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ARTICLE · 31 MARCH 2021

Reforms To The Company Services Provider Sector Now In Force

Ganado Advocates
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The Company Service Providers (Amendment) Act, 2020 (the "Amendment Act") came into force on the 16 March 2021 by virtue of Legal Notice 96 of 2021.

MaltaFinance and Banking
Annalise Papa
Annalise Papa
Saman Bugeja
Saman Bugeja
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The Company Service Providers (Amendment) Act, 2020 (the "Amendment Act") came into force on the 16 March 2021 by virtue of Legal Notice 96 of 2021. It serves to amend the provisions of the Company Services Providers Act, Chapter 529 of the Laws of Malta (as amended by the Amendment Act, the "CSP Act"). The Malta Financial Services Authority ("MFSA") has also launched the updated Rulebook for Company Services Providers (the "Rulebook") in this respect.

The revamp which the new CSP Act and Rulebook have brought about cannot quite be fully summarised within a few pages but the result is largely one where the applicable rules cast a much wider net by extending to all types of legal persons and not just companies, removing previously applicable exemptions and de minimis rules, and impose farther reaching ongoing obligations and heftier penalties for non-compliance in a bid to raise standards within the sector.

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