TRUSTS AND TRUSTEES ACT (EXEMPTION) REGULATIONS

TRUSTS AND TRUSTEES ACT (EXEMPTION)

SUBSIDIARY LEGISLATION 331.02

TRUSTS AND TRUSTEES ACT (EXEMPTION)

REGULATIONS

9th October, 2009

LEGAL NOTICE 264 of 2009, as amended by Legal Notice 292 of 2023.

The title of these regulations is the Trusts and Trustees Act

(Examption) Regulations.

(1)

In these regulations, unless the context otherwise

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;

"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;

"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;

"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;

"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.

TRUSTS AND TRUSTEES ACT (EXEMPTION)

(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;

(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;";

(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, provided

that such person is of sufficient standing and repute;

TRUSTS AND TRUSTEES ACT (EXEMPTION)

(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;

(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.