The Malta Financial Services Authority (MFSA) has issued a consultation document outlining proposed enhancements to the Company Service Providers (CSP) framework. The proposal introduces key updates aimed at strengthening compliance and governance standards for individuals in company administration roles.The Authority is proposing updates to the current legal framework with the following changes:
- Registration and Notification Requirements: Introducing new concepts of Registration and Notification, which will apply to individuals serving as directors or company secretaries, or holding similar positions in other legal entities, with varying requirements depending on the role.
- New Rulebook: Establishing a dedicated Rulebook specifically for individuals eligible for Registration to clarify compliance expectations and obligations.
- Expanded Involvement Limits for Class B CSPs: Increasing the allowable number of roles for both Class B Under Threshold CSPs and Class B CSPs to align with the new categories.
This proposal aims to enhance clarity and operational efficiency in managing compliance for individuals involved in company administration roles.
The MFSA invites all interested parties to review and submit feedback on these proposals by no later than 15 November 2024. Comments should be sent via email to [email protected].
If you would like to discuss anything in relation to the consultation or require any assistance with you compliance and risk requirements, reach out on [email protected] .
Access the document here: Consultation Document on the Proposed Enhancement to the Company Service Providers Framework
