Company Service Providers (Exemption) Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,590, 16 ta’ Marzu, 2021 B 889

L.N. 105 of 2021

COMPANY SERVICE PROVIDERS ACT

(CAP. 529)

Company Service Providers (Exemption) Regulations, 2021

IN EXERCISE of the powers conferred by article 14 of the

Company Service Providers Act, the Minister responsible for the

regulation of Financial Services, acting on the advice of the Malta

Financial Services Authority, has made the following regulations:-

(1) The title of these regulations is the Company Service Citation and

commencement.

Providers (Exemption) Regulations, 2021.

These regulations shall come into force on 16 th March

(2)

2021.

(1)

In these regulations, unless the context otherwise Interpretation.

requires

"Act" means the Company Services Providers Act;

"Authority" means the Malta Financial Services Authority

established in terms of the Malta Financial Services Authority Act;

"recognised jurisdiction" means an EEA State or an EU Member

State or any other jurisdiction which, in the opinion of the Authority,

has an equal or comparable level of financial services regulation to

that in Malta.

(2) Words and expressions used in these regulations which are

also used in the Act but which are not defined herein shall have the

same meaning as assigned to them in the Act.

(1) The following persons are hereby being exempted for Exemption from

the purposes of the requirement of authorisation for company service authorisation

and from

providers in terms of article 3 of the Act and shall accordingly be complying

the Act.

exempted from complying with the provisions of the Act

(a) a person authorised to act as a trustee or to provide

other fiduciary duties in terms of the Trusts and Trustees Act;

(b) a person registered to act as a VFA Agent in terms of

the Virtual Financial Assets Act, when providing the activity of a Cap. 590.

company service provider as part of its activity under the said

Act, provided that the said activity shall not be or include the

service of acting as director or secretary of a company, as a

partner in a partnership or of acting in a similar position in

relation to any other legal person;

(c) a natural person who only offers the services of acting

as director or secretary of a company, as a partner in a

partnership or of acting in a similar position in relation to any

other legal entity, where such company, partnership or other

legal entity is licensed, registered or otherwise authorised by the

Authority

Provided that this exemption shall also apply to a

natural person offering only such services to a company,

partnership or other legal entity licensed, registered or otherwise

authorised by an overseas regulatory authority in a recognised

jurisdiction;

(d) a natural person who only offers the services of acting

as director or secretary of a company whose financial

instruments have been admitted to listing on a regulated market

in Malta in terms of the Financial Markets Act

Provided that this exemption shall also apply to a

natural person offering only such services to a company,

partnership or other legal entity whose financial instruments

have been admitted to listing on a regulated market by an

overseas regulatory authority in a recognised jurisdiction.

(2) The persons referred to in paragraphs (a) and (b) of sub-

regulation (1) shall, prior to providing any of the services of a

company service provider, notify the Authority that they shall be

acting as company service providers by way of business and that they

are not required to apply for authorisation with the Authority under the

Act.

The Authority may, at its discretion and at any time, request

any of the persons referred to in regulation 3(1) to furnish any

information and documentation related to such person’s operations and

activities as a company service provider, as it may deem necessary, and

such person shall collaborate with the Authority and shall promptly

collate and transmit without any undue delay such information and

documentation as the Authority may request.

€0.09