2022. 1.
these regulations is the Malta Financial Services Authority Act (Packaged Retail and InsuranceBased Investment Products (PRIIPs)) Regulations. Citation and scope.
these regulations is to implement the relevant provisions
the PRIIPs Regulation as herein defined and these regulations shall be interpreted and applied accordingly. 2. requires:
the European Parliament and
the Council
25 November 2009 on the taking-up and pursuit
the business
Insurance and Reinsurance (Solvency II) (recast), as may be amended from time to time; "Directive 2011/61/EU" means Directive 2011/61/EU
the European Parliament and
the Council
8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/ 2010, as may be amended from time to time; "Directive 2013/34/EU" means Directive 2013/34/EU
the European Parliament and
the Council
26 June 2013 on the annual financial statements, consolidated financial statements and related reports
certain types
undertakings, amending Directive 2006/43/ EC
the European Parliament and
the Council and repealing Council Directives 78/660/EEC and 83/349/EEC, as may be amended from time to time; "Directive 2014/65/EU" means Directive 2014/65/EU
the European Parliament and
the Council
15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast), as may be amended from time to time; 2 [ S.L. 330.18 MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) "Directive (EU) 2016/97" means Directive (EU) 2016/97
the European Parliament and
the Council
20 January 2016 on insurance distribution (recast), as may be amended from time to time; "ESA" means the European Banking Authority established by Regulation (EU) No 1093/2010
the European Parliament and
the Council
24 November 2010, the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1094/2010
the European Parliament and
the Council
24 November 2010, or the European Securities and Markets Authority established by Regulation (EU) No 1095/2010
the European Parliament and
the Council
24 November 2010, as the case may be; Cap. 330. "Financial Services Tribunal" means the tribunal established under article 21
the Act; "insurance-based investment product" means an insurance product which
fers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations; "packaged retail and insurance-based investment product" or "PRIIP" means a product that is one or both
the following: (
Directive 2009/138/EC or securitisation special purpose entities as defined in point (an)
Directive 2011/61/EU, where, regardless
the legal form
the investment, the amount repayable to the retail investor is subject to fluctuations because
exposure to reference values or to the performance
one or more assets which are not directly purchased by the retail investor; "person selling a PRIIP" means a person
fering or concluding a PRIIP contract with a retail investor; MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) [ S.L. 330.18 "PRIIPs Regulation" means Regulation (EU) No 1286/2014
the European Parliament and
the Council
26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "Regulation (EU) 2017/1129" means Regulation (EU) 2017/ 1129
the European Parliament and
the Council
14 June 2017 on the prospectus to be published when securities are
fered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as may be amended from time to time; "retail investor" means: (a) a retail client as defined in point
Directive 2014/65/EU; (b) a customer within the meaning
Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point
Directive 2014/65/EU.
the exemption laid down in Article 32
the PRIIPs Regulation, these regulations shall also apply to the entities referred to in the same Article 32
the PRIIPs Regulation. 4.
the PRIIPs Regulation to the Authority. 5.
the PRIIPs Regulation, exercise any
the powers assigned to it under the Act. Power
the Authority to issue Rules. 6. The Authority may issue and publish Rules in terms
article 16
the Act for the better carrying out
the provisions
the PRIIPs Regulation and
these regulations. Administrative penalties and measures. 7.
the Authority under the Act or any other law and to any criminal sanctions which may be imposed on PRIIP manufacturers and persons advising on, or selling, PRIIPs, the Authority shall impose administrative penalties and measures for breaches
the provisions
the Act or regulations or Rules made thereunder implementing the provisions
the PRIIPs Regulation, and in respect
infringements covered by the PRIIPs Regulation, and shall take all necessary measures to ensure that such administrative penalties and measures are implemented.
the Authority. 8.
the PRIIPs Regulation.
regulation 7, the Authority shall have the power to impose, in accordance with Maltese law, at least the following administrative penalties and measures for the infringements indicated in sub-regulation
a PRIIP; (b) an order suspending the marketing
a PRIIP; (c) a public warning indicating the person responsible for, and the nature
, the infringement; (d) an order prohibiting the provision
a key information document which does not comply with the MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) [ S.L. 330.18 requirement
Articles 6, 7, 8 or 10
the PRIIPs Regulation and requiring the publication
a new version
a key information document; (e) in the case
a legal person, administrative penalties
up to five million euro (€5,000,000) or
up to three per cent (3%)
the total annual turnover
that legal person according to the last available financial statements approved by the management body or, where the profits gained or losses avoided because
the infringement can be determined, up to twice the amount
the profits gained or losses avoided: Provided that, where the legal person is a parent undertaking or a subsidiary
a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type
income in accordance with the relevant Union law in the area
accounting according to the last available consolidated financial statements approved by the management body
the ultimate parent undertaking; and (f) in the case
a natural person, administrative penalties
up to seven hundred thousand euro (€700,000), or, where the profits gained or losses avoided because
the infringement can be determined, up to twice the amount
the profits gained or losses avoided.
its powers under these regulations, the Authority shall cooperate closely with other competent authorities to ensure that the administrative penalties and measures produce the results pursued by the PRIIPs Regulation and coordinate their action in order to avoid possible duplication and overlap when applying administrative penalties and measures to cross-border cases. For the purposes
this sub-regulation, "competent authorities" shall mean the body designated by a Member State or EEA State other than Malta, in accordance with Article 4
the PRIIPs Regulation to supervise the requirements that the PRIIPs Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP. 5 6 [ S.L. 330.18 Application
administrative penalties and measures by the Authority. MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) 9. When applying the administrative penalties and measures referred to in regulation 8
the infringement; (b) the degree
responsibility
the person responsible for the infringement; (c) the impact
the infringement on the interests
retail investors; (d) the cooperative behaviour responsible for the infringement;
the person (
appeal. 10. A right
appeal to the Financial Services Tribunal shall lie from the decisions to impose penalties and measures taken by the Authority pursuant to these regulations and the PRIIPs Regulation, and the provisions
article 21
the Act shall mutatis mutandis apply. Reporting
administrative penalties or measures to the competent ESA. 11.
these regulations. Publication
the decisions
the Authority. 12.
ficial website, without undue delay, any administrative penalty or measure for infringements referred to in regulation 8
that decision. The publication shall include, at least, information on the type and nature
the infringement and the identity
the persons responsible for the infringement: Provided that in cases where an appeal is made from a decision to impose an administrative penalty or other measure, the Authority shall, without undue delay, publish on its
ficial website such information and any subsequent information on the status
the appeal and the outcome thereof. The Authority shall also publish any decision annulling a previous decision to impose an administrative penalty or other measure which has been published: MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) [ S.L. 330.18 Provided further that the obligation to publish does not apply to decisions imposing measures that are
an investigatory nature.
the identity
the legal persons, or identity or personal data
natural persons, is considered by the Authority to be disproportionate following a case-by-case assessment conducted on the proportionality
the publication
such data, or where such publication would jeopardise the stability
financial markets or an ongoing investigation, the Authority shall: (a) delay the publication
the decision to impose an administrative penalty or a measure until the moment where the reasons for non-publication cease to exist; (b) publish the decision to impose a penalty or a measure on an anonymous basis in a manner which complies with Maltese law, if such anonymous publication ensures an effective protection
the personal data concerned; or (
financial markets would not be put in jeopardy; and (ii) the proportionality
the publication
such decisions with regard to measures which are deemed to be
a minor nature.
all administrative penalties or measures imposed but not published in accordance with sub-regulation
a decision to publish an administrative penalty or measure on an anonymous basis, the publication
the relevant data may be postponed for a reasonable period
time if it is envisaged that within that period the reasons for anonymous publication will cease to exist.
ficial website for a period
at least five
ficial website
the Authority only for the period which is necessary in accordance with the applicable 7 8 [ S.L. 330.18 MALTA FINANCIAL SERVICES AUTHORITY ACT (PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS (PRIIPS)) data protection legislation.
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.