Trusts and Trustees Act (Fees) Regulations, 2015

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,373, 23 ta’ Jannar, 2015

L.N. 28 of 2015

TRUSTS AND TRUSTEES ACT

(CAP. 331)

Trusts and Trustees Act (Fees) Regulations, 2015

IN exercise of the powers conferred by article 57 of the Trusts

and Trustees Act, the Minister for Finance, acting on the advice of the

Malta Financial Services Authority, has made the following

regulations:-

(1) The title of these regulations is the Trusts and Citation,

applicability and

Trustees Act (Fees) Regulations, 2015.

commencement.

(2) These regulations shall apply to fees falling due on or after

the 1st day of January 2015. Nothing in these regulations shall be

deemed to affect the liability in respect of any fees due prior to the 1st

day of January 2015 under the Trusts and Trustees Act (Fees) L.N. 356 of

2008. Regulations, 2008.

(3) These regulations shall enter into force on the 1st day of

January 2015.

(1)

In these regulations, unless the context otherwise Interpretation.

requires

"Act" means the Trusts and Trustees Act;

"the Authority" means the Malta Financial Services Authority

established under the Malta Financial Services Authority Act;

(2) Words and expressions used in these regulations which are

also used in the Act but which are not defined herein shall have the

same meaning as in the Act.

(1) Any person applying to the Authority for an Application for

authorisation to act as trustee or co-trustee in terms of article 43(3) of authorisation

registration fee.

the Act or to provide other fiduciary services in terms of article

43(12) of the Act shall, upon submission of the application,

irrespective of whether the authorisation is eventually granted or not,

pay to the Authority the sum of five hundred euro (€500) as an

application fee.

(2) Any person applying to the Authority for an authorisation

to act as trustee or co-trustee in terms of article 43(8) of the Act shall,

upon submission of the application, irrespective of whether the

authorisation is eventually granted or not, pay to the Authority the

sum of five hundred euro (€500) as an application fee.

(3) Any person applying to the Authority for registration to act

as trustee or co-trustee in terms of article 43B of the Act shall, upon

application for such registration, irrespective of whether the

Authority eventually approves the application or otherwise, pay to the

Authority the sum of two hundred and fifty euro (€250) as a

registration fee.

(1) Any person that has been granted an authorisation to

act as trustee or co-trustee in terms of article 43(3) of the Act or to

provide other fiduciary services in terms of article 43(12) of the Act

shall pay to the Authority, on the date when such authorisation is

granted and, thereafter, annually upon the anniversary of the date of

authorisation, an annual supervisory fee of three thousand euro

(€3,000).

(2) Any person that has been granted an authorisation to act as

trustee or co-trustee in terms of article 43(8) of the Act shall pay to

the Authority, on the date when such authorisation is granted and,

thereafter, annually upon the anniversary of the date of authorisation,

an annual supervisory fee of three thousand euro (€3,000) to the

Authority.

(3) Any person who has been registered to act as a trustee or

co-trustee in terms of article 43B of the Act shall pay to the Authority,

on the date when registration is approved and, thereafter, annually

upon the anniversary of the date of registration, an annual supervisory

fee of one thousand euro (€1,000).

(1) A Notary applying to the Authority for registration

in terms of the Act or of any regulations made thereunder, to act as a

qualified person, shall, upon application for such registration,

irrespective of whether the Authority eventually approves the

application or not, pay to the Authority the sum of five hundred euro

(€500) as a registration fee.

(2) A Notary who has been registered to act as a qualified

person shall pay to the Authority, on the date when the application for

registration is approved and, thereafter, annually upon the anniversary

of the date of registration, an annual continuance fee of two hundred

euro (€200).

None of the fees established as due in terms of these

regulations shall be refundable.

The Trusts and Trustees Act (Fees) Regulations 2008 are

hereby revoked, without prejudice to anything done, or omitted to be

done thereunder prior to the coming into force of these regulations.

2008.

2008. €0.09