The MFSA announced updates to the Trusts Ultimate Beneficial Ownership Register

The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25^th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR.

The MFSA reminded the industry that in the TUBOR Declaration, the trustee is required to indicate if the beneficiary of the trust (whether a corporate or individual beneficiary) has received a benefit or otherwise from the trust. To this end, a new field has been added in the TUBOR Declaration which requires the trustee to make this indication.

The trustee is now also required to declare the ultimate beneficial owners of corporate beneficiaries who hold more than 25% of the shares in the corporate beneficiary, or the directors/senior managing officials of such corporate beneficiary, in order to include details relating to the nature and extent of the beneficial ownership or the designation/capacity of the individual being reported.

The MFSA announced that the required updates to the TUBOR Declarations following the above-mentioned amendments need to be completed only once the trustees report any other changes as required by applicable legislation.

The MFSA reminded trustees that when a trust is terminated, the trustee is required to submit a deletion request on TUBOR within 14 days from the date of termination of the trust. Additionally, the MFSA announced some changes to the manner in which the TUBOR Declaration is signed and uploaded on TUBOR.

The MFSA also reminded trustees to ensure that all information reported on TUBOR is accurate and up to date. The MFSA stated that it expects trustees to exercise the utmost prudence, diligence and attention when inputting data on TUBOR, and to refer closely to the guidance issued in the FAQs.