Trusts and Trustees Act (Fees) (Amendment) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,366, 24 ta’ Diċembru, 2024

L.N. 372 of 2024

TRUSTS AND TRUSTEES ACT

(CAP. 331)

Trusts and Trustees Act (Fees) (Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 57 of the

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

financial services on the advice of the Malta Financial Services

Authority, has made the following regulations:-

The title of these regulations is the Trusts and Citation,

Trustees Act (Fees) (Amendment) Regulations, 2024 and these commencement

regulations shall be read and construed as one with the Trusts and applicability.

Trustees Act (Fees) Regulations, hereinafter referred to as the

"principal regulations".

(2) These regulations shall come into force on 1 st January

2025. (3) These regulations shall apply to fees falling due on, or

after the coming into force of these regulations.

(regulation 5)

Annual Supervisory Fee for Authorised Persons

Fees

Fees

Fees

Fees

Fees

falling

falling

falling

falling

falling

due in

due in

due in

due in

due in

2029 and

thereafter

(€)

(€)

(€)

(€)

(€)

Annual supervisory

fixed fee

Persons authorised in

accordance with

article 43(3), (8),

5,000

5,500

6,000

6,500

7,000

(13) and, or (15) of

the Act

Annual supervisory

service fee

Persons authorised in

accordance with

2,500

2,500

2,500

2,500

2,500

article 43(3) of the

Act

Persons authorised in

accordance with

2,500

2,500

2,500

2,500

2,500

article 43(8) of the

Act

Persons authorised in

accordance with

1,500

1,500

1,500

1,500

1,500

article 43(13) of the

Act

Persons authorised in

accordance with

2,000

2,000

2,000

2,000

2,000

article 43(15) of the

Act

Annual Supervisory Fee for Registered Persons

Fees

Fees

Fees

Fees

Fees

falling

falling

falling

falling

falling

due in

due in

due in

due in

due in

2029 and

thereafter

(€)

(€)

(€)

(€)

(€)

Persons registered in

accordance with

2,000

2,500

3,000

3,500

4,000

article 43B of the Act

Persons registered in

accordance with

regulation 4 of the

Trusts and Trustees

2,000 ".

1,000

1,500

2,000

2,000

Act (Registration of

Notaries to act as

Qualified Persons)

Regulation 3 of the principal regulations shall be Substitutes

substituted by the following new regulation

(1) Any person applying to the

Authority for authorisation in accordance with

article 43(3), (13) or (15) of the Act shall, upon

submission of an application to the Authority for

such authorisation, pay to the Authority an

application fee as established in the First Schedule,

as applicable

Provided that where a person applies to the

Authority for authorisation under more than one (1)

of the provisions referred to in this sub-regulation,

only the highest of the application fees due by such

person in accordance with the said regulation shall

apply.

(2) Any person applying to the Authority for

authorisation in accordance with article 43(8) of the

Act shall, upon submission of a notification to the

Authority in accordance with the said article, pay to

the Authority an application fee as established in the

First Schedule, as applicable.

(3) Any person applying to the Authority for

registration in accordance with article 43B of the

Act shall, upon submission of an application to the

Authority for such registration, pay to the Authority

an application fee as established in the First

Schedule, as applicable.

(4) Any person applying to the Authority for

registration in accordance with regulation 3(2) of

the Trusts and Trustees Act (Registration of

Notaries to act as Qualified Persons) Regulations

shall, upon submission of an application to the

Authority for such registration, pay to the Authority

an application fee as established in the First

Schedule, as applicable.".

3. Regulation 4 of the principal regulations shall be

substituted by the following new regulation

(1) Where

a

person

granted

authorisation under any of the provisions referred to

in regulation 3(1) subsequently applies for

additional authorisation under any one (1) or more

different provisions referred to in the said

regulation, such person shall, upon the submission

of an application to the Authority to modify its

authorisation accordingly, pay to the Authority the

application fee established in the said regulation,

which application fee shall be reduced by twenty-

five per cent (25%).

(2) Where a person granted authorisation

under more than one (1) of the provisions referred to

in regulation 3(1) intends to cease providing the

services which he is authorised to provide under

any, but not all, of the said provisions, such person

shall, upon the submission of a request to the

Authority to modify his authorisation accordingly,

pay to the Authority a modification fee of one

thousand euro (€1,000).".

4. Regulation 5 of the principal regulations shall be Substitutes

substituted by the following new regulation

(1) A person that has been granted

authorisation in accordance with article 43(3), (8),

(13) and, or (15) of the Act shall, subject to the

provisions of sub-regulation (2), pay to the

Authority an annual supervisory fee which shall be

the aggregate of the following

(a)

the annual supervisory fixed fee

established in the Second Schedule, as

applicable; and

(b)

the annual supervisory service fee

established in the Second Schedule, as

applicable, with respect to every such

authorisation held on the date when the annual

supervisory fee is due in accordance with sub-

regulation (2).

(2) The annual supervisory fee due in

accordance with sub-regulation (1) shall be paid to

the Authority on the date when a person is first

granted authorisation in accordance with the

relevant provisions and annually thereafter on the

date when such original authorisation was granted.

(3) A person that has been granted

registration in accordance with article 43B of the

Act shall, subject to the provisions of sub-regulation

(4), pay to the Authority an annual supervisory fee

as established in the Second Schedule, as

applicable.

(4) The annual supervisory fee due in

accordance with sub-regulation (3) shall be paid to

the Authority on the date when a person is granted

the registration in accordance with the relevant

provision and annually thereafter on the date when

such registration was granted.

(5) A person that has been granted

registration in accordance with regulation 4 of the

Trusts and Trustees Act (Registration of Notaries to

act as Qualified Persons) Regulations shall, subject

to the provisions of sub-regulation (6), pay to the

Authority an annual supervisory fee as established

in the Second Schedule, as applicable.

(6) The annual supervisory fee due in

accordance with sub-regulation (5) shall be paid to

the Authority on the date when a person is granted

the registration in accordance with the relevant

provision and annually thereafter on the date when

such registration was granted.".

5. Regulation 6 of the principal regulations shall be

substituted by the following new regulation

The fees established and due in terms of

these regulations shall not be refundable and shall

not be prorated.

6. Immediately after regulation 6 of the principal regulations,

as substituted, there shall be added the following new Schedules

"FIRST SCHEDULE

(regulations 3 and 4)

Application Fee

Fees

Fees

Fees

Fees

Fees

falling

falling

falling

falling

falling

due in

due in

due in

due in

due in

2029 and

thereafter

(€)

(€)

(€)

(€)

(€)

2,000

2,500

3,000

3,000

3,000

article 43(3) of the

2,000

2,500

3,000

3,000

3,000

article 43(8) of the

1,000

1,500

2,000

2,000

2,000

article 43(13) of the

2,000

2,500

3,000

3,000

3,000

article 43(15) of the

Application for

registration in

1,500

2,000

2,500

2,500

2,500

accordance with

article 43B of the Act

Application for

registration in

accordance with

regulation 3(2) of the

Trusts and Trustees

Act (Registration of

Notaries to act as

Qualified Persons)

These regulations shall not be deemed to affect the liability

Transitory

provision.

in respect of any fees due under the Trust and Trustees Act (Fees)

Regulations, prior to the coming into force of these regulations.

€0.27