The MFSA is inviting comments by 5 March 2009 on the draft amendments that have been made to Listing Rules 8.36 to 8.39 in order to transpose Article 1(7) of Directive 2006/46/EC.

It said Article 1(7) of the Company Reporting Directive has introduced a new article 46a to Directive 78/660/EEC (Fourth Company Law Directive) that requires companies whose securities are admitted to trading on a regulated market to include a corporate governance statement in their annual report. Currently Listing Rules 8.36 to 8.39 already require issuers listed in Malta to include in their report a statement of compliance providing an explanation of the extent to which they have adopted the Code of Principles of Good Corporate Governance contained in Appendix 8.1 to the Listing Rules.

However, the said Listing Rules need to be amended so as to fully transpose the provisions of article 1(7) of the Company Reporting Directive.

Interested parties are to submit their comments in writing addressed to the Deputy Director, Company Compliance Unit, MFSA or by e-mail, on cocomp@mfsa.com.mt.

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The MFSA said the European Commission has launched a consultation on the review of the application of the Prospectus Directive, including proposals to improve and simplify this Directive. The Prospectus Directive aims to ensure that investors are provided with clear and comprehensive information when making investment decisions.

Following extensive and continuous dialogue with stakeholders, including the Committee of European Securities Regulators (CESR) and the European Securities Markets Expert Group (ESME), the EU Commission has concluded that some particular elements of the Prospectus Directive merit a review and has put forward proposals to improve and simplify the Directive. The EU Commission wishes to assess the potential impact of its proposals and the merit of any alternative approaches.

The EU Commission is inviting all interested stakeholders to participate in this consultation process. The closing date for replies is March 10, 2009 and replies can be sent to MARKT-G3@ec.europa.eu.

The above mentioned consultation papers can be accessed from the MFSA website www.mfsa.com.mt.

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