Company service providers (CSPs) have until May 16 to register with the Malta Financial Services Authority for authorisation.

The authority said on Thursday all applications will be authorised, declined, or provisionally authorised by November 16.

Company service providers can only continue to operate under the transitional arrangements if they would have applied for CSP authorisation by the deadline.

The MFSA said it has also published guidance on the application of the CSP Act together with a list of frequently asked questions which can be accessed through a dedicated page on its website.

The authority on Thursday met virtually with over 500 CSPs as part of its efforts to support the industry by providing a comprehensive overview of the reform and its implementation, as well as facilitating the new authorisation process.

Head Emily Benson said the aim of the CSP reform is three-fold: to ensure fit and proper standards, to be assured that CSPs adhere to applicable legal and AML/CFT requirements on an ongoing basis and to apply a risk-based and proportionate regulatory approach.

“The CSP reform will place Malta at the forefront of good international practice, protecting the integrity of the financial system and the broader economy from undesired and illegal activity,” Benson said.

Senior analyst Angela Thorns explained the three main changes brought about by the reform

• warranted professionals providing CSP services to third parties will be required to apply for MFSA authorisation;
• the introduction of three classes of CSPs; and
• the change from registration to authorisation for all CSPs, including those already in possession of a Certificate of Registration.

Analyst Jessica Agius briefed participants about the CSP legislative framework which is well-supplemented with exemption and fees regulations, rules, guidance notes and application procedures to support the sector in understanding its regulatory obligations under the new regime.