S.L. 370.33 Art. 6Publication of the decisions of the competent authority. Cap. 586.

(1) The competent authority shall publish any decision against which there is no appeal imposing an administrative sanction or measure for infringements of the provisions of the Act, the regulations or Investment Services Rules issued thereunder on its website without undue delay after the person on whom the sanction or measure was imposed has been informed of that decision. The publication referred to in this sub-regulation shall include at least information on the type and nature of the infringement and the identity of the persons responsible: Provided that this obligation does not apply to decisions imposing measures that are of an investigatory nature.

(2) Where the publication of the identity of the legal persons or of the personal data of the natural persons is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where the publication jeopardises the stability of the financial markets or an ongoing investigation, the competent authority shall:

(a) defer the publication of the decision to impose the sanction or measure until the reasons for non-publication cease to exist;

(b) publish the decision to impose the sanction or measure on an anonymous basis in a manner which complies with Maltese law, if such anonymous publication ensures effective protection of the personal data concerned;

(c) not publish the decision to impose a sanction or measure in the event that the options laid down in paragraphs (a) and (b) are considered to be insufficient to ensure:

(i) that the stability of the financial markets would not be put in jeopardy;

(ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.

(3) In the case of a decision to publish a sanction or measure on an anonymous basis, the publication of the relevant data may be postponed for a reasonable period of time if it is envisaged that within that period the reasons for anonymous publication shall cease to exist.

(4) The competent authority shall inform ESMA of all administrative sanctions imposed but not published in accordance with sub-regulation (1)(c) including any appeal in relation thereto and the outcome of such an appeal. The competent authority shall receive information and the final judgement in relation to any criminal sanction imposed and submit it to ESMA.

(5) Where the decision to impose a sanction or measure is subject to appeal before the relevant judicial or other authorities, the competent authority shall also publish immediately on its website such information and any subsequent information on the outcome of such an appeal. Any decision annulling a previous decision to impose a sanction or a measure shall also be published.

(6) The competent authority shall ensure that any publication in accordance with this regulation shall remain on its official website for a period of at least five years from its publication. Personal data contained in the publication shall be kept on the website of the competent authority only for the period which is necessary in accordance with the provisions of the Data Protection

Act.