Regulatory Alerts2016-04-29
Added · Updated
Circular on the Rules for Trustees of Family Trusts
The Malta Financial Services Authority finalizes rules for corporate trustees of family trusts under Article 43B of the Trusts and Trustees Act, requiring registration rather than full authorization. The rules mandate that all directors undergo a fit and proper assessment with at least one possessing trust administration experience, while removing the previous requirement for a professional trustee on the board. Additionally, a new rule requires a director or senior officer to serve as the Money Laundering Reporting Officer, and the definition of family members is expanded to include collateral relatives up to the fifth degree. These rules are effective as of the date of publication.
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