Anthony Cremona, Abigail Galea
Published on December 22, 2017
Tags: Foundations, Register of Beneficial Owners – Foundations
Trusts & Foundations
The notorious CRB Regulations for Foundations, Trusts, Associations and Companies have been published as subsidiary legislation on the 20 December, 2017.
Published on August 28, 2018
Tags: Blockchain, Foundations, legal certainty, legal personality, Maltese Technology Foundations, Smart Contracts
Fintech & Blockchain, Trusts & Foundations
Over the past year the Government of Malta has been fully supportive of initiatives taken in the blockchain space culminating in three Acts of Parliament which will come into effect in October 2018. The idea of extending legal personality to innovative technology arrangements has been under study since November 2017 and is the subject of planned legislation. Innovative technology arrangements, which are referred to in Maltese law as a combination of DLT and smart contracts, provide a context which is very similar to that of other operating assets which in the past were afforded legal powers and considered as legal persons to support them in achieving their declared purpose, addressing the important issues of legal capacity and liability, apart from other important issues. There are some disagreements on whether a centralised legal device is a good solution for decentralized technology. Some policy choices in support of legal certainty are also proposed, particularly limiting the benefits deriving from the concept of legal personality for innovative technology arrangements only to registered Maltese innovative technology foundations.
Published on July 10, 2018
Tags: Foundations, Private Trust Company, PTC
Trusts & Foundations
In 2014, Malta introduced Private Trust Company provisions into its trusts legislation through the introduction of the concept of a trustee acting for a family trust, as the corporate equivalent of the private individual trustee. In this way, the Maltese legislator created an alternative to the more traditional and widespread professional trustee/administrator or individual private trustee role. The trustee of a family trust or the ‘Private Trust Company’ is not required to undergo a full authorization process with the Malta Financial Services Authority (MFSA). If all conditions are satisfied, a Private Trust Company is merely required to apply for registration with the MFSA, which gives it a huge regulatory advantage over professional trustees or administrators other- wise requiring full MFSA authorization.