TRUSTS AND TRUSTEES ACT (REGISTRATION OF NOTARIES TO ACT AS QUALIFIED PERSONS) REGULATIONS

TRUSTS AND TRUSTEES ACT (REGISTRATION OF

NOTARIES TO ACT AS QUALIFIED PERSONS)

SUBSIDIARY LEGISLATION 331.05

TRUSTS AND TRUSTEES ACT (REGISTRATION OF

NOTARIES TO ACT AS QUALIFIED PERSONS)

REGULATIONS

6th January, 2015

LEGAL NOTICE 14 of 2015.

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

Act (Registration of Notaries to act as Qualified Persons)

Regulations.

(2) The purpose of these regulations is to establish a

registration framework with the Authority for notaries intending to

act as a qualified person in terms of article 43(9) of the Trusts and

Trustees Act.

(1) In these regulations, unless the context otherwise

requires -

"the Act" means the Trusts and Trustees Act;

"the Authority" means the Malta Financial Services Authority

established in terms of the Malta Financial Services Authority Act;

"depositary notary" refers to the person as defined in article 43A

of the Act;

"publishing notary" means the notary public who publishes a will

containing a testamentary trust or receives a notarial trust deed

inter vivos, irrespective of any other functions such notary may

carry out in terms of article 43A of the Act, whether as a trustee or

as a depositary notary.

(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 acting as a publishing notary or depositary

notary in terms of article 43A of the Act may also act as a qualified

person in terms of article 43(9) of the Act, provided that such

notary is so registered in terms of these regulations.

(2) Whenever a notary intends to act as a qualified person, such

notary shall apply in writing to the Authority for registration to act

as such qualified person in terms of article 43(9) of the Act, and for

this purpose shall provide the Authority with

(a) a duly completed application form for registration to

act as a qualified person in the form and manner

determined by the Authority; and

(b) a duly completed personal questionnaire in the form

and manner determined by the Authority.

(3)

An application for registration to act as a qualified person

TRUSTS AND TRUSTEES ACT (REGISTRATION OF

NOTARIES TO ACT AS QUALIFIED PERSONS)

shall be accompanied by such fee as may be prescribed by the

Authority from time to time.

(4) The Authority may require a notary applying for

registration in terms of these regulations to provide any additional

information it deems appropriate for the purposes of determining

whether the said notary may be registered to act as a qualified

person.

(1) Registration to act as a qualified person shall be subject

to a determination in writing by the Authority on whether to grant

or refuse such registration under these regulations.

(2) The Authority may grant registration subject to such

conditions as it may deem appropriate.

(3) Furthermore, the Authority may vary or revoke any

condition so imposed or impose new conditions from time to time.

(4) The Authority shall not proceed to register a notary to act

as a qualified person unless it is satisfied that

(a) the notary is in possession of a warrant in terms of the

Notarial Profession and Notarial Archives Act;

(b) the notary is fit and proper to carry out the duties of a

qualified person; and

(c) the notary shall comply with and observe the

provisions of the Act and any rules and regulations

issued thereunder.

(5) Upon being satisfied that the conditions prescribed in sub-

regulation (4) have been complied with, the Authority shall proceed

to register such notary in a register kept for the purpose of these

regulations and the notary shall thereafter comply with the

provisions of article 43(9) and (10) of the Act.

(1) Where the Authority registers a notary in the register

referred to in regulation 4(5), such notary shall thereafter notify the

Authority every time such notary is appointed to act as a qualified

person in terms of article 43(9) of the Act in respect of relevant

property settled on trust in terms of article 43A of the Act.

(2) The notification referred to in sub-regulation (1) shall be

accompanied by such information as may be required by the

Authority from time to time.

(3) A notary registered to act as a qualified person in terms of

these regulations shall notify the Authority of any change or

circumstance which would have a bearing upon such notary’s

registration as a qualified person.

(1) The Authority may, at any time, cancel a registration

granted in terms of this Act where

(a) the registered notary is no longer deemed to be a fit

and proper person;

(b) the registered notary has contravened any of the

provisions of the Act or any rules or regulations made

TRUSTS AND TRUSTEES ACT (REGISTRATION OF

NOTARIES TO ACT AS QUALIFIED PERSONS)

thereunder or has failed to satisfy or comply with any

obligation or condition to which such registered notary

or the registration is subject by virtue of the Act and

any rules and regulations made thereunder;

(c) the registered notary or someone acting on behalf of

such registered notary has knowingly supplied the

Authority with information that is false, inaccurate or

misleading;

(d) the cancellation of such registration is considered

desirable for the protection of the general public or the

reputation of Malta;

(e) the registered notary has so requested; or

(f)

there are other circumstances under which the

Authority would have otherwise refused the granting

of such registration under the Act or these regulations.

(2) The Authority may make public the fact that the registration

of a notary has been cancelled.