The Company Service Providers Act, Cap. 529 (Act No. X of 2025) came into force as of 16 May 2025, introducing significant changes for anyone providing company services in or from Malta. These services include acting as a director or company secretary. The most notable change, however, is in relation to directors or company secretaries who previously fell outside the scope of the Act – these persons may now be required to submit a notification.
In line with the regulatory developments, the Malta Financial Services Authority (“MFSA”) has published an updated CSP Rulebook and Guidance Notes.
Key Changes Under the Revised Framework
Under the revised framework, three categories of CSPs are now recognised:
- Authorised CSPs - subject to full licensing;
- Registered Persons - individuals with up to 10 involvements acting “by way of business” (also referred to as Limited Company Service Provider); and
- Restricted CSPs - individuals not acting “by way of business” (also referred to as Notified Persons).
Anyone offering directorship or company secretary services must now be either Authorised, Registered, or Notified by the MFSA, depending on their role, number of involvements and level of activity.
Simplified Regulation for Registered Persons (Limited CSPs)
The introduction of the Registered Persons category would mean that authorised persons that qualify under this category can benefit from simpler regulations.
Obligations for Restricted CSP (Notified Persons)
Individuals who are not acting by way of business, but still hold roles such as director or company secretary, fall under the Restricted CSP (Notified Person) category. These individuals must ensure that they do not hold more than 5 involvements and must not be involved in more than 2 Groups of Companies, as defined in the CSP Rulebook. Such individuals are required to notify the MFSA of their involvements via the LH Portal:
- By 16 July 2025, if already holding such roles before 16 May 2025;
- Within 14 days, for new appointments thereafter.
What you need to Do
If you act as a director or company secretary, it is now essential to:
- Assess the total number of involvements;
- Determine whether these are Exempt or Excluded;
- Consider whether they may be deemed to be acting by way of business.
This assessment will enable you to determine whether you fall under the Authorised, Registered or Restricted CSP category.
Non-compliance may lead to enforcement action or penalties. If you are unsure of your obligations, we strongly recommend seeking professional advice to ensure full compliance with the new framework.
Should you require assistance in determining your status or submitting the relevant forms to the MFSA, please reach out to your contact person at EMCS or send an email to: corporate-services-team@emcs.com.mt
