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Investment Funds & Asset Management

CSP Rulebook Update

by Ganado Advocates

23rd February 2024

On the 23^rd of January 2024, the Malta Financial Services Authority (the “MFSA”) released a circular, wherein it announced certain changes to the Rulebook for Company Service Providers (“CSP Rulebook”). The changes came into effect on the same day.

This set of updates to the CSP Rulebook focuses mainly on streamlining and simplifying regulatory submissions requirements for Company Service Providers (“CSPs”), namely:

CSPs are no longer required to submit the Certificate of Compliance which would have been due on the 31 December or each year;
Under Threshold CSPs are no longer required to submit Annual Self-Declarations;
individual CSPs are no longer required to submit standalone Annual Financial Returns, Statements of Solvency or the accompanying Balance Sheet;
CSPs constituted as Partnerships, including Warranted Civil Partnerships, authorised to act as Under Threshold Class A CSPs are no longer required to submit any financial data to the MFSA.

The information previously contained in the returns set out above is expected to be included in a revised Annual Compliance Return, which is yet to be published by the MFSA in time for CSPs to prepare for submission ahead of the submission deadline.

In addition to the changes to the regulatory submissions, CSPs constituted as legal persons should take note of updated process for the voluntary cancellation and surrender of their authorisation to provide CSP services. Additionally, the CSP Rulebook now states that the Internal Systems and Controls are now required to be assessed in an annual basis.

Authors: Marina Grech (Partner, Ganado Advocates) & Benjamin Farrugia (Trainee Advocate, Ganado Advocates)

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