The disclosure requirements applicable to listed companies under the MFSA listing rules and the prevention of financial markets and the prevention of financial markets abuse act : a critical analysis

Abstract

The obligation of Maltese listed companies to disclose corporate and financial information exists not only at application stage but applies throughout on a continuing basis. The rationale of disclosure requirements is to enhance the investors' confidence in the integrity of the financial system and to ensure a level playing field for all investors. All policies and legislative instruments, designed to curb market abuse, will benefit enormously from the enforcement of disclosure requirements on issuers of securities. The provision of reliable and comparable financial information is also essential for investors. The aim of this thesis is to analyse the disclosure requirements of a listed company contained in the MFSA Listing Rules and the Prevention of Financial Markets Abuse Act, to assess whether these requirements are suitable to Maltese listed companies and where necessary propose amendments to the existing disclosure regime. The disclosure requirements imposed on Maltese listed companies will be compared to those applicable to listed companies in Europe. Also, references and comparisons to EU Directives and implementing measures will be conducted.