By virtue of a circular dated 3 June 2011, the Listing Authority ("LA") has communicated an amendment to the Listing Rules ("LR") with respect to persons who are directors of companies securities of which are admitted to listing on a regulated market and who are also directors, officers, partners or employees of companies that have an investment services licence issued under the Investment Services Act (Cap. 370 of the Laws of Malta) ("ISA").

The rationale behind the new rule is to avoid situations where the independence of directors of an issuer of listed securities may be tainted or compromised by the fact that they also occupy an official position within an investment advisory firm or vice-versa - namely that in giving advice to investment clients their independence in providing such advice to clients may be tainted or compromised or may be seen to be so, by the fact that they are directors of a company that issues instruments admitted to listing and subsequent trading on a regulated market.