Following the amendments made to the Company Service Providers Act (Cap 529 of the Laws of Malta) which was passed by Parliament as Act No. L of 2020 and published on 13th November 2020, the MFSA has issued a Feedback Statement following a Consultation Document on the Updated Company Service Provider (CSP) Rules, and is now fully pursuant to the aforementioned.
The revised CSP Rules see the addition of new concepts introduced by the reform and the revision to specific issues raised by the interest and contribution of industry and interested parties alike.
Particular attention was brought to the exemptions and the under-threshold classification sections.
A spotlight was also cast on persons who are currently exempt from or do not require registration, and instead are being nestled under the CSP Act, and now requiring an authorisation.
As mentioned by Emily Benson, Head of Conduct Supervision of the MFSA, the aim of the Authority is to assure that “the compliance burden for firms is reasonable and proportionate”, raising the standards for compliance in Malta and consequently a the quality of business whilst also safeguarding the future of the sector.
The Authority focused on the implementation of a proportionate and risk-based approach to regulation, and further published guidance on its application through its Frequently Asked Questions (FAQs) webpage.
Over the years CSB Group has emerged as a leader in the corporate services field, based on the vast experience accumulated from assisting Businesses, Expatriates, Entrepreneurs, High-Net-Worth Individuals, Private Individuals and families with their Corporate Needs.
CSB Group includes CSB International Ltd - C 38923, authorised by the Malta Financial Services Authority (MFSA) to act as a Company Services Provider and CSB Trustees & Fiduciaries Ltd - C 40390, authorised by the MFSA to act as a Trustee Company and Administrator of Private Foundations, making CSB Group a Trusted Advisor that can assist you in you every need.
The Group's Corporate Service team is specialised in the Formation of a Malta Company, and boasts a wealth of knowledge when it comes to Registering a Company in Malta, Redomiciliation in Malta, Branch Establishment, Mergers, Partnership Registration, Setting up Foundations, Global Company Incorporation, Start-up Undertakings, Private Exempt Companies, Back Office Management & Support, Accounting, and can further aid with Document and Forms sourcing.
Besides Malta company formation services, CSB Group provides resident directorship and professional management services for companies under its administration. Also provided are professional Company Secretarial and support services to companies under its general administration, ensuring ongoing compliance with the Maltese Companies Act.
Furthermore, Trust, Escrow and Fiduciary services in Malta also fall under CSB Group's services. Unlike in some jurisdictions, ‘Trusts' and ‘ Escrow' accounts in Malta are completely different legal relationships, offering an attractive solution for family wealth planning and asset ring-fencing.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
