![]() |
Home
| Databases
| WorldLII
| Search
| Feedback
Maltese Laws |
FINANCIAL MARKETS ACT (CAP. 345)
Financial Markets (Amendment of Schedule) Regulations, 2003
IN exercise of the powers conferred by article 29 of the Financial Markets Act, the Minister of Finance and Economic Affairs, acting
on the recommendation of the Malta Financial Services Authority, as the competent authority appointed for the purposes of that Act,
has made the following regulations>–
1. (1) The title of these regulations is the Financial Markets (Amendment of Schedule) Regulations, 2003 and shall be read and
construed as one with the Statute set out in the Schedule to the Financial Markets Act, hereinafter referred to as “the Statute”.
(2) These regulations shall come into force on the 21st November,
2003.
2. The definition of “accredited representative” in sub-article
(1) of article 2 of the Statute shall be deleted.
3. Article 3 of the Statute shall be amended as follows> (a) sub-article (11) thereof shall be deleted<
(b) sub-articles 12, 13 and 14 thereof shall be re-numbered as sub-articles 11, 12 and 13 respectively< and
(c) in sub-article 11 thereof, as re-numbered, for the words “A register of members and accredited representatives together”,
there shall be substituted the words “A register of members together”.
4. In paragraph (a) of sub-article (2) of article 4 of the Statute, for the words “the members of the Exchange and their accredited
representatives” there shall be substituted the words “the members of the Exchange”.
Citation and commencement.
Amends article 2 of the Statute.
Amends article 3 of the Statute.
Amends article 4 of the Statute.
B 4978
Amends article 12 of the Statute.
Amends article 13 of the Statute.
Amends unnumbered article entitled “Compensation Fund”.
5. Article 12 of the Statute shall be amended as follows> (a) sub-article (4) thereof shall be deleted< and
(b) sub-article (5) thereof shall be re-numbered as sub- article (4).
6. Sub-article (7) of article 13 shall be deleted.
7. The unnumbered article entitled “Compensation Fund” shall be amended as follows>
(a) for sub-article (1) thereof entitled “Establishment”, there shall be substituted the following sub-article>
“The Compensation Fund and the Select Committee established by Bye-laws in terms of this Schedule shall cease to be in effect as
from the date of the coming into force of these regulations and the Compensation Fund shall as from such date become absorbed as
an integral part of the Investor Compensation Scheme established under the Investor Compensation Scheme Regulations, 2003 subject
to the following provisions of this paragraph>
(1) The Bye-laws as in force immediately before the coming into force of these regulations, shall mutatis mutandis continue to regulate any claim made by an investor in terms of Bye-law 7.03 with reference to events occurring prior to 3rd January,
2003 and any reference to the Council shall be deemed to be a reference to the Compensation Schemes Management Committee established
under the Investor Compensation Scheme Regulations, 2003.
(2) (a) The portion of the Compensation Fund comprising the payments made by the Malta Stock Exchange in terms of Bye-law 7.12(b)
shall be transferred back to the Malta Stock Exchange>
Provided that the Malta Stock Exchange shall keep such portion of the Compensation Fund separate and distinct from any other funds
or assets.
(b) The Malta Stock Exchange shall provide an indemnity in favour of the Investor Compensation Scheme, up to the amount of funds
kept separate and
distinct in accordance with the proviso to the immediately preceding sub-regulation and in proportion to the percentage of the funds
constituting the Compensation Fund that have been transferred back to it, and it shall remain responsible in accordance with the
provisions of the first proviso to paragraph (b) of sub-regulation (3) of this regulation, up till 3rd January, 2008, for any claims
that may arise with reference to events occurring prior to 3rd January, 2003.
(3) (a) The portion of the Compensation Fund that had been paid by the members of the Malta Stock Exchange in terms of Bye-law
7.12 (a) and any other remaining funds pertaining to the Compensation Fund shall be transferred to the Investor Compensation Scheme
as established under the Investor Compensation Scheme Regulations, 2003 and shall become an integral part thereof>
Provided that a moratorium shall be allowed in favour of members of the Malta Stock Exchange who had paid such portion to the Compensation Fund as in force immediately
before the coming into force of these regulations, so that their respective contributions to the Compensation Fund shall be set off
against contributions now due by them to the Investor Compensation Scheme.
(b) The Investor Compensation Scheme shall be responsible for claims made against the Compensation Fund by investors in terms of
Bye-law 7.03 and arising out of or with reference to events occurring prior to 3rd January, 2003>
Provided that claims accepted for settlement by the Compensation Schemes Management Committee shall be settled out of funds transferred
from the Compensation Fund to the Investor Compensation Scheme and the Malta Stock Exchange pro rata>
Provided further that the liability of the Investor Compensation Scheme shall not exceed the amount of funds transferred in accordance
with the provisions of paragraph (a) of sub-regulation (3) of these regulations and the responsibility of the Investor Compensation
Scheme shall expire on 3rd January, 2008.
B 4979
B 4980
(4) Any reference in any law to the Compensation Fund established by Bye-laws in terms of this Schedule, shall henceforth be deemed
to be a reference to the Investor Compensation Scheme.”< and
(b) sub-article (2) thereof entitled “Constitution” shall be deleted.
Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta
Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press
Prezz 8ç – Price 8c
WorldLII:
Copyright Policy
|
Disclaimers
|
Privacy Policy
|
Feedback
URL: http://www.worldlii.org/mt/legis/laws/fma345fmosr2003370o2003659