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ARTICLE · 09 OCTOBER 2020

MFSA Issues Feedback Statement On The Review Of Company Service Providers Regulation

GTG Legal
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GTG Legal

GTG Legal

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In October 2019, the Malta Financial Services Authority (MFSA) issued a consultation document on raising the bar for Company Service Providers (CSPs).

MaltaFinance and Banking
Cherise Abela Grech
Cherise Abela Grech
Luke Mizzi
Luke Mizzi

In October 2019, the Malta Financial Services Authority (MFSA) issued a consultation document on raising the bar for Company Service Providers (CSPs). The Document proposed revisiting the regulatory framework for CSPs extending its scope to eliminate any existing supervisory gaps and harmonise market entry requirements.

The MFSA's primary proposal was that all persons providing the services of a CSP will require authorisation from the Authority whilst also putting forward a number of new requirements to raise standards for CSPs. Following the expiration of the consultation period, the MFSA has now issued a feedback statement outlining its position.

Extending the Role of CSPs

In order to consolidate the CSP's role as a gatekeeper in the financial system, the MFSA had proposed extending the role of CSPs to include guidance on, and the submission of, documentation of all prospective applicants for authorisation with the MFSA. This would include applications for a

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