The amendments to the Company Services Providers Act came into force on the 16th March 2021 which amongst others provide for the removal of exemptions applicable to certain warranted professionals, who were not required to be registered with the competent authority i.e. the MFSA to be able to provide corporate services. Such individuals will now be required to submit an application to the MFSA by not later than the 16th May 2021 for them to be authorized in terms of the Act.
Corporate Services Providers who are already in possession of a registration as a CSP do not need to submit a fresh application, but will automatically be authorized to provide the said services.
The Act also introduces the categorisation of CSPs into different classes by reference to the services offered. The MFSA has also published the updated Rulebook for Corporate Services Providers.