EU Regulation Update: Notification Thresholds Increased
On 4 December, the Malta Financial Services Authority (MFSA) published a circular to inform the market that, following the publication of EU Regulation 2024/2809 (being part of a broader effort to promote EU capital markets, commonly referred to as the ‘Listing Package’), the national threshold for the notification of managers’ transactions in terms of article 19 of the EU Market Abuse Regulation (MAR) has been increased from EUR 5,000 to EUR 10,000.
This means that persons discharging managerial responsibilities (PDMRs), as well as the persons closely associated to them (PCAs), will now need to notify every transaction in the financial instruments of the issuer when the value of their respective transactions reaches EUR 10,000 within a calendar year. PDMRs’ and PCAs’ obligation to submit their notifications to both the issuer and the MFSA has remained unchanged, as has the obligation to submit notifications via the MFSA’s online portal.
From a legal perspective, this change will be effected through an update of Rule 3-3.3 of the MFSA’s Prevention of Financial Markets Abuse Rules.
