Trusts and Trustees Act (Exemption) Regulations, 2009

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 18,491, 9 ta' Ottubru, 2009

Taqsima B

L.N. 264 of 2009

TRUSTS AND TRUSTEES ACT

(CAP. 331)

Trusts and Trustees Act (Exemption) Regulations, 2009

IN exercise of the powers conferred by article 57(1)(g) of the

Trusts and Trustees Act, the Minister of Finance, the Economy and

Investment, acting after consultation with the Malta Financial

Services Authority, has made the following regulations:-

The title of these regulations is the Trusts and Trustees Act Citation.

(Exemption) Regulations, 2009.

(1)

In these regulations, unless the context otherwise Interpretation.

requires

"the Act" means the Trusts and Trustees Act;

"approved jurisdiction" means those jurisdictions which the

Authority determines to have a level of regulation and supervision of

an equal or comparable level to that provided for under the Act and

under any other relevant legislation;

"approved by the relevant regulatory authority" means a person

who is licensed, authorized or otherwise adequately regulated in its

country of residence to the satisfaction of the Authority;

"the Authority" means the Malta Financial Services Authority;

"company" has the meaning assigned to it in article 2(1) of the

Act;

"overseas retirement scheme" means a bona fide scheme or

arrangement, organized under the laws of a country outside Malta,

which govern the rights and responsibilities of the parties thereto, and

under which payments are made to beneficiaries for the principal

purpose of providing retirement benefits;

"parent company" has the meaning assigned to it in article 2(2)

of the Companies Act;

"trustee", in relation to property, means the person or persons

holding or in whom the property is vested on terms of trust in

accordance with the provisions of the Act or is otherwise deemed to

be a trustee under the Act.

(2) Words and expressions which are also used in the Act shall

have the same meaning as in the Act.

(1) The following persons, when receiving property

upon trusts, are hereby being exempted from the requirement for

authorization to act as a trustee by the Authority in terms of article

43(3) and from the requirements of appointing a qualified person in

terms of article 43(9) of the Act

(a) a person resident outside Malta, approved by the

relevant regulatory authority in an approved jurisdiction to act

as a trustee to overseas retirement schemes, provided that such

trustee services in Malta are expressly limited to the holding

upon trust of securities or interests, in or issued by a Maltese

legal entity, forming part of the assets of an overseas retirement

scheme;

(b) a company, established in Malta or in an approved

jurisdiction, and which is wholly owned and controlled by

(i) persons exempted from the requirement for

authorization to act as a trustee in terms of the other

paragraphs of this regulation; or

(ii) persons not required to obtain authorization

in terms of article 43(6)(a) and (c) of the Act

Provided that such a company is established for the

purpose of holding trust property and for acts ancillary thereto

and does not act in Malta as a trustee on a regular and habitual

basis or hold itself out as a trustee;

(c)

a person resident outside Malta where such person

in Malta is acting as trustee of units in a collective investment

scheme which is licensed or recognized in terms of the

Investment Services Act, provided that such person is

established in an approved jurisdiction and does not act in Malta

as a trustee on a regular and habitual basis or hold himself out as

a trustee;

(d) a person resident outside Malta acting as trustee in

terms of paragraph 5(c) of the First Schedule to the Investment

Services Act, in relation to a collective investment scheme

licensed under the said Act and qualifying as a Professional

Investor Fund in terms of the Investment Services Rules,

provided that such person is of sufficient standing and repute;

(e)

a person when acting as trustee of a scheme, other

than a retirement scheme, operated by a company for its own

employees, former employees or their dependants provided that

the person does not act as trustee on a regular and habitual basis

or hold himself out to be a trustee.

(2) The exemptions laid down in sub-regulation (1)(a), (b) and

(e) shall not be automatically operative, but their applicability shall

be subject, following a request in writing to the Authority, to a

determination in writing by the Authority that the requested

exemption applies.