Cap. 476 ст. 20Co-ordination with other authorities.

(1) For the purpose of securing compliance with this Act and the Market Abuse Regulation, the competent authority may coordinate its efforts and exchange information with and otherwise collaborate with -

(a) any body or authority formed or established under Maltese law on matters in respect of which such body or authority may have a regulatory, supervisory, judicial or licensing function in terms of law and with the Registrar of Companies;

(b) any authority, European regulatory authority, overseas regulatory authority or body carrying out similar or equivalent functions or which has the responsibility to monitor the market and to detect, prevent or prosecute acts related to market abuse; and

(c) any other local or foreign supervisory, enforcement or judicial authorities whose functions include the detection, prevention or prosecution of acts related to market abuse.

(2) The competent authority shall exercise powers by virtue of this article -

(a) for preventing, investigating or detecting activities which amount or are likely to amount to market abuse under Maltese or foreign law;

(b) where the assistance is required by a European regulatory authority for the purposes of the exercise of one or more of its regulatory functions under the Market Abuse Directive, and, or the Market Abuse Regulation;

(c) where so required within the terms of Malta’s international commitments; or

(d) where so required within the terms of undertakings assumed in bilateral or multilateral agreements for the exchange of information and other forms of collaboration with overseas regulatory authorities including a request arising under a memorandum of understanding concluded with the competent authority.

(3) Upon receipt from a European regulatory authority for the purpose of carrying out its duties in the investigation and detection in terms of the Market Abuse Directive, and, or the Market Abuse Regulation, including a request by the European regulatory authority for them to accompany officers, employees or other agents of the competent authority during the course of an investigation, the competent authority shall immediately take the necessary measures in order to gather the information required by the European regulatory authority. If the competent authority is not able to supply the required information immediately, it shall notify the requesting European regulatory authority of the reasons.

(4) The competent authority may refuse to act on a request for information namely where:

(a) communication might adversely affect the sovereignty, security or public policy of Malta, in particular the fight against terrorism and other serious crimes or complying with the request is likely to affect its own investigation, enforcement activities or, where applicable, a criminal investigation;

(b) judicial proceedings have already been initiated in respect of the same actions and against the same persons before the courts of Malta; or

(c) where a final judgment has already been delivered in relation to such persons for the same actions in Malta.

In any case above-mentioned, the competent authority shall notify the requesting European regulatory authority accordingly, providing as detailed information as possible on those proceedings or the judgment.

(5) Where the competent authority is convinced that acts contrary to the provisions of the Market Abuse Directive and the Market Abuse Regulation are being, or have been, carried out on the territory of another Member State or EEA State, it shall give notice of that fact to the relevant European regulatory authority in as specific a manner as possible.

(6) Any person, body or authority receiving information exchanged pursuant to this article shall be subject the obligation of professional secrecy. Without prejudice to the obligations to which they are subject in judicial proceedings under criminal law, when the relevant person, body or authority receives information pursuant to this article, it may use it only for the exercise of its functions within the scope of this Act and in the context of administrative or judicial proceedings specifically related to the exercise of those functions:

Provided that where the European regulatory authority communicating information consents thereto, the competent authority receiving the information may use it for other purposes or forward it to any other foreign authority.

(7) Without prejudice to Article 258 of the Treaty on the Functioning of the European Union, where a request for information, co-ordination of efforts or other form of collaboration, including a request to accompany officials of the European regulatory authority during the course of an investigation in terms of the Market Abuse Directive, and, or the Market Abuse Regulation, made by the competent authority to a European regulatory authority in terms of this article is not acted upon within a reasonable time or is rejected, the competent authority may refer such rejection or absence of action to ESMA within a reasonable timeframe.

(8) (a) Notwithstanding any of the provisions of this Act, and without prejudice to any power under this or any other law, nothing shall prevent or obstruct the competent authority from assisting any overseas regulatory authority, authority, body or other entity as mentioned in article 17(2) of the Malta Financial Services

Authority Act for the purpose of carrying out its functions or duties in matters related to market abuse:

(i) where so required within the terms of Malta’s international commitments; or

(ii) where so required within the terms of undertakings assumed in bilateral or multilateral agreements for the exchange of information and other forms of collaboration with overseas regulatory authorities including a request arising under a memorandum of understanding concluded with the competent authority.

(b) Upon receipt of a request from any such authority, body or other entity for the purpose of carrying out its functions or duties in matters related to market abuse, the competent authority shall immediately take the necessary measures in order to gather the information required by such authority, body or other entity and may for such purpose exercise any of the powers under this Act. If the competent authority is not able to supply the required information immediately, it shall notify the requesting authority, body or other entity of the reasons.

(c) Sub-articles (4) and (6) shall apply to mutatis mutandis this sub-article.