MFSA Issues Requirements And Rules Update Reminder For Company Service Providers

On the 2 July 2021, the Malta Financial Services Authority (the "MFSA") issued a notice aimed particularly at those CSPs registered before the amendments were introduced by Act L of 2020 and the updated CSP rules, both of which came into force on 16 March 2021. All existing CSPs are required to comply with the updated CSP rules, following the 6-month transitory period granted on 16 March 2021.

New Capital Requirements

Following the circularissued by the MFSA to all previously registered CSPs earlier this year, allocating new classifications, such CSPs must ensure they are aligned with the new requirements under Rule R2-2.12 by 16 September 2021.

CSPs classified as:

• Class A: minimum share capital of €10,000 fully paid up, and to be maintained throughout its authorisation;