Regulations, 2023

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,166, 15 ta’ Diċembru, 2023

L.N. 292 of 2023

TRUSTS AND TRUSTEES ACT

(CAP. 331)

Trusts and Trustees Act (Exemption) (Amendment)

Regulations, 2023

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

Trusts and Trustees Act, the Minister responsible for the regulation of

Financial Services, acting on the advice of the Malta Financial

Services Authority, has made the following regulations: -

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

(Exemption) (Amendment) Regulations, 2023 and these regulations

shall be read and construed as one with the Trusts and Trustees Act S.L. 331.02.

(Exemption) Regulations, hereinafter referred to as "the principal

regulations".

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a) immediately after the definition "company", there

shall be added the following new definition

""List of Notified PIFs" shall be construed as a

reference to the List of Notified PIFs which is held by

the competent authority on its website in terms of the

Investment Services Act (Notified CISs) Regulations;";

and

(b) immediately after the definition ""parent company"",

there shall be added the following new definition

""professional investor fund" or "PIF" means a

collective investment scheme which qualifies as a

professional investor fund in terms of the Investment

Services Rules issued under the Investment Services

Act;".

Sub-regulation (1) of regulation 3 of the principal Amends

regulation 3 of

regulations shall be amended as follows

the principal

regulations.

(a)

immediately after paragraph (c) thereof, there shall be

added the following new paragraph

"(ca) a person resident outside Malta where such

person in Malta is acting as trustee of units in a

collective investment scheme which has been included

by the competent authority in the List of Notified PIFs

or in the List of Notified AIFs in terms of the

Investment Services Act (Notified CISs) Regulations,

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;";

(b) in paragraph (d) thereof, the words "in terms of the

Investment Services Rules" shall be deleted;

(c) immediately after paragraph (d) thereof, there shall

be added the following new paragraph

"(da) 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 which is established as a

professional investor fund that has been included by the

competent authority on the List of Notified PIFs in

terms of the Investment Services Act (Notified CISs)

Regulations, provided that such person is of sufficient

standing and repute;".

€0.09