The Malta Financial Services Authority (MFSA) is proposing to remove the exemption from
registration for legal professionals and accountants. Under the proposed new rules,
Lawyers, accountants, and notaries providing assistance to financial services firms will have
to register with the MFSA in a move to raise the bar for company service providers.

This is one of several new proposals made by the authority in a Consultation Document
released on Tuesday, 22 Oct, targeting companies that offer their services to firms seeking
authorisation from the MFSA.

The proposal outlined by the authority also includes:

  • a three-tier classification for company service providers that will define what services
    they are able to offer
  • the current notification requirement for persons having a licence or registration to
    provide company services be converted to a full authorisation
  • prospective applicants for authorisation would be required to engage a CSP in order
    to proceed with their application
  • persons wishing to be authorised as CSPs will be required to do so as a company
    Service providers will also be obliged to appoint two designated persons to act as directors,
    company secretaries, or serve as a partner in partnerships, on behalf of their clients.

 

The new rules will introduce a thorough scrutiny by the MFSA of client on-boarding systems
and processes adopted by CSPs.

The MFSA is also proposing to enhance the competence assessments for designated
persons, and other officials such as money laundering risk officers and compliance officers.

 

Date: 23 Oct 2019

Argus Global specializes in regulatory compliance. We can help you determine if your company is up to date with the latest regulations with compliance reviews, and we offer as well ongoing support for all your compliance needs.

 

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