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.
Malta offers three main venues on which entities may choose to list their transferable securities.
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’ after approving the Prospectus of the Issue. When granting admissibility to listing, the MFSA specifies conditions for admissibility of listing of a security, which include the following:
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:
SMEs must appoint a corporate advisor which advises such companies throughout the admission process. The latter is composed of five stages:
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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