The New Company Service Providers Regime (in light of Act L of 2020)

The Company Service Providers (Amendment) Act, 2020 was passed by Parliament as Act No. L of 2020 and published on the 13 November 2020. With the coming into force of Act No. L of 2020, the requirement of MFSA authorisation to provide corporate services has been extended to those previously exempt from authorisation and supervision under the Company Service Providers (CSP) Act (Cap. 529 of the Laws of Malta), namely warranted professionals, as well as persons operating under the De Minimis Rule.

With the coming into force of this new regime, the aims of the Authority remain the same, that is, the risk-based supervision of Company Service Providers and their level of compliance with the applicable legislative framework and thereby the protection of the reputation and the future of the sector in Malta. The regime has been built on the principle of proportionality, as well as on the adoption of a risk-based approach.

The Authority has ensured that the legislative framework set in place is well-supplemented with Guidance Notes, Rules and the Exemption Regulations, to support the sector in understanding its regulatory obligations and to ensure that the regime is sufficiently robust. The Authority will be further addressing the information requirements of applicants through further documentation, direct communication in the form of a webinar (date to be advised) and through designated mailboxes.

Any queries should be sent to the Authority on [email protected].