S.L. 370.13 ст. 5Exercise of passport rights by persons licensed in Malta to operate a Multilateral Trading Facility or an Organised Trading Facility.

(1) Where the competent authority has clear and demonstrable grounds for believing that a person, authorised to operate a multilateral trading facility or an organised trading facility in any Member State or EEA state and who is providing access to its systems in Malta in exercise of a European right, is in breach of its obligations arising from the provisions adopted pursuant to

MiFID, it shall refer those findings to the European regulatory authority of the home Member State or EEA State.

(2) If, despite the measures taken by the European regulatory authority or because such actions prove inadequate, the person providing access to its systems in Malta in exercise of a European right, persists in acting in a manner which is clearly prejudicial to the interests of investors in Malta or the orderly functioning of markets, the competent authority shall, after informing the European regulatory authority, take all the appropriate measures needed in order to protect investors and the proper functioning of the markets. This shall include the possibility of preventing the person providing access to its systems in Malta, in exercise of a European Right from making the said arrangements available to remote members or participants established in Malta. The Commission of the European Union and ESMA shall be informed S.L.370.13 ORGANIZED TRADING FACILITIES REGULATIONS of such measures without delay. In addition, the competent authority may refer the matter to ESMA.

(3) Any measure adopted pursuant to this regulation shall be communicated to the person concerned, in writing, together with reasons justifying such measures and shall be subject to a right of appeal to the Financial Services Tribunal and the provisions of article 19 of the Act shall apply mutatis mutandis.

Part IV - Cooperation between the Competent Authority and European Regulatory Authorities