The MFSA is circulating a Proposal for a Bill entitled the ‘Various Financial Services Laws (Amendment) Act, 2012 which is to transpose the provisions of the Omnibus I Directive.
The EU Omnibus I Directive amends various EU Directives across the spectrum of the various sectors of financial services in order to reflect the structural changes relative to the European Supervisory Authorities (ESAs) which came into effect as from January 2011. The newly established ESAs, namely, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have replaced the level 3 (otherwise known as Lamfalussy) committees: Committee of European Banking Supervisors (CEBS), Committee of European Securities Regulators (CESR) and Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). The ESAs work in conjunction with the newly established European Systemic Risk Board (ESRB) to ensure financial stability and to strengthen and enhance the EU supervisory framework.
As a result of such transposition, the Bill proposes amendments to the Investment Services Act, the Financial Markets Act, the Banking Act and the Malta Financial Services Authority Act. The amendments bring about increased notification and reporting obligations on the part of the MFSA vis-à-vis the newly established ESAs.
The proposed Bill also includes suggested amendments to the Companies Act, the Trust and Trustees Act and the Prevention of Financial Markets Abuse Act which are unrelated to the transposition of the Omnibus I Directive.