On the 9th July 2025 the Malta Financial Services Authority (“MFSA”) issued a circular detailing the findings of its 2024 thematic review into the quality, timeliness, and accessibility of company announcements by publicly listed entities. The review, part of the MFSA’s supervisory toolkit, aimed to assess compliance with ongoing disclosure obligations under Chapter 5 of the MFSA’s Capital Markets Rules.
Transparency is essential for the fair and proper operation of financial markets, as it underpins trust between market participants, enhances investor confidence, and safeguards market integrity. By ensuring that all stakeholders operate on a level playing field, accurate and timely disclosures help reduce misinformation, deter market abuse, and reinforce the resilience of financial markets.
To conduct this assessment, the MFSA employed a thematic review approach – a supervisory tool that enables the Authority to gain broader insight into cross-industry practices and trends by examining multiple issuers against a common disclosure theme. This methodology allows for the identification of systemic issues, benchmarking against industry norms, and promoting best practices across the market.
Key Findings and Regulatory Expectations:
1. Timeliness of Disclosures
The MFSA observed that 29% of issuers announced board meeting dates for financial approvals within just 1–5 days of the meeting itself. In some cases, no announcement was made at all – constituting a potential breach of regulatory obligations. The Authority now encourages issuers to publish financial calendars prior to or at the beginning of the financial year as a best practice to enhance market readiness and transparency.
2. Frequency of Announcements
Despite an increase in listed companies, there has been no corresponding rise in the volume of announcements. Equity issuers averaged 12.94 announcements in 2024, compared to 9.53 by bond issuers. The MFSA calls on issuers to strengthen their market communications, highlighting examples such as quarterly operational updates, Environmental, Social, and Governance (“ESG”) disclosures, and unaudited sales figures.
3. Format and Accessibility
14% of issuers were found to be uploading scanned documents, including Annual Financial Reports, which impairs accessibility and machine-readability. The MFSA strongly advises against this practice and urges issuers to ensure documents are uploaded in accessible, digital formats.
4. Attachments to Announcements
11% of issuers failed to attach Interim Financial Statements or Financial Analysis Summaries to the relevant announcements. The Authority emphasises the importance of embedding such documents directly within announcements to ensure ease of access and eliminate reliance on external links.
5. Director Nomination Disclosures
A significant 69% of equity issuers did not publish information regarding the director nomination process. The MFSA recommends that issuers clearly communicate nomination deadlines, procedures, and contact details through formal company announcements to promote shareholder engagement and procedural transparency.
Looking Ahead
The MFSA has made it clear that timely, complete, and accessible company announcements are not just regulatory requirements but also essential tools for maintaining investor confidence and market integrity. In light of these findings listed companies are strongly encouraged to review their disclosure practices and take a proactive approach to enhancing transparency.
For further information, the MFSA can be contacted at: [email protected].
Feel free to contact Zerafa Advocates for further insights into regulatory compliance for public listed entities.
The full circular can be accessed here.
