S.L. 370.10 Art. 14

(1)Where a person falling within the scope of these regulations fails to comply with any provisions of such regulations or of any Investment Services Rules or Conduct of Business Rules issued by the competent authority further implementing such regulations, the competent authority may, by notice in writing and without recourse to a court hearing, impose on such person an administrative penalty and any administrative measure in accordance with the provisions of the Investment Services Act and Banking Act (MiFID and MiFIR Administrative Penalties, Measures and Investigatory Powers) Regulations, 2017.

(2) A right of appeal to the Financial Services Tribunal shall lie from the decisions which the competent authority shall take under these regulations and the provisions of article 19 of the Act shall apply mutatis mutandis.

15. Repealed by Legal Notice 145 of 2023.

to

SCHEDULE 1 Amended by: (Regulation 2) L.N. 397 of 2017.

ANNEX I SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS Section A

Core services Reception and transmission of orders in relation to one or more financial

Execution of orders on behalf of clients; Dealing on own account;

Portfolio management; Investment advice; Underwriting of financial instruments and, or placing of financial a firm commitment basis; Placing of financial instruments without a firm commitment basis.

Section B Ancillary services Safekeeping and administration of financial instruments for the account of including custodianship and related services such as cash/collateral and excluding maintaining securities accounts at the top tier level; Granting credits or loans to an investor to allow him to carry out a one or more financial instruments, where the firm granting the credit involved in the transaction;

to undertakings on capital structure, industrial strategy and related advice and services relating to mergers and the purchase of

Foreign exchange services where these are connected to the provision of services; Investment research and financial analysis or other forms of general recommendation relating to transactions financial instruments; Services related to underwriting;

Investment services and activities as well as ancillary services of the type under Section A or B of Annex 1 related to the underlying of the included under Section C (5), (6), (7) and (10) - where these are the provision of investment or ancillary services. Section C Financial Instruments

Transferable securities; Money-market instruments; in collective investment undertakings;

(4) Options, futures, swaps, forward rate agreements and any other contracts relating to securities, currencies, emission allowances, or other instruments, financial indices or financial measures which may be settled or in cash;

(5) Options, futures, swaps, forwards and any other derivative contracts to commodities that must be settled in cash or may be settled in cash one of the parties (otherwise than by reason a default or other termination

(6) Options, futures, swaps, and any other derivative contract commodities that can be physically settled provided that they are regulated market an MTF, or an OTF except for wholesale energy products OTF that must be physically settled;

(7) Options, futures, swaps, forwards and any other derivative contracts to commodities, that can be physically settled not otherwise mentioned

(6) and not being for commercial purposes, which have the characteristics derivative financial instruments;

(8) Derivative instruments for the transfer of credit risk;

(9) Financial contracts for differences;

(10) Options, futures, swaps, forward rate agreements and any other contracts relating to climatic variables, freight rates, inflation rates or economic statistics that must be settled in cash or may be settled in cash of one of the parties (otherwise than by reason of a default or other event), as well as any other derivative contracts relating to assets, rights, indices and measures not otherwise mentioned in this Section, which characteristics of other derivative financial instruments, having regard they are traded on a regulated market or on an OTF or an MTF. inter alia,

SCHEDULE 2 Amended by: L.N. 174 of 2012; (Regulation 2) L.N. 397 of 2017. Exemptions