Author: | Published: 1 Aug 2005

Simon Tortell explains the reforms Malta must make to ensure compliance with the Directive

In Malta the Prospectus Directive should have become law on July 1 2005. It will be fully transposed soon. Thanks to Commission Regulation 809/2004, implementation legislation has been enacted that does not require transposition. So the more detailed rules concerning the information to be given in the prospectus, the format and the aspects of publication governed by this Regulation already form part of Maltese law.

The principles for the issue of prospectuses are contained in the Companies Act. A separate Chapter of the Companies Act, entitled "Capital issues by Public Companies" regulates the principles to be observed in the issue of a prospectus by public companies.

The Investment Services Act regulates collective investment schemes....