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Consultation Document on the Updated CSP Rules


From: Ministry for Finance and Employment
​(Malta Financial Services Authority)
​Published on: ​9 December 2020
Running till: ​15 January 2021
​Last Updated: ​23 February 2021

Original Consultation

1.        Background

The MFSA launched a Consultation Document focusing on specific new areas of the proposed updated Rules for Company Service Providers. The updates follow the amendments made to the Company Service Providers Act (Cap 529 of the Laws of Malta), which was passed by Parliament as Act No. L of 2020 and published on 13 November 2020.


Once the amendments to the Company Service Providers Act are in force, they will introduce categorisation of company service providers into classes depending on the services offered and remove the exemption for warranted persons offering Company Service Provider services by way of business. There will be a move from the concept of registration to authorisation for all company service providers.


In light of these amendments, the MFSA is undertaking an overhaul of the Rules for Company Service Providers. The Rulebook, as revised by the Authority, is fully aligned with the Act and ensures that the proportionality principle is applied. It also establishes detailed rules on governance systems, core functions and capital requirements expected of Company Service Providers as well as transitory periods, where applicable. The Rulebook outlines the criteria for those classes considered as ‘under threshold’ where a proportionate regulatory approach will apply in line with the Feedback Statements to the Consultation Document entitled “Raising the Bar for Company Service Providers” issued in April 2020. The updated Rulebook is being published with the Consultation Document before it is brought into force, in order to give stakeholders time to familiarise themselves with its requirements. 


Additionally the Consultation Document puts forward the categories of persons who will be exempt from applying for authorisation under the Company Service Providers Act, as amended by Act L of 2020. The exemptions will be published by Legal Notice once the Consultation is concluded and feedback has been taken into account.
2.        Consultation Questions

Do you agree with the introduction of a second factor i.e. the EUR 100,000 in the definition of revenue?

Do you agree that the derogation relating to the Risk Management function takes into account the proportionality principle? 

Do you agree with the categories of exempt persons and the notification requirement to the Authority for the specified categories outlined?

Please be informed that submissions will be published on the webpage of this consultation at the end of the scoping phase. The lead Ministry has sole discretion upon the publication of comments.
Received contributions, together with the identity of the contributor, will be published on the Internet, unless the contributor objects to the publication of his/her personal data on the grounds that such publication would harm his/her legitimate interests. In this case the contribution may be published in anonymous form. Otherwise the contribution will not be published nor will, in principle, its content be taken into account.  Any objections concerning the publication of personal data should be sent to the service responsible for the consultation on the following email address:
Data Protection Statement the General Data Protection Regulation and the Data Protection Act (Chapter 586)

The General Data Protection Regulation and the Data Protection Act Chapter 586 regulate the processing of personal data whether held electronically or in manual form. The Ministry for European Affairs and Equality collects only information which is necessary for it to perform its intended functions and is set to fully comply with the Data Protection Principles as set out in the Data Protection Legislation.  Verification of the ID number provided will take place as deemed necessary. All personal data provided will be processed according to the General Data Protection Regulation and the Data Protection Act (Cap 586).
In addition, please be aware of:
·         Disclosure under the Freedom of Information Act (Chapter 496)
As we are a public authority all documents we hold, including documents related to this public consultation process, may be released following a request to us under the Freedom of Information Act (Chap. 496), unless such request may be subject of an exemption arising from the same Act.


Click on the 'Online Consultation' logo to go to the Public Consultations main page.

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