MFSA Document: The Nature and Art of Financial Supervision - Volume X

29th February 2024 • News

TRUSTEES AND COMPANY SERVICE PROVIDERS SUPERVISION: AN INSIGHT INTO THE REFORM OF COMPANY SERVICE PROVIDERS AND THE AUTHORITY’S EXPECTATIONS

The MFSA has just published an important document on the outcomes of the CSP reform. The document highlights the observations on topics that were raised during the CSP Reform and in relation to which clarity on the MFSA’s expectations is considered useful for CSPs.

This document is addressed to all those authorised under the Company Service Providers Act and is also intended to be a reference to those persons considering seeking authorisation under the Act, advisors and industry bodies. It outlines the MFSA’s observations and corresponding compliance expectations so that authorised CSPs can take stock of what is expected by the Authority, make improvements to their processes and procedures, and reflect these in practice in their day-to-day operations. The Authority is also setting out its expectations regarding the standards required to be maintained by authorised CSPs in a bid to help them understand what the Authority expects during its supervisory engagements with CSPs. This document is also relevant to potential applicants as it gives insight into the Authority’s expectations both at application stage and on an ongoing basis. CSPs are urged to consider the observations set out in this document and how best to implement the standards expected by the Authority in practical terms.

To download the full document click here.

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