The Malta Financial Services Authority (MFSA) has issued a Circular addressed to authorised trustees and other fiduciary service providers in terms of the Trust and Trustees Act, notifying the same that the transitory period of 2 years to comply with various new requirements set out in the Trust and Trustees (Amendment) Act will expire on the 25th April 2016.
The changes brought about by the said amending legislation include a requirement that licensees must maintain, at all times, a minimum share capital of fifteen thousand Euro (€15,000).
all authorised trustee companies are to submit the proposed changes to their Memorandum and Articles of Association … by not later than the 29th January 2016
Accordingly, all authorised trustees are required to adhere to this requirement by the 25th April 2016. To this end, the MFSA has formally confirmed that all authorised trustee companies are to submit the proposed changes to their Memorandum and Articles of Association (duly amended so as to accommodate compliance with the new requirements) by not later than the 29th January 2016, in order that all relative regulatory approvals may be duly processed by the Authority within the stipulated 2 year transitory period.