The Maltese parliament is set, over the coming weeks, to debate new measures to prevent abuse in the financial markets, after a regulatory bill was published in the Government Gazette.
The primary objective of the bill, besides ensuring the implementation of updating measures designed to safeguard investor confidence, is to transpose and put in place the European Union Market Abuse Directive.
The new bill, which will repeal the Insider Dealing and Market Abuse Offences Act, will update existing rules regarding inside information and disclosure, whilst also making more detailed provision against market manipulation.
In addition, the new bill lays down rules concerning the dissemination of information by journalists and researchers pertaining to financial instruments, and states that all interests and conflicts of interests must be fully declared.
The bill also strengthens the investigative powers of the MFSA, which will be able to demand access to documents and phone records, and to summon persons for hearings.
Penalties of up to Lm400,000 (EUR925,000), or up to three times the profit made or the loss avoided through the committal of the offence will be issued for violations of the law.
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