19th February 2024 – Circular Addressed to Company Services Providers on the Submission of the Annual Compliance Return

The circular addresses the Annual Compliance Return (“ACR”) which Company Service Providers (“CSPs”) are required to submit on an annual basis as part of their regulatory submissions to the MFSA. CSPs are informed that the revised ACR template is now available on the MFSA website. The circular gives clear description on the following aspects:

 

  1. Changes to the ACR: Further to points 1.2 and 1.3 of the Circular dated 23th January 2024, advising the public of changes introduced to the CSP Rulebook, the requirement for the submission of the Certificate of Compliance and Statement of Solvency has been removed. The details pertaining to both regulatory submissions previously in place have now been incorporated in Sheet 20 and Sheet 21 of the ACR.

 

  1. Naming Conventions: CSPs are to submit the documentation, according to their licence classification, in the folder of each uploaded Zip file made through the LH Portal and are to be guided by the naming conventions as clearly mentioned in the circular accordingly. ACR is to be submitted in both excel and pdf format. Submissions by individuals should be made by not later than 30th April of each calendar year whilst those by body corporates should be made by not later than 4 months following the financial year end. All documentation should cover the previous calendar year.

 

  1. Uploading of Annual Compliance Return: Upon completion of the ACR, and collection of the required supporting documents, all the documentation needs to be zipped into one zip file using the following naming convention: LHCode_YYYY.zip. Licence Holders are then required to upload the completed zip file through the LH Portal, under the CSPs Annual Returns Project.

 

The detailed information, with image representation and tables, is available in the full circular.

 

The full circular can be accessed here.

 

For more information on the CSPs regulatory implications, necessary expenditures, or the proper set up, feel free to contact us.