S.L. 386.31 Art. 5Time-frame for applicability.

(1) The measures indicated hereunder in regulations

6 to 24, 39 and 41, shall be applicable in the following manner:

(a) for financial years starting on or after 1 January 2026:

(i) to large undertakings which are public- interest entities exceeding on their balance sheet dates the average number of five hundred (500) employees during the financial year; and

(ii) to public-interest entities which are parent undertakings of a large group exceeding on its balance sheet dates, on a consolidated basis, the average number of five hundred (500) employees during the financial year;

(b) for financial years starting on or after 1 January 2027:

(i) to large undertakings, other than those referred to in paragraph (a)(i); and

(ii) to parent undertakings of a large group, other than those referred to in paragraph (a)(ii);

(c) for financial years starting on or after 1 January 2028:

(i) to small undertakings and medium-sized undertakings which are listed public-interest entities;

(ii) to small and non-complex institutions, provided they are large undertakings or that they are small undertakings or medium-sized undertakings which are listed public-interest entities; and

(iii) to captive insurance undertakings and captive reinsurance undertakings, provided that they are large undertakings or that they are small undertakings or medium-sized undertakings which are listed public-interest entities.

(2) The measures indicated in regulations 25 to 32 with respect to reporting concerning third-country undertakings shall be applicable to third-country undertakings for financial years starting on or after 1 January 2028.

(3) The provisions of sub-regulation (1) shall also apply mutatis mutandis to issuers in terms of the MFSA Capital Markets Rules as follows:

(a) for financial years starting on or after 1 January 2026:

(i) to issuers which are large undertakings exceeding on their balance sheet dates the average number of five hundred (500) employees during the financial year; and

(ii) to issuers which are parent undertakings of a large group exceeding on its balance sheet dates, on a consolidated basis, the average number of five hundred (500) employees during the financial year;

(b) for financial years starting on or after 1 January 2027:

(i) to issuers which are large undertakings, other than those referred to in paragraph (a)(i); and

(ii) to issuers which are parent undertakings of a large group, other than those referred to in paragraph (a)(ii);

(c) for financial years starting on or after 1 January 2028:

(i) to issuers which are small undertakings or medium-sized undertakings;

(ii) to issuers which are small and non-complex institutions provided they are large undertakings or that they are small undertakings or medium-sized undertakings which are listed public-interest entities; and

(iii) to issuers which are captive insurance undertakings or captive reinsurance undertakings, provided that they are large undertakings or that they are small undertakings or medium-sized undertakings, which are listed public-interest entities.

(4) The measures indicated in regulations 33 to 38 and 40 shall be applicable for financial years starting on or after 1 January 2026.