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Bill No. 13
Company Service Providers Bill Back to List

Twelfth Legislature (2013 - 2017)

Objects and Reasons

The object of this Bill is to provide for the new Company Service Providers Act, which implements Article 36 of Directive 2005/60/EC of the European Parliament and of the Council of 29 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, in so far as the said article applies to company service providers. The said Act establishes a regime for registration with the Malta Financial Services Authority by any person resident or operating in or from Malta who acts as a company service provider by way of business.

This Bill also aims to transpose the provisions of Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority).


Furthermore, this Bill also serves the purpose of transposing the provisions of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. Another Directive which this Bill aims to implement is Article 3 of Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate.

Another Directive which this Bill seeks to implement is Directive  2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate.

This Bill also amends the Companies Act, mainly to further regulate the office of the Official Receiver. 

Motion No. 65 - Company Service Providers Bill

Act No. XX of 2013 - Company Service Providers Act


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