The Malta Financial Services Authority (MFSA) published the results of a 2024 supervisory data-gathering exercise on issuers’ Market Abuse Regulation (MAR) controls, focusing on Lists of Insiders and the communications provided to insiders. The MFSA found higher overall compliance in how issuers draw up and maintain both permanent and temporary insider lists, while highlighting remaining weaknesses in the content and timing of communications to insiders. The exercise covered 28 issuers with financial instruments admitted on a Maltese trading venue. The MFSA noted that most issuers held both temporary and permanent Lists of Insiders, and almost all used the MFSA’s latest templates, which issuers are required to use to support market monitoring. More than 80% of issuers retained insider lists for at least five years after creation or update. While most issuers had developed detailed communications for insiders, the MFSA flagged that issuers should notify new insiders of their obligations immediately. To communicate the findings and set expectations, the MFSA issued a Dear CEO Letter with further guidance on MAR requirements and urged issuers to address the identified shortcomings without delay.
Malta Financial Services Authority 2025-04-14
Malta Financial Services Authority reports improved issuer compliance with Market Abuse Regulation insider lists and issues Dear CEO guidance
The Malta Financial Services Authority (MFSA) released findings from a 2024 supervisory exercise on issuers' Market Abuse Regulation controls, noting high compliance in maintaining insider lists but identifying weaknesses in insider communication timing and content. The review covered 28 issuers, with most using MFSA templates and retaining lists for over five years. A Dear CEO Letter was issued to address shortcomings and provide further guidance.