Malta has introduced updated laws on the prevention of abuse in the financial markets which have transposed and implemented the provisions of the European Union Market Abuse Directive.
The Prevention of Financial Markets Abuse Act, 2005, which came into effect last month, repealed the Insider Dealing and Market Abuse Offences Act and updated rules regarding inside information and disclosure.
The new laws put in place more detailed provisions against market manipulation, and lay down rules concerning the dissemination of information by journalists and researchers pertaining to financial instruments, in addition to stating that all interests and conflicts of interests must be fully declared.
The Act also covers issuers and their managers, ordinary investors, national statistics bodies, competent authorities in Malta and abroad, operators of recognised investment exchanges and other insiders.
The new provisions legislate for administrative sanctions by the competent authority as well as criminal sanctions imposed by the courts, and introduce the concept of the freezing of funds, which may be carried out upon the request of the Attorney General in a written statement known as a ‘freezing order’.
A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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