[ S.L. 345.28 FINANCIAL MARKETS (FEES) 1 SUBSIDIARY LEGISLATION 345.28 FINANCIAL MARKETS (FEES) REGULATIONS 1st January, 2025 LEGAL NOTICE 367 of 2024, as amended by Legal Notice 64 and 301 of 2025. 1.
(1)The title of these regulations is the Financial Markets (Fees) Regulations. Citation, commencement and applicability.
(2)These regulations shall come into force on the 1st January 2025.
(3)These regulations shall apply to fees falling due on, or after the coming into force of these regulations. 2.
(1)In these regulations, unless the context otherwise requires:"Act" means the Financial Markets Act; Interpretation. Amended by: L.N. 64 of 2025; L.N. 301 of
- Cap.
- "binding legal instrument" means any directly applicable measures, including but not limited to, any implementing technical standards, regulatory technical standards or similar measures, issued under European Union legislation; "Capital Markets Rules" means the Capital Markets Rules issued by the competent authority in accordance with article 13 of the Act; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "CSDR" means Regulation (EU) No. 909/2014 of the European Parliament and of the Council of the 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/ EC and 2014/65/EU and Regulation (EU) No. 236/2012, as may be amended from time to time, and any binding legal instruments, guidelines and other measures that have been or may be issued thereunder; "debt securities" means securities which create or acknowledge indebtedness; "equity securities" means shares and other securities equivalent to shares in companies, as well as any other type of securities giving the right to acquire any of the aforementioned Cap.
- 2 [ S.L. 345.28 FINANCIAL MARKETS (FEES) securities as a consequence of their being converted or the rights conferred by them being exercised, provided that securities of the latter type are issued by the issuer of the underlying shares or by an entity belonging to the group of the said issuer; "ISIN" means the international securities identification number assigned to a security; "issuer" means any legal entity which issues or proposes to issue securities; "market capitalisation" means the aggregate market value of the securities traded on the trading venue, represented in euro or euro equivalent amount, at the time when the annual supervisory fee is due in accordance with these regulations; Cap.
- "multilateral trading facility" means a person that is licensed under the Investment Services Act to provide, or hold himself out as providing, the investment service set out in item 9 of the First Schedule to the said Act; Cap.
- "organised trading facility" means a person that is licensed under the Investment Services Act to provide, or hold himself out as providing, the investment service set out in item 11 of the First Schedule to the said Act; "Prospectus Regulation" means Regulation (EU) No. 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered 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, and any binding legal instruments, guidelines and other measures that have been or may be thereunder; "sponsor" means a person providing advice, guidance and expertise to issuers applying, or intending to apply, for admissibility to listing of securities on a local regulated market under the Act, and as may be prescribed. Cap. 345. Cap. 370.
(2)Words and expressions used in these regulations which are defined in the Financial Markets Act or in the Investment Services Act, but which are not herein defined shall have the same meaning as assigned to them in the respective Acts, as applicable. Fees in relation to regulated markets. 3.
(1)A body corporate or unincorporate that intends to provide the services of a regulated market in or from Malta shall, upon submission of an application to the competent authority for authorisation in accordance with article 4 of the Act, pay to the competent authority an application fee as established in the First FINANCIAL MARKETS (FEES) [ S.L. 345.28 3 Schedule, as applicable, with respect to such application.
(2)A regulated market authorised in accordance with article 4 of the Act shall, subject to the provisions of sub-regulation
(4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.
(3)Notwithstanding the provisions of sub-regulation
(2), the first annual supervisory fee due to the competent authority shall be the annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the regulated market is granted an authorisation in accordance with article 4 of the Act and the end of the calendar year in which such authorisation was granted.
(4)The first annual supervisory fee due in accordance with sub-regulation
(3)shall be paid to the competent authority on the date when the regulated market is granted an authorisation under the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with subregulation
(2)shall be paid to the competent authority on the 1st January of each calendar year. 4.
(1)A person that intends to establish and operate a central securities depository in Malta or to provide, or hold itself out to be providing, the service of a central securities depository in or from Malta shall, upon submission of an application to the competent authority for authorisation in accordance with article 24 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.
(2)A central securities depository authorised in accordance with article 25 of the Act shall, subject to the provisions of subregulation
(4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.
(3)Notwithstanding the provisions of sub-regulation
(2), the first annual supervisory fee due to the competent authority shall be the annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the central securities depository is granted an authorisation in accordance with article 25 of the Act and the end of the calendar year in which such authorisation was granted.
(4)The first annual supervisory fee due in accordance with sub-regulation
(3)shall be paid to the competent authority on the date when the central securities depository is granted an authorisation under the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation
(2)shall be paid to the competent authority on Fees in relation to central securities depositories. 4 [ S.L. 345.28 FINANCIAL MARKETS (FEES) the 1st January of each calendar year. Fees in relation to multilateral trading facilities. Amended by: L.N. 64 of 2025. Cap. 370. 5.
(1)A person that intends to provide, or hold himself out as providing, the investment service set out in item 9 of the First Schedule to the Investment Services Act shall, upon submission of an application to the competent authority for a licence in accordance with article 5 of the Investment Services Act, pay to the competent authority an application fee as established in the First Schedule, as applicable.
(2)A multilateral trading facility shall, subject to the provisions of sub-regulation
(4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.
(3)Notwithstanding the provisions of sub-regulation
(2), the first annual supervisory fee due to the competent authority shall be the annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the multilateral trading facility is licensed as such and the end of the calendar year in which such licence was granted.
(4)The first annual supervisory fee due in accordance with sub-regulation
(3)shall be paid to the competent authority on the date when the multilateral trading facility is licensed as such and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation
(2)shall be paid to the competent authority on the 1st January of each calendar year. Fees in relation to organised trading facilities. Amended by: L.N. 64 of 2025. Cap. 370. 6.
(1)A person that intends to provide, or hold himself out as providing, the investment service set out in item 11 of the First Schedule of the Investment Services Act shall, upon submission of an application to the competent authority for a licence in accordance with article 5 of the Investment Services Act, pay to the competent authority an application fee as established in the First Schedule, as applicable.
(2)An organised trading facility shall, subject to the provisions of sub-regulation
(4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.
(3)Notwithstanding the provisions of sub-regulation
(2), the first annual supervisory fee due to the competent authority shall be the annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the organised trading facility is licensed as such and the end of the calendar year in which such licence was granted.
(4)The first annual supervisory fee due in accordance with FINANCIAL MARKETS (FEES) [ S.L. 345.28 5 sub-regulation
(3)shall be paid to the competent authority on the date when the organised trading facility is licensed as such and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation
(2)shall be paid to the competent authority on the 1st January of each calendar year. 7.
(1)Notwithstanding the provisions of regulations 3 to 6, where more than one
(1)application fee is due in accordance with the said regulations, such application fees, other than the highest of the said application fees, shall be reduced by twenty five percent (25%). Fees in relation to multiple authorisations and, or investment services. Substituted by: L.N. 64 of 2025. Amended by: L.N. 301 of 2025.
(2)Notwithstanding sub-regulation
(1)and regulation 5
(1)of the Investment Services Act (Fees) Regulations, where an application fee is due in accordance with regulation 5 and, or 6 in addition to any one
(1)or more application fees which are due in accordance with regulations 3 and, or 4 and regulation 3 of the Investment Services Act (Fees) Regulations, such application fees, other than the highest of the said application fees, shall be reduced by twenty five percent (25%). S.L. 370.52. S.L. 370.52.
(3)Notwithstanding the provisions of these regulations and without prejudice to regulation 5
(2)of the Investment Services Act (Fees) Regulations, where a person authorised under the Act and, or licensed under the Investment Services Act intends to obtain an additional authorisation and, or to provide an additional investment service, the application fee due by such person in accordance with these regulations with respect to every such authorisation and, or investment service shall be reduced by twenty five percent (25%): S.L. 370.52. Cap. 370. Provided that, for the purposes of this sub-regulation: (
- a)"authorisation" means an authorisation as required by regulated markets and central securities depositories in accordance with articles 4 and 24 of the Act respectively, as applicable; (
- b)"authorised" means authorised as a regulated market and, or a central securities depositary in accordance with articles 4 and 25 of the Act, as applicable; (
- c)"investment service" means any of the investment services referred to in items 9 and 11 of the First Schedule to the Investment Services Act; and Cap. 370. (
- d)"licensed" means licensed as an investment service licence holder in accordance with article 6 of the Investment Services Act, to provide, or hold himself out as providing, the investment service set out in item 9 and, or 11 of the First Schedule to the Investment Services Act, as applicable. Cap. 370. 6 [ S.L. 345.28 FINANCIAL MARKETS (FEES)
(4)Notwithstanding the provisions of regulations 3 to 6 where more than one
(1)annual supervisory fee is due in accordance with the said regulations, such annual supervisory fees, other than the highest of the said annual supervisory fees, shall be reduced by twenty five percent (25%). S.L. 370.52. S.L. 370.52.
(5)Notwithstanding sub-regulation
(4)and regulation 5
(4)of the Investment Services Act (Fees) Regulations, where an annual supervisory fee is due in accordance with regulations 5 and, or 6 in addition to any one
(1)or more annual supervisory fees which are due in accordance with regulations 3 and, or 4 and regulation 4 of the Investment Services Act (Fees) Regulations, such annual supervisory fees, other than the highest of the said annual supervisory fees, shall be reduced by twenty five percent (25%). Fees in relation to the approval of prospectuses and admissibility to listing. 8. A person applying to the competent authority for the approval of a prospectus and, or the admissibility to listing of securities on a local regulated market shall, upon submission of an application to the competent authority for approval or admissibility in accordance with article 15 of the Act, pay to the competent authority the fees established in the Third Schedule, as applicable: Provided that the fee due in accordance with this regulation with respect to every debt security assigned an ISIN, including Malta Government stocks, shall be the following: (
- a)where the market capitalisation of a debt security is up to twelve million and five hundred thousand euro (€12,500,000), thirteen thousand euro (€13,000); (
- b)where the market capitalisation of a debt security is more than twelve million and five hundred thousand euro (€12,500,000) but less than fifty million euro (€50,000,000): (
- i)ten thousand euro (€10,000) for the first twelve million and five hundred thousand euro (€12,500,000) in market capitalisation; and (
- ii)three thousand euro (€3,000) for every additional two million and five hundred thousand euro (€2,500,000) in market capitalisation or part thereof; (
- c)where the market capitalisation of a debt security is more than fifty million euro (€50,000,000): (
- i)fifty five thousand euro (€55,000) for the first fifty million euro (€50,000,000) in market capitalisation; and FINANCIAL MARKETS (FEES) [ S.L. 345.28 7 (
- ii)two thousand and five hundred euro (€2,500) for every additional two million and five hundred thousand euro (€2,500,000) in market capitalisation or part thereof: Provided further that, in any case, the aggregate of the amounts referred to in sub-paragraphs (
- i)and (
- ii)of paragraph (
- c)of the first proviso shall not exceed one hundred thousand euro (€100,000). 8A.
(1)A credit institution that intends to issue a covered bond programme shall, upon submission of an application to the competent authority for approval in accordance with article 31D of the Act, pay to the competent authority an application fee as established in the Fourth Schedule. Fees in relation to covered bond programme. Added by: L.N. 301 of 2025.
(2)A credit institution shall, subject to the provisions of subregulation
(3), pay to the competent authority an annual supervisory fee as established in the Fourth Schedule with respect to every covered bond programme which was approved by the competent authority.
(3)The first annual supervisory fee due in accordance with sub-regulation
(2)shall be paid to the competent authority on the date when the covered bond programme is approved by the competent authority and annually thereafter on the date when such approval was granted.
(4)The first annual supervisory fee due in accordance with sub-regulation
(3)shall be paid to the competent authority on the date when a sponsor is registered under the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation
(2)shall be paid to the competent authority on the 31stst January of each calendar year. 8B.
(1)A person that intends to act as a sponsor in Malta, or hold itself out to act as such shall, upon submission of an application to the competent authority for registration in accordance with article 12B of the Act, pay to the competent authority an application fee as established in the Fifth Schedule.
(2)A person registered as a sponsor in accordance with article 12B of the Act shall, subject to the provisions of sub-regulation
(4), pay to the competent authority an annual supervisory fee which shall be the aggregate of the following: (
- a)the fixed annual supervisory fee established in the Fifth Schedule; and (
- b)where applicable, the variable annual supervisory fee for every application for the admissibility to listing of Fees in relation to sponsors. Added by: L.N. 301 of 2025. 8 [ S.L. 345.28 FINANCIAL MARKETS (FEES) securities on a local regulated market submitted to the competent authority, in relation to which a sponsor was appointed to provide his services as such during the preceding calendar year: Provided that the variable annual supervisory fee shall not exceed the maximum annual supervisory fee established in the Fifth Schedule. Non-refundable or prorated fees.
(3)Notwithstanding the provisions of sub-regulation
(2), the first annual supervisory fee due to the competent authority shall be the fixed annual supervisory fee established in the Fifth Schedule prorated according to the period remaining between the date when the sponsor was registered under the Act and the date when the next annual supervisory fee is due in accordance with sub-regulation
(4). 9.
(1)The fees established and due in terms of these regulations shall not be refundable.
(2)Without prejudice to the provisions of regulations 3
(3), 4
(3), 5
(3)and 6
(3), the fees established and due in terms of these regulations shall not be prorated. FIRST SCHEDULE (regulations 3, 4, 5, 6 and 7) Application Fee Fees falling due in 2025 (€) Fees falling due in 2026 (€) Fees falling due in 2027 and thereafter (€) Regulated market 45,000 60,000 75,000 Central securities depository 19,000 22,500 26,500 49,000 52,500 56,500 37,500 52,500 67,500 37,500 52,500 67,500 Central securities depository also providing banking-type ancillary services within the meaning of Section C of the Annex to the CSDR Multilateral trading facility Organised trading facility SECOND SCHEDULE (regulations 3, 4, 5, 6 and 7) [ S.L. 345.28 FINANCIAL MARKETS (FEES) Annual Supervisory Fee Regulated market with market capitalisation from €nil to €5 billion over €5 billion up to €10 billion over €10 billion up to €25 billion over €25 billion up to €50 billion over €50 billion Central securities depository Central securities depository also providing banking-type ancillary services within the meaning of Section C of the Annex to the CSDR Multilateral trading facility with market capitalisation: from €nil to €5 billion Fees falling due in 2025 (€) Fees falling due in 2026 (€) Fees falling due in 2027 and thereafter (€) 60,000 80,000 100,000 80,000 100,000 120,000 100,000 120,000 140,000 120,000 140,000 160,000 140,000 160,000 180,000 25,000 30,000 35,000 85,000 90,000 95,000 50,000 70,000 90,000 70,000 90,000 110,000 90,000 110,000 130,000 over €5 billion up to €10 billion over €10 billion up to €25 billion over €25 billion up to €50 billion over €50 billion 110,000 130,000 150,000 130,000 150,000 170,000 Organised trading facility with market capitalisation: from €nil to €5 billion 50,000 70,000 90,000 70,000 90,000 110,000 90,000 110,000 130,000 110,000 130,000 150,000 130,000 150,000 170,000 over €5 billion up to €10 billion over €10 billion up to €25 billion over €25 billion up to €50 billion over €50 billion 9 10 [ S.L. 345.28 Amended by: L.N. 64 of
- FINANCIAL MARKETS (FEES) THIRD SCHEDULE (regulation 8) Prospectus Fees Document Fee (€) Article 6 of the Prospectus Regulation Registration document 3,500 Article 9 of the Prospectus Regulation Universal document 15,000 registration Article 14 of the Prospectus Regulation Registration document for secondary issuances Article 15 of the Prospectus Regulation Registration document for EU growth prospectus Article 6 of the Prospectus Regulation Securities note Article 14 of the Prospectus Regulation Securities note for secondary issuances Article 15 of the Prospectus Regulation Securities note for EU growth prospectus Article 6 of the Prospectus Regulation / Prospectus/ Article 8 of the Prospectus Regulation Base prospectus Article 14 of the Prospectus Regulation Prospectus/Base prospectus for secondary issuances Article 15 of the Prospectus Regulation EU growth prospectus/ Base prospectus Article 23 of the Prospectus Regulation Supplement Full valuation report: immovables Chapter 7 of the Capital Markets Rules Article 8 of the Prospectus Regulation 3,250 3,250 3,500 3,250 3,250 7,000 6,500 6,500 1,500 1,000 per report Maximum: €10,000 Full valuation report: movables 2,000 Full valuation report: other (shares, intangible assets, etc.) 3,000 Condensed report 500 valuation Final terms filing fee 50 [ S.L. 345.28 FINANCIAL MARKETS (FEES) Listing Fees Securities to be listed Fee (€) Equity securities 15,000 Collective investment schemes 2,000 Added by: L.N. 301 of
- Fourth Schedule (regulation 8A) Covered Bond Programme Fees Fee (€) Application fee 15,000 Annual supervisory fee 25,
- Added by: L.N. 301 of
- Fifth Schedule (regulation 8B) Sponsor Fees Fee (€) Application fee 2,000 Fixed annual supervisory fee 500 Variable annual supervisory fee 1,000 Maximum fee 10,000 11