CSP Exemption Notification

On the 16th March 2021, the Legal Notice 105 of 2021, Company Service Providers (Exemptions) Regulations, 2021 came into force. These regulations identify persons who are exempt from obtaining authorisation is terms of the Company Service Providers Act, Cap 529 of the Laws of Malta (the “CSP Act”) to act as company service providers (“CSPs”).

From the list of exempted person, only the following entities are required to notify the Malta Financial Services Authority (the “MFSA”) that they shall be acting as CSPs by way of business and that they are not applying for authorisation under the CSP Act.

  1. a person authorised to act as a trustee or to provide other fiduciary duties in terms of the Trusts and Trustees Act, Cap 331 of the Laws of Malta;
  2. a person registered to act as a VFA Agent in terms of the Virtual Financial Assets Act, Cap 590 of the Laws of Malta (“VFA Act”), when providing the activity of a CSP as part of its activity under the VFA Act, provided that the said activity shall not be or include the service of acting as director or secretary of a company, as a partner in a partnership or of acting in a similar position in relation to any other legal person.

The notification shall be submitted to the MFSA prior to 16th May 2021 and will be considered as valid only if the Company Service Providers Notification Form is duly completed, signed and submitted by e-mail on [email protected] and in original addressed to Conduct Supervision Department within MFSA.

However, the trustees and other fiduciaries that have already notified the Financial Intelligence Analysis Unit that they are carrying out CSP activity in terms of the relevant provisions of the CSP Act, are not required to notify the MFSA in this regard. All other exempt persons are also not required to notify the MFSA of the CSP services provided.

For further information, please contact us at [email protected].

The information contained in this write up is provided for general informational purposes only. It does not, and is not intended to, constitute legal advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this write up without seeking legal or other professional advice for your particular situation.