After a 3 month consultation period which saw the active participation of several stakeholders (including GANADO Advocates), the Malta Financial Services Authority (“MFSA”) published the final set of rules (the “Rules”) for company service providers.
The Rules are binding on all persons offering company or corporate services by way of business as defined by the Company Service Providers Act, 2013 (the “Act”) and lay down a statutory basis for the registration of such persons with the MFSA. Sometimes it may not be immediately apparent whether or not a particular service is a company service under the Act, and the Rules give the power to the MFSA to conclusively determine whether the carrying out of a particular activity is subject to registration.
The Rules apply to existing or prospective company service providers who are residents of Malta or operate in or from Malta. An important goal of the Rules is to ensure that applicants, be they individuals or corporate entities, are “fit and proper” persons. Amongst other things, they provide comprehensive guidelines on the application process, the financial and organisational requirements that each registered person is required to meet and also the conduct of business rules to be observed.
The Rules came into force on 21st March, 2014 and may be downloaded by clicking here.