The Malta Financial Services Authority (the “MFSA”), the competent authority for supervising public takeover bids in Malta, has recently revised Chapter 11 of the Listing Rules. Chapter 11 is the chapter in the Listing Rules regulating the conduct of public offers and bids for the acquisition of securities admitted to trading on a regulated market.

The changes to Chapter 11 have been introduced following a consultation process which commenced in February 2017 whereby the MFSA sought contributions from interested parties and stakeholders as to suggested beneficial or required amendments to Chapter 11. Camilleri Preziosi, having extensive experience in advising companies listed on the official list of the Malta Stock Exchange subjected to takeover bids as well as bidders participating in takeovers of such companies, participated in the consultation process.

The changes which have been implemented in Chapter 11 are aimed at clarifying certain aspects of the takeover bid process, including the role of the MFSA in a takeover bid, as well as to provide much needed guidance on the interpretation of specific rules in Chapter 11. Additionally, the MFSA has amended the structure of Chapter 11 by adding six guidance notes to the tail-end of the Chapter. The guidance notes do not form part of the Listing Rules, however are intended to provide further guidance on particular aspects of Chapter 11.

A revised version of Chapter 11 may be found here, while a complete set of the Malta Listing Rules updated as at 25 May 2018 is available here.