On 23 November 2012, the MFSA published a Consultation paper on the introduction of Company Services Providers Regulations. The aim of this proposed regime is to regulate persons who do not possess a licence or a warrant under various local acts, and who are currently providing or intend to provide company services in Malta.
The Malta institute of Accountants (MIA) filed its comments on the Proposed Company Services Providers Regulations on 19 December 2012.
The MIA believes that the proposed Regulations are a step in the right direction and thinks that all persons, resident in or operating from Malta, who act as company services providers on a habitual and regular basis should be required to apply for registration with the MFSA. This notwithstanding, the MIA expressed a number of concerns with the applicability of some of the proposed regulations to Certified Public Accountants (CPAs).
In summary, the MIA does not object to its members being part of the proposed regulatory regime however it thinks that regulation and supervision by the MFSA would not be warranted given that CPAs are sufficiently regulated and supervised, and propose that in the case of CPAs, the Regulations should de-couple registration from regulation and supervision. Accordingly the MIA thinks that the MFSA should not impose any application fees for those CPAs that fall to be registered under the proposed Regulations, or any other further regulatory fees.
The MIA comment letter is downloadable by Members from the ‘MIA Comment Letters’ e-library on the Institute's website which can be accessed after
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