On the 12^th May 2014, the Malta Financial Services Authority (MFSA) issued a Circular notifying the financial services industry of the adoption of three Legal Notices implementing Commission Regulation (EU) No 1031/2010 on the timing, administration, and other aspects of auctioning of greenhouse gas emission allowances, pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community.

The said Legal Notices include, inter alia, the Investment Services Act (Amendment of the First Schedule) Regulations, 2014, which effectively supplement the investment services listed in the First Schedule to the Investment Services Act by introducing the new activity of bidding in emissions allowance auctions which arises out of the aforementioned EU Auctioning Regulation.