Welcome to the monthly capital markets update, a briefing from our capital markets practice area rounding up the month’s regulatory developments within the equity and debt capital markets and looking ahead to future developments.
Malta Update
UPDATE NUMBER 02/2024/01
The Malta Financial Services Authority (‘MFSA’) has initiated a survey to evaluate stakeholders’ experiences and perspectives regarding the disclosure and reporting obligations stemming from the European Union Sustainability Disclosures and Reporting framework.
This survey encompasses the EU Taxonomy Regulation, Sustainable Finance Disclosure Regulation, Non-Financial Reporting Directive, Corporate Sustainability Reporting Directive, EU Benchmarks Regulation, and Green Bond Standard Regulation, alongside amendments to the Capital Requirements Regulation.
The aim is to assess stakeholders’ awareness, readiness, challenges, and opportunities concerning sustainable finance disclosure and reporting requirements.
The outcomes will aid the European Commission and the MFSA in guiding markets and policymaking in sustainable finance.
European Union Update
UPDATE NUMBER 02/2024/02
On 8 February 2024 the European Financial Reporting Advisory Group (‘EFRAG’) launched two public consultations on the draft XBRL taxonomy for European Sustainability Reporting Standards (‘ESRS’) Set 1 and draft XBRL taxonomy for Article 81 Disclosures. These consultations aim to gather input for the finalization of the taxonomies, with supplementary documents provided on EFRAG’s website to aid respondents.
The European Commission assigned EFRAG to develop the digital taxonomy for the ESRS Delegated Act, with approval granted by both EFRAG and European Sustainability Reporting Board (‘ESRB’). The resulting ESRS Set 1 Draft XBRL Taxonomy will facilitate digital labelling of ESRS statements, by offering XBRL elements (referred to as ‘tags’) for each datapoint and dimensional disaggregation specified in the ESRS disclosure requirements. To process the XBRL taxonomy, an XBRL software is required.
UPDATE NUMBER 0/2026/03
The European Commission adopted Commission Implementing Regulation (EU) 2026/1291, introducing revised Implementing Technical Standards (“ITS“) governing insider lists under Article 18 of MAR.
The revised ITS will apply from 5 July 2026, replacing the previous implementing regulation and simplifying the administrative requirements relating to the preparation and maintenance of insider lists.
Key Changes:
- The simplified (alleviated) insider list format now applies to all issuers.
- Fewer personal data fields are required, removing information such as home addresses and personal telephone numbers.
- Permanent insider lists now include a new “ceased” field recording when an individual ceases to have permanent access to inside information, rather than removing the individual from the list.
- The MFSA is expected to update its standard insider list templates accordingly.
We recommend that Eden Finance updates its insider list templates and internal MAR procedures before the new ITS apply on 5 July 2026.
UPDATE NUMBER 06/2026/04
The European Single Access Point (“ESAP“) Regulation introduces a single EU-wide platform through which publicly available financial, sustainability and regulatory information will be accessible. While it does not create new disclosure obligations, it introduces new filing requirements for information already required under EU legislation.
From 10 July 2026, issuers required to publish information under the:
- Prospectus Regulation;
- Transparency Directive; or
- MAR,
must also submit that information to the relevant national collection body in a prescribed machine-readable or data-extractable format together with specified metadata, including LEI, issuer details and document classification.
As a listed debt issuer, Eden Finance should ensure that its regulatory filing procedures are updated to accommodate the parallel ESAP submission requirements once implemented in Malta.
