About Trustees & Other Fiduciaries
The Authority is responsible for the supervision of trustees and other fiduciaries. Trustees are persons holding property, or in whom property is vested, for the benefit of particular persons and who are effectively the beneficiaries of the said property, which is administered by the trustee. A fiduciary is a person who acts for and on behalf of another in the context of other legal relationships similar to trusts which include mandate relationships and administrators of private foundations.
The overall aim of the Authority is to monitor the supervision of authorised trustees and other fiduciaries, including administrators of private foundations and their level of compliance with the applicable legislative framework so as to ensure an appropriate degree of protection for the clients of persons carrying on such regulated activity. Trustees and other fiduciaries are deemed to be gatekeepers to the financial system in view of the fact that the structures which they set up may have wide-ranging effects and uses within the financial sector as a whole. In this respect the MFSA’s scrutiny of the trustee and fiduciary service providers is taken very seriously in view of the heightened risks which these sectors may pose.
The Authority adopts a risk based approach with respect to the supervision of trustees and other fiduciaries. A risk monitoring system is utilised whereby the data collated through the offsite supervision and any other intelligence available is inputted and a risk score is allocated to each authorised trustee or fiduciary. This risk score will determine the type and frequency of supervision conducted by the Authority.
The Authority adopts a mixture of tools with respect to supervision, with onsite inspections being the most frequently utilised method. This may take the form of either a comprehensive top down review of all the systems and procedures of the authorised person, or a focussed inspection on a specific area.
In this section you will find the legislation which is subsidiary to the Main Legislation and which lays down further requirements relating to the supervision of trustees and other fiduciaries.
In this section you will find the Rules applicable to trustees and other fiduciaries issued by the MFSA. These Rules supplement the requirements contained in the Main Legislation and in the Subsidiary Legislation which applies to trustees and other fiduciaries.
Includes a list of all circulars and notes for information issued by Conduct Supervision throughout the past months and years in relation to ‘Trustees & Other Fiduciaries’.
Includes a list of all consultation documents and feedback statements issued by Conduct Supervision throughout the past months and years in relation to ‘Trustees & Other Fiduciaries’.
The MFSA has developed an online platform for the Trusts Ultimate Beneficial Ownership Register (“TUBOR”) , in order to facilitate the electronic submission of beneficial ownership information of trusts as well as to provide online access to the said beneficial ownership information to the entitled parties in terms of law, at differing levels as outlined above.