This is a Public Discussion organized by the Malta Institute of Accountants for Members Only

Registration Time:  14:45

Session Time: 15:00 - 16.30

Speaker: Mr. Fabio Axisa, President the Malta Institute of Accountants
Venue: Online Webinar via Zoom

Participation Fee : Free for members of MIA

With the coming into force of Act L of 2020, An ACT to amend the Company Service Providers Act, Cap. 529 and to provide for matters ancillary or incidental thereto, on 16 March 2021, the previous exemption applicable to warranted professionals and de minimise operators to carry out CSP services without the need for any authorisation, will no longer be applicable. Instead, CSPs will be categorised into classes by reference to the services offered. 

An updated Rulebook for Company Service Providers has now been published by the MFSA – (https://www.mfsa.mt/wp-content/uploads/2021/03/Company-Service-Providers-Rulebook.pdf. ). Noteworthy is also Legal Notice 105 of 2021, Company Service Providers (Exemption) Regulations, 2021 (link - https://legislation.mt/eli/ln/2021/105/eng) which makes provision for a list pf persons who are exempted from authorisation and the provisions of the Company Services Providers ACT.  

In practice, this means that any warranted accountant or accountancy firm carrying out CSP services, performing such services by way of business, will be subjected to a market entry or licensing requirement.  In fact, any practitioners who would like to continue to carry out CSP services are being requested by the MFSA to submit their applications to the Authority through the LH Portal from 16 March 2021 until 16 May 2021 for authorisation in terms of the CSP Act. Those CSPs who are already in possession of a registration as a CSP do not need to submit an application. Their registration will automatically be converted to an authorisation under the CSP Act and they will be contacted by the Authority in relation to their class categorisation shortly. Further information about the CSP Reform including the application form can be found on the MFSA website (here - https://www.mfsa.mt/firms/conduct-supervision/company-service-providers/the-new-company-service-providers-regime-in-light-of-act-l-of-2020/ ). This section will be updated periodically so as to keep stakeholders updated on the CSP Reform.

The MIA has already been actively involved and provided extensive feedback to the MFSA in the course of the Consultation process which led to the publication of the relevant regulatory framework. Indeed, an MIA event was held for members in December 2020 with the precise objective of hearing out members and presenting their views to the relevant authorities. We now note that whilst some suggestions were taken on board, others were not.

We do encourage you to attend and come prepared by reading the published Rulebook and relevant legislative measures prior to the meeting. 

If you have any questions kindly send these by not later than Tuesday 23rd March noon on technical@miamalta.org

Target Audience

Small medium practitioners, professionals acting as company service providers and members

DISCLAIMER

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