The functions and first two decisions of the Malta Stock Exchange Tribunal

Abstract

The Stock Exchange Act of 1990 Act came into force in 1992. The Act established the Council of the Exchange as a regulatory authority responsible for the licensing and supervision of stockbrokers, the listing of securities and the monitoring of trading on the Maltese Borsa set up by the same law. The Malta Stock Exchange Tribunal was created by Part III of the Act, which also introduced the first ever rules on insider dealing in Maltese legislation. Since 1994, however, the principal legislation on insider dealing is the Insider Dealing Act of that year. Some of the original rules of the 1990 Act have been retained, including the provisions dealing with the Tribunal The Insider Dealing Act of 1994 is largely of a criminal law nature; it establishes a number of insider offences and it does not provide a civil remedy for losses suffered consequent to a breach of the insider dealing provisions. The 1994 Act was broadly modelled on the U.K. Company Securities (Insider Dealing) Act of 1985 (now repealed).