Enhanced Risk Management responsibilities for Company Service Providers
The MFSA has been working extensively since 2019 to bring about wholesale changes to the Company Service Providers (CSPs) regulatory regime. The recently published CSP (Amendment) Act, 2020 (‘Act’) marks the first step in implementing this reform. As part of its efforts to reform the sector, the Authority has launched an updated Rulebook for consultation, which is fully aligned with the Act and which establishes detailed rules on the governance systems, core functions and capital requirements expected of CSPs. In essence, this translates into higher expectations from CSPs to strengthen their governance structures and upgrade their systems, policies and procedures.