Important Updates Relating to the Trusts Ultimate Beneficial Ownership Register

Circular Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt Important Updates Relating to the Trusts Ultimate Beneficial Ownership Register I. Reporting Nationalities on the Trusts Ultimate Beneficial Ownership Register As part of the ongoing work which is being undertaken by Malta to implement the Beneficial Ownership Registers Interconnection System (‘BORIS’), as required by EU legislation, enhancements were made to the field relating to the ‘Nationality’ of beneficial owners in terms of reporting on the Trusts Ultimate Beneficial Ownership Register (‘TUBOR’). The nationality field has been changed from a free text one to a drop-down list of countries as can be seen below: As a result of this change all beneficial owners’ nationality will refer to the corresponding country. For example, if the nationality was reported as being ‘Maltese’ this will now appear as ‘Malta’. In addition, the system now also allows for more than one nationality to be recorded as can be seen below: 19 April 2022

Circular Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt Trustees are to therefore ensure that if there are any beneficial owners who have more than one nationality all such nationalities (and the applicable corresponding identification document details, if available) are to be reported on TUBOR.

Circular Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt II. Updates to the Register of Beneficial Owners of Trusts - Frequently Asked Questions The MFSA would like to announce that a FAQ has been added to the Register of Beneficial Owners of Trusts Frequently Asked Questions. The additional question relates to the procedure that is to be followed when there is a change in the trustee of a trust which has been reported on TUBOR. Furthermore, a clarification has been added to the FAQ which focuses on the procedure that is to be followed when a trust has terminated. The updated version of the FAQs can be found at the following link as updated on 19 April 2022. III. Reminder to Trustees to ensure reporting of details as to whether beneficiaries have received a benefit or otherwise The MFSA wishes to remind the industry that according to FAQ 6 of the Register of Beneficial Owners of Trusts – Frequently Asked Questions, as updated on 19/04/2022, where a beneficiary is an individual, the Trustee must indicate ‘whether the beneficiary has received a benefit or otherwise’ in the field relating to the ‘nature and extent of the beneficial ownership’. Trustees are to therefore ensure that this field is populated and all information is provided before any submissions are made. Incomplete submissions will be reverted back to the Trustee for amendment and will not be accepted by the Authority. Lastly, Trustees are reminded to ensure that all information reported on TUBOR is accurate and up to date. The Authority therefore expects Trustees to exercise the utmost prudence, diligence and attention when inputting data in relation to the declarations of beneficial ownership of trusts, and to refer closely to the guidance issued by the MFSA in the above￾mentioned FAQs. Should you have any queries, please contact us on trustsboregister@mfsa.mt.