CSP Reform: Entry into force of the Amendments to the CSP Act
The 16 March 2021 marks the entry into force of the Act L of 2020 which aims to reform the regime regulating Company Service Providers (‘CSPs’) and, inter alia, removes previous exemptions applicable to warranted professionals and de minimis operators in providing directorships, company secretarial services, registered office and/or incorporations.
The Rulebook for Company Service Providers has also been accordingly updated by the MFSA.
Applicants for authorisation under the updated regime have until the 16 May 2021 to submit their applications to the MFSA through the LH Portal whilst CSPs which already hold a CSP registration are not required to submit an application and will see their registration automatically converted to an authorisation under the CSP.
For further information and assistance, including how the new regime could, potentially, impact your business, please do not hesitate to contact us on firstname.lastname@example.org