulation 3 of 
the principal 
regulations. 6. Regulation 3 of the principal regulations shall be
substituted by the following:"Competent authority.Cap. 330. 2A.  (1) The Malta Financial Services
Authority established by the Malta Financial Services
Authority Act shall be the designated competentauthority in Malta responsible for the authorisation and
supervision of APAs and ARMs which have a
derogation in accordance with Article 2(3) of MiFIR.
(2) The competent authority shall exercise all
the functions, obligations and powers and shall satisfyall the requirements imposed on competent authorities
by MiFIR and MIFID. 
(3) Without prejudice to sub-regulation (2), the
competent authority may, for the better implementation
of MiFIR, exercise any of the powers assigned to itunder the Act in relation to persons acting as data
reporting services providers.".
"Requirement for 
authorisation.3. (1) No person shall operate an APA, a
CTP or an ARM in or from Malta, or hold itself out to
be or provide the services of an APA, a CTP or an
ARM, unless such person has received prior
authorisation in accordance with Article 27b of MiFIR. 
(2) A person seeking to operate an APA or an
ARM which has a derogation in accordance withArticle 2(3) of MiFIR in or from Malta shall require
prior authorisation for this purpose. The authorisation
shall be issued by the competent authority in terms ofthese regulations and Article 27b of MiFIR.
(3) An application for authorisation to operate
an APA or an ARM which has a derogation in
accordance with Article 2(3) of MiFIR in terms of sub-
regulation (2) shall be made to the competent authority
in writing and shall be accompanied by such documents
as the competent authority may specify.
(4) An APA or an ARM which has a derogation
in accordance with Articl e 2(3) of MiFIR shall be
authorised by the competent authority in terms of sub-
regulation (2) where:
VERŻJONI ELETTRONIKA
B 752
B 752
Substitutes 
regulation 4 of the principal 
regulations. 7. Regulation 4 of the principal regulations shall be
substituted by the following: (a) the data reporting services provider is
a legal person established in the Union; and
(b) the data reporting services provider
meets the requirements laid down in Title IVa of
MiFIR:
Provided that the competent authority
shall not issue an authorisation unless it is
satisfied that the applicant is in a position to
comply with any conditions for authorisation set
out in Title IVa of MiFIR which the competent
authority may deem fit to impose.
(5) Notwithstanding the provisions of sub-
regulation (2), the competent authority shall allow aninvestment firm or a market operator operating a
trading venue to operate the data reporting services of
an APA or an ARM which has a derogation inaccordance with Article 2(3) of MiFIR subject to the
prior verification of their compliance with the
provisions of Title IVa of MiFIR. This service shall beincluded in their licence.
"Withdrawal of 
authorisation.4. The competent authority may withdraw the
authorisation of an APA or an ARM with a derogation
in accordance with Article 2(3) of MIFIR, where such
APA or ARM: 
(a) does not make use of the authorisation
within twelve months from the date whenauthorisation was granted, expressly renounces
the authorisation or has provided no services for
the preceding six months;
(b) obtained the authorisation by making
false statements or by any other irregular means;
(c) no longer meets the conditions under
which it was authorised; or
(d) has seriously and systematically
infringed any applicable provision set out in
MiFIR.".
VERŻJONI ELETTRONIKA
B 753
B 753
Substitutes 
regulation 5 of 
the principal regulations. 8. Regulation 5 of the principal regulations shall be
substituted by the following:
Substitutes regulation 6 of the principal 
regulations. 9. Regulation 6 of the principal regulations shall be
substituted by the following:
Substitutes  regulation 7 of 
the principal regulations. 10. Regulation 7 of the principal regulations shall be
substituted by the following: "Power of competent court to make rules. 5. For the better carrying out of the provisions
of MiFIR and of these regulations, the competent
authority may, from time to time, issue and publishrules which shall be binding on all persons acting as
data reporting services providers. Such rules may lay
down additional requirements and conditions inrelation to these matters as the competent authority
may consider appropriate, including:
(a) the operation of Title VIa of MiFIR,
any provision deal ing with data re porting services
providers in MiFID, or of these regulations;
(b) any matter relating to the functions,
obligations and powers of the competent authority
under Title VIa of MiFIR and any provision
dealing with data reporti ng services providers in
MiFID; and
(c) any other matter arising in connection
with data reporting services providers.".
"Applicability 
of Title IVa of 
MiFIR to data 
reporting services 
providers.6. The provisions of Title IVa of MiFIR shall
apply to persons acting as data reporting services
providers in or from Malta and such persons shall exercise
all the obligations and sati sfy all the requirements
imposed on such persons by the said provisions of Title
IVa of MiFIR.".
"MiFIR to 
prevail in case 
of any inconsistency.7. Upon the coming into force of Title IVa of
MiFIR, these regulations shall  be construed and applied in
accordance therewith and, insofar as the provisions of
these regulations are inconsistent with the provisions of
the said MiFIR, the provisions  of MiFIR shall prevail and
the provisions of these regulations shall not apply to the
extent of the inconsistency.".
VERŻJONI ELETTRONIKA
B 754
________________________________________________________________________________________________________________________
Ippubblikat mid-Dipartiment tal-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta
Mitbugħ fl-Istamperija tal-Gvern fuq karta FSC — Printed at the Government Printing Press on FSC certified paper
Prezz /Price
€0.27B 754
Deletes 
regulations 8, 9, 
10, and 11 and their respective 
titles from the 
principal regulations. 11. Regulations 8, 9, 10 and 11 of the principal regulations and
their respective titles "Conditi ons for APAs", "Conditions for CTPs",
"Conditions for ARMs" and "Administrative Penalties, other meas ures
and Appeals" shall be deleted. 
VERŻJONI ELETTRONIKA