Regulatory Alerts2020-02-27
Added · Updated
Notice of coming into force of Regulations – Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2020
The Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2020, entered into force retrospectively on 1 January 2020, requiring trustees authorized or registered under Article 43 or 43B to submit declarations of beneficial ownership for all trusts under their administration. Trustees of existing trusts established prior to the regulations must submit these declarations by 30 June 2020, while new reporting obligations apply to non-EU trustees entering into business relationships or acquiring Maltese real estate. The amendments extend access to beneficial ownership information to persons demonstrating a legitimate interest and establish an appeal mechanism to the Court of Appeal for denied requests.
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