In its circular addressed to all market participants dated 9th December, 2024, the Malta Financial Services Authority (MFSA) announced the introduction of mechanisms enabling reporting of actual or potential infringements of the Market Abuse Regulation (EU) 596/2014 (MAR) through the submission of a form, either anonymously or otherwise, to the MFSA. Whilst permitting anonymous reporting, the MFSA encourages individuals to disclose their identity to facilitate follow-ups while ensuring robust protection of personal data for both reporting and reported persons throughout the process.
The MFSA has reminded market participants that disclosures made in compliance with MAR are exempt from contractual, legislative, or regulatory restrictions on disclosure and do not incur liability. Additionally, the MFSA emphasized its commitment to safeguarding the identities of reporting and reported persons, as outlined in Reporting of Infringements Regulations (Subsidiary Legislation 476.04), except where disclosure is mandated under MAR Articles 27, 28, or 29. The Authority also ensures protection for employees reporting or accused of infringements against retaliation, discrimination, or unfair treatment. Confidentiality and personal data protection are upheld throughout all procedures, subject to national laws requiring disclosure during investigations or judicial proceedings.
Market participants are to refer to the said circular for guidance on filling of the form. Once duly completed, the form can be submitted orally, in writing, or through a meeting. Upon receipt, the Authority will promptly acknowledge the report unless anonymity is requested or acknowledgment risks compromising the reporter’s identity. A reference number will be issued in the acknowledgment email or letter, which the reporting person should retain for future communication or to provide clarifications.
The MFSA may request additional details if a report is deemed vague or incomplete, provided the reporting person has disclosed their identity. Anonymous reports, if lacking sufficient information, will be logged and archived.
