Financial Services And Fintech Update (26/9/20)

Malta Financial Services Authority (MFSA) Updates

MFSA issues Circular to Companies and Individuals providing Directorship Services

The MFSA has issued a circular reminding those companies and individuals who provide directorship services of the importance of observing all their obligations, both under the Companies Act as well as the appropriate legislative and regulatory framework.

One way of ensuring that directors are indeed acting in the best interests of the company and that their duties are performed in an honest and transparent manner is by complying with Article 183 and Article 184 of the Companies Act. Respectively, both articles deal with the company's obligation to prepare and submit annual accounts and annual returns and require that submissions are to be complete and precise.