In a move aimed at streamlining regulatory processes, the Malta Financial Services Authority (MFSA) announced significant changes to the Rulebook for Company Service Providers (CSP Rulebook), effective January 23, 2024. The amendments, detailed in Circular 23 January 2024 addressed to Company Service Providers [such as Papilio Services Limited, are entities that provide corporate services by way of business, including but not limited to company registration in Malta, mergers and acquisitions, or business relocation to Malta (company re-domiciliation), through to back-office support and administration services such as directorship and company secretary services and the provision of registered office, business support, or correspondence addresses for businesses, even recruitment, helping businesses large or small, from start-ups to international enterprises, across a range of sectors] introduce modifications impacting regulatory submissions due in 2024 and beyond. Notably, authorised CSPs will witness a reduction in standalone documentation submissions as the MFSA endeavours to simplify procedures.
Apart from changes in regulatory submissions, the CSP Rulebook underwent further modifications:
The Malta Financial Services Authority (MFSA) declared on February 19, 2024, that the updated Annual Compliance Return (or “ACR”) template is currently accessible on the MFSA website.
The changes introduced by the MFSA aim to simplify regulatory procedures for CSPs, aligning with industry standards and enhancing efficiency. These modifications reflect the Authority’s commitment to fostering a conducive environment for business operations while ensuring compliance with regulatory standards. Streamlining regulatory processes for CSPs can contribute to greater efficiency in business operations and make the jurisdiction even more appealing to foreign investors and companies seeking a favourable regulatory environment, i.e. with company registration in Malta. This, in turn, can stimulate foreign direct investment (FDI) and promote economic growth. While the changes aim to simplify procedures, they are also designed to ensure that Malta maintains robust regulatory standards. By integrating certain documentation requirements into the updated Annual Compliance Return (ACR), the Malta Financial Services Authority (MFSA) can continue to monitor and supervise CSPs effectively. This helps to safeguard the integrity of Malta’s financial and corporate services sector, enhancing trust and confidence among investors and stakeholders.
Thomas Jacobsen |
Szabolcs Toth |
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