The growth of Malta’s capital markets, coupled with the numerous benefits offered by the Maltese financial sector, render Malta a prime jurisdiction for corporate finance and capital growth. Malta is a Member State of the European Union, and thus, entities offering their transferable securities in or from Malta can benefit from the passporting rights duly enshrined in applicable prospectus regulation. The pliable yet robust regulatory framework promotes growth and embraces innovation to attract all types of investors. To further compound the aforementioned, the Maltese workforce, which is multilingual and highly trained, with exposure to international financial markets.

Key Features:

Malta offers three main venues on which entities may choose to list their transferable securities. 

  1. The Malta Stock Exchange (“MSE”) Official List;

  2. The Institutional Financial Securities Market (“IFSM”);

  3. The Prospects MTF.

The Malta Stock Exchange is the main listing platform in Malta. Different types of financial instruments may be listed such as bonds and shares after the Listing Authority grants ‘Admissibility to Listing’ once the Prospectus of the Issue is approved. When granting admissibility to a listing, the MFSA specifies conditions for admissibility of listing of security, which include the following: 

  • Securities must be issued in conformity with the law of the applicant’s place of incorporation; 

  • Securities must be freely transferable;

  • Securities must have a minimum market value of €1 million;

  • In the case of an application for the admissibility to a listing of shares, the applicant must have fully paid-up capital of at least One Million Euro (€1,000,000).

  • In the case of an application for the admissibility to a listing of debt securities, the applicant must have fully paid-up capital of at least two hundred and Fifty Thousand Euro (€250,000).

  • Financial information (past and projected) must be presented.

The Malta Stock Exchange administers the Prospects multilateral trading facility (MTF) which is compliant with the EU’s Markets in Financial Instruments Directive (MiFID). Small and medium-sized enterprises (SMEs) are eligible to issue bonds or shares on the Prospects MTF. Issuers must be public limited companies (plc) with a minimum share capital of € 46,588. 

In this respect, companies which qualify as SMEs are companies which, according to their last annual or consolidated accounts, meet at least two of the following three criteria: 

  1. An average number of employees, during the financial year, of less than 250;

  2. A total balance sheet not exceeding Forty-Three Million euro (43,000,000); and 

  3. An annual net turnover not exceeding Fifty Million Euro (50,000,000);

SMEs must appoint a corporate advisor who advises such companies throughout the admission process. The latter is composed of five stages:

  1. An introductory meeting set up between the board of the MSE, the corporate advisor and the applicant where the business plan must be presented. 

  2. The admission document is drafted and compiled. 

  3. A meeting between the corporate advisor and the exchange takes places wherein the application, and pertinent documentation is verified. 

  4. The application is submitted, and the relevant fees are paid. 

  5. The Prospects Committee reviews the application pack and poses recommendations to the Board of the Malta Stock Exchange.

The Institutional Financial Securities Market (IFSM) is open solely to institutional investors. The minimum denomination of the securities to be listed must be that of €100,000. Securities which are admissible for listing on the IFSM include asset-backed debt, convertible debt securities, derivatives and insurance-linked notes. The IFSM is regulated by the MFSA in its capacity as the Listing Authority.

The issuer in question must appoint a Listing Agent who will assist the issuer throughout the process of admissibility to listing through the drafting and submission of the application and prospectus to the Listing Authority. A separate application must also be made to the Malta Stock Exchange for admission to listing on the IFSM.

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