Overview
The MFSA is proposing enhancements to the Company Service Providers (CSPs) regulatory framework applicable to individuals who provide directorship/company secretary services to companies or hold equivalent positions in other legal entities but fall within specific criteria established by the Authority.
A workshop entitled ''Company Service Providers: Enhancing the framework, a proportionate approach'' will be held on 30 April 2025 to take attendees through the revisions which the MFSA is proposing to the current regulatory framework, namely consisting of:
- the introduction of two new concepts applicable to individuals providing the service of director/company secretary to a company or holding a similar position in other legal entities, to different extents;
- the introduction of a new Rulebook applicable solely to individuals who qualify as Limited Company Service Providers; and
- a revision to the number of involvements both for Class B Under Threshold CSPs as well as Class B CSPs.
Who Should Attend
- CSPs that are currently not authorised and that will be required to notify the Authority
Agenda
| 08:30H | Registration & Welcome Coffee | |
| 09:00H | Opening Remarks
Kenneth Farrugia - Chief Executive Officer, MFSA |
|
| 09:15H | CSP Reform: Enhancing the Framework, a Proportionate Approach
Alison Cortis - Head of Company Service Providers Supervision, MFSA |
|
| 09:45H | Registered Persons as Subject Persons
Jonathan Phyall - Head of Legal Affairs, FIAU |
|
| 10:15H | New Rule Book applicable to Registered Persons
Sheryl Agius - Senior Manager, Company Service Providers Supervision, MFSA |
|
| 10:35H | Coffee Break | |
| 11:00H | The Notification Process
Amanda Camilleri - Assistant Manager, Company Service Providers Supervision, MFSA |
|
| 11:20H | Panel Discussion, followed by Q&A - Ongoing Obligations of Company Service Providers
Matthew Scicluna - Head of Financial Crime Compliance, MFSA (Moderator) Alison Cortis - Head of Company Service Providers Supervision, MFSA |
|
| 12:30H | Concluding Remarks
Christopher P. Buttigieg - Chief Officer Supervision, MFSA |
|
| 12:45H | Networking Lunch | |
Registrations
The Authority encourages interested participants to register by filling the form below by not later than Monday 28 April 2025.
Registration is on a first come, first served basis.
Photos will be taken during the event with the intent to publish such photos on social media channels and websites. By registering, one would be granting consent to such data being used.
Speakers
Chief Executive Officer, MFSA
Kenneth Farrugia
Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.
CEO and Registrar of Companies, MBR
Geraldine Spiteri Lucas
Dr Spiteri Lucas is the Chief Exeuctive Officer / Registrar of the Malta Business Registry and is responsible for the overall management and performance of the Registry, as well as the strategy development and implementation of the Business Register. She has played a pivotal role in bringing about key changes within the entity that were crucial in updating the registry in line with european and international criterias. She graduated as a Doctor of Laws from the University of Malta in 2010 and few months later obtained her warrant to practice in the Maltese Courts. She read Masters in European and Comparative Law, graduating in 2012. She started her career with a leading local law firm, advising local and international clients on civil, commercial, corporate, shipping and aviation law. She also represented various clients in litigation procedures before Tribunals and local Courts. She is also a member of the board of examiners for the Department of Commercial Law of the University of Malta.
Chief Officer Supervision, MFSA
Christopher Buttigieg
Dr Christopher P. Buttigieg was appointed as Chief Officer Supervision in March 2020 following his appointment as Chief Officer Strategy, Policy and Innovation in 2019. During his tenure as Head of Securities and Markets Supervision before 2019, which stretched over four years, Dr Buttigieg was responsible for work in the field of policy, regulation and supervision of securities, markets and FinTech. He joined the Authority in 2000 as Manager in the Investment Services Unit and has gained professional experience in various areas of financial regulation, supervision, the investigation of market misconduct and the enforcement of sanctions. Dr Buttigieg was responsible for implementing various pieces of EU legislation in the field of securities and markets and has led different regulatory and supervisory teams within the Authority. He sits on the Authority’s Supervisory Council and represents the MFSA at various European Fora on financial regulation and supervision. He is the MFSA’s alternate member on the ESMA Board of Supervisors and is the Chair of the ESMA Data Standing Committee. Dr Buttigieg is a lecturer in the Banking and Finance Department of the University of Malta and has published various papers on financial regulation and supervision in academic and professional journals. For a period of two years, up to April 2015, Dr Buttigieg was a director on the board of the Malta Resources Authority, Malta’s energy regulator. In 2015, the President of Malta appointed Dr Buttigieg as a member on the board of the Fund for Voluntary Organisations. Dr Buttigieg is also a member of the Board of Trustees of the Academy of European Law (Trier).
Head, CSPs Supervision, MFSA
Alison Cortis
Alison Cortis is the Head of the Company and Services Providers Supervision function. She started her professional career in financial services over twenty-five years ago in the private sector, working with an international company specialising in the administration and management of trusts. Subsequently, Alison worked for five years with a local investment firm specialising in brokerage. She joined the MFSA in 2010 as part of the onsite supervision team for the Securities and Markets sector, and later moved to the Trustees and Company Service Providers function, responsible for the supervision of such entities. In 2020, Alison took on a leading role in relation to the Company Service Providers reform, involved in the legislative amendments and their implementation thereafter. In 2023, she was appointed Deputy Head, responsible for both authorisations pertaining to Trustees and Company Services Providers, as well as further amendments to the CSPs regulatory framework. Alison holds a Bachelor of Commerce (Hons) in Banking and Finance from the University of Malta and later obtained the Society of Trust and Estate Practitioners (STEP) Diploma in International Trust Management.
Head, Financial Crime Compliance, MFSA
Matthew Scicluna
Matthew Scicluna joined the MFSA in 2010, after a 2-year stint with a local bank, and has extensive experience in financial services regulation, risk management, supervision, focusing on AML/CFT and combatting financial crime. At the MFSA, he has held various positions within the Securities and Markets Supervision function, the Conduct Supervisory function and the Enforcement (AML/CFT section) function. Throughout his career, Matthew has been involved in a number of projects and assignments and worked on several major investigations related to ML and TF, currently representing the MFSA in various evaluations conducted by international bodies. He represented the MFSA within various Committees of the European Supervisory Authorities and is currently involved in a number of European network groups related to financial crime compliance. He also sits on the National Coordination Committee. He also attends sessions of the recently established Standing Committee on AML/CFT, which is a permanent internal committee of the EBA. Matthew holds a Bachelor of Commerce (Hons), Banking and Finance and the Master of Arts in Financial Services, from the University of Malta. He continued to specialise in financial services, completing an International Diploma in Anti-Money Laundering and an International Diploma in Financial Crime Prevention, both from the University of Manchester. He also possesses Crypto Currency Investigator accreditation from the Blockchain Intelligence Group.
Head, Legal Affairs, FIAU
Jonathan Phyall
Jonathan Phyall is the current Head of the FIAU’s Legal Affairs Section. He has been involved in the drafting of both local legislation in the area of AML/CFT, including as part of transposition exercises, and of guidance addressed to subject persons on how AML/CFT requirements are to be applied. Jonathan regularly attends for, and participates in, meetings of the Egmont Group of FIUs, the FIU-Platform, the Expert Group on Money Laundering and Terrorist Financing and of the European Banking Authority’s Anti-Money Laundering Standing Committee. In addition, he has participated in a number of Working Parties at Council level focusing on European AML/CFT legislation, including a number of Working Parties focusing on the AML Package. Jonathan also forms part of the Maltese delegation attending for the Conference of the Parties of the Warsaw Convention. He is also a MONEYVAL assessor. A lawyer by profession, prior to joining the FIAU, Jonathan held a number of compliance and AML/CFT-related positions with local financial institutions.
Senior Manager, CSPs Supervision, MFSA
Sheryl Agius
Sheryl Agius, Senior Manager within the Company Service Providers Supervision graduated with a Doctor of Laws from the University of Malta in 2016 and also holds a Master of Laws with specialisation in corporate and commercial law from the University of London. She also obtained the Foundation Certificate in Trusts Law and Management by the Institute of Financial Services Practitioners. Sheryl joined the MFSA back in 2016 as an Analyst forming part of the team responsible for the supervision of company service providers, trustees and other fiduciaries and has gained extensive experience in these fields. She currently holds the role of a Senior Manager within the CSPs Function specialising in the supervision of CSPs, including both onsite and offsite supervision. Sheryl has delivered numerous training sessions for trustees and CSP practitioners.
Assistant Manager, CSPs Supervision, MFSA
Amanda Camilleri
Amanda Camilleri is currently an Assistant Manager within the Authorisations Team of the Company Service Providers Supervision. Amanda joined the Authority in September 2020 as an Analyst in the Trustees and Company Service Providers Supervision, which at the time formed part of Conduct Supervision, and was part of the team responsible for the implementation of the reform to the Company Service Providers Act. Prior joining the Authority, Amanda worked in the financial services industry for a number of years, specifically with local Company Service Providers, where she handled portfolio of companies, trusts and yacht administration services.
Directors & CSPS SC Chair, IFSP
Etienne Borg Cardona
Etienne Borg Cardona is a certified public accountant (FCCA) by profession and holds a master’s in financial services from the University of Malta and a Ph.D. in leadership and management from Cranfield University, UK. Following a thirty-year career in leadership positions in the private sector, in 2017 he set up Capital Advisory, an independent consulting firm advising on corporate finance, financial management and corporate governance. He currently sits as an independent non-executive director on boards of listed, regulated, and private local and international companies in various industry sectors. He is a Fellow of the Chartered Association of Certified Accountants and of the Malta Institute of Accountants, where he was elected to council between 2012 and 2021. He is currently a council member of the Institute of Financial Services Practitioners (IFSP), Malta, where he chairs the Directors’ and Corporate Service Providers subcommittee, and a member of the Institute of Directors UK. He has lectured financial management in the department of accountancy within the Faculty of Economics, Management and Accountancy, and on the history of finance, commerce, and money in modern economies at the University of Malta Centre for Liberal Arts and Sciences at the University of Malta.
