Company Services Providers Act exemptions no longer apply

The Malta Financial Services Authority (MFSA) has announced the start of the application period for authorisations under the Company Services Providers (CSP) Act, which no longer includes exemptions for certain operators.

In a press statement released on Tuesday, the MFSA said that individuals and entities providing corporate services such as the provision of directorships, company secretarial services, registered offices or incorporations, have until 16th May to register with the authority.

Amendments to the Company Service Providers Act have 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 introduces a categorisation of Company Services Providers (CSPs) into classes depending on the services offered.

The 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 already in possession of a registration as a CSP do not need to submit an application as their registration will automatically be converted to an authorisation under the CSP Act. The MFSA said that it will shortly contact these CSPs in relation to their class categorisation.

Further information about the CSP Reform including guidance on completing the application form can be found on the MFSA website, which will will be updated periodically.

The Authority will also be organising a number of webinars in the coming weeks to provide additional support to applicants.

The application form must be accessed from here and submitted through the LH Portal from 16th March 2021 until 16th May 2021.

Queries should be addressed to the Authority via email on cspframeworkqueries@mfsa.mt.