Regulatory Alerts2014-05-02
Added · Updated
Circular on the Coming into Force of the Trusts and Trustees (Amendment) Act (Act XI of 2014)
The Malta Financial Services Authority announces the effective date of the Trusts and Trustees (Amendment) Act (Act XI of 2014) as 25 April 2014. The amendments revise Articles 1, 9, 12, 18, and 43A, introduce new Articles 14A, 24B, 24C, 43B, 43C, and 46B, and establish an office of Enforcer for charitable trusts. Authorized trustees and mandatories must maintain a minimum capital of €15,000 and professional indemnity insurance, with compliance deadlines of two years for capital and six months for insurance, compliance officers, and auditor reporting.
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