Today the MFSA published a Feedback Statement following a Consultation Document on the Updated CSP Rules. The revised CSP Rulebook is fully aligned with the amendments made to the Company Service Providers Act (Cap 529 of the Laws of Malta) which was passed by Parliament as Act No. L of 2020 and published on 13 November 2020.
The Authority received contributions from a wide range of industry participants and interested parties, which were all carefully considered. In determining its position on specific issues raised and on new concepts introduced by the reform the Authority has focused on the need to apply a proportionate and risk-based approach to regulation. The Authority has also published guidance on the application of the CSP Act and Frequently Asked Questions (FAQs) which can be accessed the MFSA’s website.
MFSA’s Head, Conduct Supervision, Emily Benson explained that “the MFSA’s approach has been to ensure that the compliance burden for firms is reasonable and proportionate. The reform raises compliance standards in Malta to bring better quality business and assure the sector’s future.”
The full Feedback Statement is available on the MFSA’s website.