The Malta Business Registry has published a Consultation Document on the 1st of November 2024 on the Proposed Enhancement to the Company Service Providers Framework. The MBR’s proposal aims to enhance oversight by introducing two key concepts, namely: Registration and Notification for individuals acting as directors, company secretaries, or holding similar roles in various legal entities. These concepts are intended to apply to differing extents depending on the individual’s responsibilities. Additionally, the MBR proposes establishing a new Rulebook specifically tailored to individuals who qualify for Registration, setting out streamlined regulatory requirements for these roles.
A notable part of the proposal also includes expanding the permitted number of client involvements for Class B Under Threshold CSPs. This change would allow such CSPs to manage up to 20 involvements, aiming to support scalability within the industry.
The MBR is inviting feedback from stakeholders on various aspects of this proposal. In particular, the Consultation Document seeks input on:
- Agreement with the introduction of the Registration and Notification concepts and the overall direction of the proposed revisions to the legal framework.
- Opinions on the introduction of a dedicated Rulebook for Registered Persons, including the suggested streamlining of regulatory submissions.
- Views on the proposed increase in the allowable number of involvements for Class B Under Threshold CSPs to 20.
More detail on the aforesaid proposals may be found on this link.
The deadline for submitting feedback is 15th November 2024. Stakeholders are encouraged to send their responses to the MBR via email by this date to contribute to the ongoing consultation.
