An accepted market practice is a form of conduct that, although seemingly manipulative, is permitted under MAR provided it has been formally recognised by a competent authority. Crucially, no accepted market practice has been established in Malta to date. The regulatory “safety valve” envisaged by the accepted market practice regime is, therefore, absent in Malta. The idea of an accepted market practice for liquidity contracts has been discussed before, including at a Malta Stock Exchange conference in 2023. An accepted market practice would not create a regulatory free-for-all.