The Notification Requirement
In virtue of the amendments to the CSP Act, natural persons who provide directorship and/or company secretary services in a company, not ‘by way of business’, shall notify the Malta Financial Services Authority (hereinafter referred to as ‘MFSA’) of these involvements. These involvements shall be limited to five (5) with a maximum of two (2) groups. The notification shall be submitted by not later than 16th July 2025.
Exemptions
The following individuals are not required to submit a notification:
- Individuals authorized to act as a trustee or to provide other fiduciary duties in terms of the Trusts and Trustees Act;
- Individuals acting as director and/or company secretary with respect to a legal entity that is licensed or authorized by the MFSA or by an overseas regulatory authority in a recognized jurisdiction, and their immediate holding company;
- Individuals acting as director and/or company secretary of a company whose financial instruments are admitted to listing on a regulated market
Moreover, natural persons acting as director/ company secretary in a company are not required to submit a notification if:
- They are required to hold such a position through their contract of employment; or
- They act as director/ company secretary in a company in which they hold a beneficial interest;
- They act as director/ company secretary of a company as a result of a family relationship.
The Registration Requirement
Persons who by way of business provide or act as directors and/or company secretaries of a company, holding a maximum of ten (10) involvements, shall apply for registration with the MFSA. These persons, referred to as Limited CSPs, shall also abide by the Limited Company Service Providers Rulebook published by the MFSA.
Further Information
Further information regarding the above requirements can be accessed via the following:
- Company Service Providers Act (Chapter 529 of the Laws of Malta)
- ‘Company Service Providers – Frequently Asked Questions’ published by the Malta Financial Services Authority and accessible via the following link https://www.mfsa.mt/wp-content/uploads/2021/04/MFSA_Company-Service-Providers-FAQs.pdf
- ‘Guidance Note on the Notification Process for Restricted Company Service Providers’ published by the Malta Financial Services Authority and accessible via the following link
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