The revised CSP Rules see the addition of new concepts introduced by the reform and the revision to specific issues raised by the interest and contribution of industry and interested parties alike.
Particular attention was brought to the exemptions and the under-threshold classification sections.
A spotlight was also cast on persons who are currently exempt from or do not require registration, and instead are being nestled under the CSP Act, and now requiring an authorisation.
As mentioned by Emily Benson, Head of Conduct Supervision of the MFSA, the aim of the Authority is to assure that “the compliance burden for firms is reasonable and proportionate”, raising the standards for compliance in Malta and consequently a the quality of business whilst also safeguarding the future of the sector.
The Authority focused on the implementation of a proportionate and risk-based approach to regulation, and further published guidance on its application through its Frequently Asked Questions (FAQs) webpage.