Regulatory responsibilities

Our regulatory authorisation

The European Wholesale Securities Market is a ‘regulated market’ under the Markets in Financial Instruments Directive (MiFID) and authorised by the Malta Financial Services Authority (MFSA).  We provide a market for debt securities with a minimum denomination of €100,000.

The designated 'market operator' of the EWSM is the Malta Stock Exchange (MSE).

We are responsible for

  • setting requirements for the admission of securities to the EWSM
  • setting requirements for the admission of trading members to the EWSM
  • reviewing and approving the admission of securities to the EWSM
  • monitoring compliance by issuers with our rules

The market operator of EWSM (the Malta Stock Exchange) is responsible for

  • reviewing and approving the admission of member firms and traders
  • monitoring compliance by member firms with the rules
  • monitoring trading activity to identify potential breaches, disorderly trading and market abuse
  • investigating breaches by member firms of the Code of Conduct and Bye-Laws of the EWSM
  • reporting potential market abuse to the MFSA for further investigation

The MFSA is responsible for

The MFSA is the competent authority in Malta for a range of EU securities directives. The MFSA:

  • reviews and approves prospectuses under the Prospectus Directive
  • sets requirements and admits securities to listing on the EWSM under the Consolidated Admissions and Requirements Directive (CARD)
  • recognises listing agents of the EWSM
  • regulates the EWSM and the MSE
  • monitors disclosure of financial information by issuers on the EWSM under the Transparency Directive
  • monitors disclosure of information by issuers on the EWSM under the Market Abuse Directive (MAD)
  • investigates market abuse under MAD

Guidelines and rulebooks for the EWSM

 

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