Previously exempted individuals and entities have to register for MFSA authorisation by 16 May 2021
As of the 16th March 2021, the Malta Financial Services Authority (MFSA) started receiving applications for authorisation in terms of the Company Services Providers (CSP) Act. This applies to individuals and entities providing corporate services such as, the provision of directorships, company secretarial services, registered offices or incorporations, who do not currently hold an authorisation by the MFSA to provide these services.
The amendments to the Company Service Providers Act removed previous exemptions applicable to warranted professionals and de minimis operators (corporate services providers whose activities were under a certain threshold in the Act) and introduced a categorisation of Company Services Providers (CSPs) into classes depending on the services offered.
Applications must reach the MFSA by the 16th May 2021.
MFSA’s Head of Conduct Supervision, Emily Benson, commented that, “The Authority is confident that the reform of the CSP Act will place Malta at the forefront of good international practice with respect to protecting the integrity of the financial system and the broader economy from undesired and illegal activity. It is part of a coordinated effort geared towards combatting financial crime, including money laundering and terrorism financing, on a national and international scale.”
CSPs who are already in possession of a registration as a CSP do not need to submit an application. Their registration will automatically be converted to an authorisation under the CSP Act and they will shortly be contacted by the Authority in relation to their class categorisation.
For further information about the CSP Reform including whether an authorisation under the new Act is required, guidance on completing the application form, as well as ensuring compliance with the new regulatory requirements contact us on info@bridge.mt or find out more about our services at www.bridge.mt.