MFSA Consultation Document – CSP Rulebook

MFSA Consultation Document – CSP Rulebook

MFSA Consultation Document – CSP Rulebook

On the 1st December, the MFSA issued a Consultation Document in connection with a Rulebook for Company Service Providers. This Rulebook supports the amendments made to the Company Service Providers Act, Chapter 529 of the Laws of Malta, (the “Act”) which were published on the 13th November 2020. It is expected that the Act will be brought into force through a legal notice by the Minister of Finance and Employment in the coming months.

Once the amendments to the Company Service Providers Act are in force, they will inter alia introduce (i) categorisation of company service providers into classes depending on the services offered; and (ii) remove the exemption for warranted persons offering Company Service Provider services by way of business.

The Rulebook, as revised by the Authority, is fully aligned with the Act and establishes detailed rules on governance systems, core functions and capital requirements expected of Company Service Providers as well as transitory periods, where applicable. Moreover the Rulebook outlines the criteria for those classes considered as ‘under threshold’ where a proportionate regulatory approach will be applicable.

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