B 293
L.N. 25 of 2020
CIVIL CODE 
(CAP. 16)
Civil Code (Second Schedule) 
(Register of Beneficial Owners – Foundations) Regulations, 2020
IN EXERCISE of the powers conf erred by article 24(1)(k) of the
Second Schedule to the Civil Code, the Minister responsible for
Justice has made the following regulations:-
Citation. 1. (1) The title of these regulations is the Civil Code
(Second Schedule) (Register of Be neficial Owners - Foundations)
Regulations, 2020.
Scope. (2) The purpose of these regulations is to transpose the relevan t
provisions of Directive (EU) 2018/843 of the European Parliamen t and
of the Council of 30 May 2018 am ending Directive (EU) 2015/849 on
the prevention of the use of the financial system for the purpo ses of
money laundering or terrorist financing and amending Directives
2009/138/EC and 2013/36/EU, and this in relation to information
about the beneficial owners o f foundations established and, or
registered under the laws of Ma lta and these regulations shall be
interpreted and applied accordingly.
Applicability.
S.L. 16.15.(3) These regulations shall be wi thout prejudice to the validity
or effectiveness of anything done in terms of the provisions of  t h e
Civil Code (Second Schedule) (Re gister of Beneficial Owners -
Foundations) Regulations and, to the extent necessary, such pro visions
shall continue to apply until these  regulations shall come into  force. 
Interpretation. 2. (1) In these regulations, unless the context otherwise
requires:
"administrator" means the pe rson, under whatev er designation he
may operate, who is designated as such in the deed or statute o f the
foundation, and who agrees in wr iting to so act, and when there  are
changes in such office, shall refer to:
(a) those persons who are designated as such in the
relevant notice submitted to the Registrar for Legal Persons, a nd
who agree in writing to so act; 
(b) those persons who are designated as such in the
resolution appointing the same, and who agree in writing to so
VERŻJONI ELETTRONIKA
B 294
act, if, for any reason, the foundation is not registered with the
Registrar for Legal Persons; and
(c) where the administrator is a legal organisation, the
persons appointed to act as direct ors of such legal organisation or
the equivalent, if designated under any other name, and who
agree in writing to so act,
and this, for as long as they continue to occupy such office an d
whether resident in Malta or otherwise and for the avoidance of doubt,in the event that a foundation appoints a liquidator in the pro cess of its
winding up, such liquidator shall have the same duties ofadministrators under these regulations:
Provided that a reference to an administrator of a
foundation, with respect to carr ying out any act or signing a document,
shall be deemed to include any person who is engaged or to whomsuch function has been delegated in writing by the foundation, the
legal organisation or by the relevant administrator or director  w h o
shall be deemed to have the authority to delegate such powers i n virtue
hereof;
S.L. 373.01."beneficial owner" shall have the same meaning assigned to it
under the Prevention of Money Laundering and Funding of Terrori sm
Regulations, as specifically applicable to foundations and for the
purposes of these regulations shall be specifically applicable to the
following:
(a) the founder;
(b) the administrator(s);
(c) the protector or members of a supervisory council, if
any;
(d) the beneficiaries where i dentified in the relevant
foundation instruments, subject to  regulation 4(1)(d), or where
the individuals benefiting fr om the foundation have yet to be
determined, the class of pers ons in whose main interest the
foundation is set up or operates; and when the beneficiary is a
legal entity, then this term shall also include the ultimate
beneficial owner of s uch legal entity; and
(e) any other natural person exercising ultimate and
effective control over the foundation by means of direct orindirect ownership or by other means including any person(other than those already referred to in paragraphs (a) to (d)
above) whose consent is to be o btained, or whose direction is
VERŻJONI ELETTRONIKA
B 295
binding, in terms of the statute of the foundation or any other
instrument in writing, for materi al actions to be taken within the
foundation; and 
"beneficial ownership" shall be construed accordingly;
"commercial transactions" mean s acts of trade and the trading
activities and commercial transactions and activities listed in  article
31B (Private foundations and tradi ng activities) and article 32 A
(Public benefit foundations and trading activities) of the Second
Schedule;
"Directive" means Directive (EU) 2018/843 of the European
Parliament and of the Council o f 30 May 2018 amending Directive
(EU) 2015/849 on the pr evention of the use of the financial sys tem for
the purposes of money laundering or terrorist financing and ame nding
Directives 2009/138/EC and 2013/36/EU;
"director" means the administrator of any type of legal
organisation under whatever name such office may be designated in
any relevant special law:
Provided that any reference to a director of a legal
organisation with respect to carrying out any act or signing adocument, shall be deemed to inc lude any person who is engaged or to
whom such function has been delegated in writing by the foundat ion,
the legal organisation or by the relevant administrator or dire ctor who
shall be deemed to have the authority to delegate such powers in virtuehereof;
"foundation" means an organisation consisting of a universality
of things, constituted in writi ng, including by means of a will , by a
founder or founders whereby ass ets are destined either:
(a) for the fulfilment of a specified purpose; and, or 
(b) for the benefit of a na med person or class of persons, 
and which are entrusted to the administration of a designated person or
persons, and this, irrespective of whether or not it is registe red with the
Registrar for Legal Persons in terms of the Second Schedule or of any
applicable regulations;
Cap. 373."Financial Intelligence Anal ysis Unit" means the Unit
established under the Prevention of Money Laundering Act;
"material actions" means the following actions or any other
actions achieving the same result:
VERŻJONI ELETTRONIKA
B 296
(a) the amendment of the statute;
(b) the addition or removal of  any beneficiary, or any
person from a class of beneficia ries or any action affecting th e
entitlement of a beneficiary;
(c) the appointment or removal of administrators or
protectors or members of the supervisory council;
(d) the acceptance of new founders;(e) the continuation of the foundation in another country;
(f) the assignment or transfer of all or the majority of the
assets of the foundation; or
(g) the termination or re vocation of the foundation;
"Minister" means the Minister responsible for justice;
"private foundation" means a foundation which is established fo r
the private interest or benefit of a named person or a class of  persons
who are natural persons. For th e avoidance of doubt, the term " private
foundation" shall have the meaning herein attributed to it and not the
meaning attributed to it in the Second Schedule;
"Register of Legal Persons" means the main register
administered by the Registrar fo r Legal Persons under the Secon d
Schedule.
"Register of Beneficial Owners" means the "Register of
Beneficial Owners - Foundations" established and maintained by the
Registrar for Legal Persons in terms of these regulations;
"register of beneficial owners" means the register of beneficia ries
and other persons kept by the foundation in terms of these regu lations;
"Registrar for Legal Persons" is the person appointed by the
Minister responsible for justice in accordance with article 11 of the
Second Schedule;
Cap. 16. "Second Schedule" means the Second Schedule to the Civil
Code;
Cap. 16 "special law'' means an Act of Parliament or a part of the Civil
Code which regulates foundations;
Cap. 373."subject person" means a subject person in terms of the
Prevention of Money Laundering Act  and applicable regulations;
VERŻJONI ELETTRONIKA
B 297
"transparent foundati on" means a foundation which has been
established and operates under the principl e of transparency as  a result
of the provisions of its statute or applicable law and shall be  deemed to
include the following:
(a) foundations established exclusively for:
(i) the achievement of a social purpose and, or for
a public benefit; or 
(ii) the carrying on of any lawful activity on a non-
profit making basis; or 
(iii) the exclusive benefit of public interest
beneficiaries
Cap. 492. whether enrolled as a voluntary organisation under the V oluntary
Organisations Act or otherwise;
(b) foundations which are set up for a lawful purpose
being the pursuance or implementation of commercial
transactions;
(c) any private foundation which is registered in the
Register of Legal Persons where a ll the beneficiaries are natur al
persons, who are not mandatories or trustees or acting in any
other fiduciary capacity, and w ho are designated as such in the
statute or amendments thereto in accordance with the
requirements of the Second Schedule and whose details are
disclosed in the public records  in the Register of Legal Persons
maintained by the Registrar for Legal Persons pursuant to an
unconditional waiver of confiden tiality regulated by sub-articl e
(3) of article 31C o f the Second Schedule or under a provision of
applicable law; and
(d) any foundation where the beneficiaries or any of them
are legal organisations, provi ded that for the purposes of
regulation 10, applications for access to information relating to
beneficiaries who are natural persons, who are not mandatories
or trustees or acting in any other fiduciary capacity, shall be
made in accordance with sub-regulation (3) thereof.
Cap. 373.(2) Unless otherwise stated or the context otherwise requires,
terms and expressions used in these regulations shall have the same
meaning attributed to them in the Second Schedule, any relevant
special law, the Prevention of Money Laundering Act and regulat ions
made thereunder and in the Direc tive, as the context may requir e.
VERŻJONI ELETTRONIKA
B 298
Applicability of 
these 
regulations.3. (1) Subject to the exclusions stated in sub-regulation (2),
these regulations shall apply to  all foundations w hether established for
a private interest, benefit or purpose or for the achievement o f a social
and, or public benefit or other lawful purpose, and this, irres pective of
whether they are registered or n ot with the Registrar for Legal  Persons
in terms of the Second Schedule or applicable regulations and s hall
include voluntary organisations in the form of foundations.
(2) These regulations shall not apply to:
(a) a foundation which is established and controlled,
directly or indirectly, by th e Government of Malta where
"controlled by the Government " means that the Government
enjoys the power to appoint or remove a majority of the
administrators of the foundation;
Cap. 3.(b) a foundation which constitutes a pious foundation or
an ecclesiastical entity in the  form of a foundation in terms o f the
Second Schedule or is a marriage legacy governed by the
Marriage Legacies Law; and
(c) any other type of foundation not referred to above
which the Minister responsible f or justice, in consultation wit h
the Minister responsible for f inance, may by notice designate.
(3) The Registrar may, from time to time, issue guidelines to
further define terms and to establish any restrictions and appl icable
conditions relating to  the manner in which the exclusions refer red to in
sub-regulation (2)(b) shall apply.
Foundations to 
obtain and keep 
records of 
beneficial owners.4. (1) Every foundation shall take all reasonable steps to
obtain and at all times hold adequate, accurate and up-to-date
information in respect of its be neficial owners, including the details of
the beneficial interests held, wh ich shall at least include the following
particulars:
(a) the name, the nationality, the country of residence,
the date of birth or in the case of a legal organisation, the d ate of
establishment or of registration and an official identificationdocument number indicating the type of document and the
country of issue;
(b) the effective date when a ny person became, or ceased
to be, a beneficial owner of the foundation;
(c) the role of the beneficial owner in relation to the
foundation in terms of paragraphs (a) to (c) and (e) of thedefinition "beneficial owner" in regulation 2(1):
VERŻJONI ELETTRONIKA
B 299
Provided that for the purposes of the said paragraph (e),
when reference is made to a senior managing official on the bas is
of his post in the stated office and not on the basis of his
ownership or the control exerci sed over the foundation by other
means, then this should be stated clearly and visibly in theregister of beneficial owners;
(d) in the case of a beneficiary as defined in paragraph
(d) of the definition "beneficia l owner" in regulation 2(1), th e
nature and extent of the beneficial interest held by such
beneficiary and any changes ther eto, including the effective da te
on which his beneficial interest in the foundation has increase d
or been reduced if such changes take place, as well as, whenapplicable, an indication as to whether the foundation statute or
any other instrument in writi ng include any suspension of the
administrator’s duty to inform such beneficiary of his benefitunder the foundation or that he  forms part of a class of
beneficiaries which may so benefit, and in such case, such
person shall not be considered to be a beneficiary until such t ime
as he is informed of such benefit  or receives actual benefit. 
(2) For the purpose of this regulation, where the beneficiaries
of a foundation constitu te a class of beneficiaries, the following rules
shall apply unless otherwise stat ed in the statute or the benef iciary
statement of the foundation:
(a) the class shall be described and its members declared
as required by this regulation;
(b) when reference is made to the "family" of a person,
the class is considered to be made up of the person, his direct
ascendants, his spouse, his direct descendants, and unless
excluded, their respective spouses;
(c) when a child is born or a marriage takes place, unless
stated otherwise, such child and spouse shall be declared to th e
foundation within three (3) months of the birth or marriage;
(d) "children" include children born out of wedlock and
adopted children;
(e) "spouse" includes the pe rson to whom the relevant
person is married at the relevant  time and not persons whom the y
have divorced or from whom they are separated, and alsoincludes persons with whom t here is a civil union or a
cohabitation or a de facto  arrangement recognised by law in the
country where they are habitually resident, including where
VERŻJONI ELETTRONIKA
B 300
permitted, of the same gender,
and, subject to regulation 4(1)(d ), the information prescribed in this
sub-regulation shall be submitted to the Registrar for Legal Pe rsons as
soon as a beneficiary is determined to form part of a class of
beneficiaries or is appointed a  beneficiary of the foundation,
whichever is the earlier:
Provided that nothing in t he above shall affect the
interpretation of a statute of a foundation or a beneficiary st atement
indicating the beneficiaries of a foundation, or any entitlemen ts of
persons who may or may not be beneficiaries or have any entitle ments,
which shall be governed by the st atute, the beneficiary stateme nt and
principles of applicable law and the declaration made for the purposesof these regulations may not be used for the purpose of proving
whether an entitlement exists or not or the extent thereof.
(3) Any person who has reasonable cause to believe that he is a
beneficial owner of a foundation shall be bound to provide theinformation required under sub-regulation (1) to the foundationwithout delay:
Provided that, without prejudice to the aforesaid, the
foundation shall obtain the information required under sub-regu lation
(1) from the beneficial owners of the foundation and, or from any
natural person whom it has reasonable cause to believe to be a
beneficial owner, who shall be bound to provide the said inform ation
to the foundation within a reasona ble time of being requested, not
being in excess of fourteen (14) days, and every beneficiary wh o
acquires, disposes of, increases or reduces his beneficial interest in thefoundation, or whose beneficial interest is disposed of, increa sed or
reduced through an action of the administrators of the foundati on or of
any other person having powers to do so under the deed and, or statute
of the foundation, and every person who is appointed or ceases to be or
to carry out the role of benefic ial owner in relation to the fo undation in
terms of paragraphs (a) to (c) and (e) of the definition "benef icial
owner" in regulation 2(1) shall be bound to provide the saidinformation to the foundation within fourteen (14) days of such event
taking place:
Provided further that, in cases w here a beneficiary is a legal
organisation or a fiduciary or ot her intermediary, information shall be
obtained with reference to the na tural person who is the ultima te
beneficial owner thereof.
(4) Such information shall be verified by the foundation on the
basis of documents, data or info rmation obtained from a reliabl e
VERŻJONI ELETTRONIKA
B 301
source and a foundation shall not enter the name of any benefic ial
owner in the register of beneficial owners unless it has reason ably
confirmed the accuracy of the i nformation. The foundation shall also
ensure that it obtains declarations confirming that the benefic ial owner
is not an intermediary, such as an agent, mandatory or trustee,  f o r
another person, and if so, the foundation shall also obtain information
on the natural person who is the p rincipal or beneficiary of such
intermediary.
Any information contained in the  deed or statute  of a foundatio n,
or any beneficiary statement, a power of attorney, an engagemen t or
instruction letter, delivered to  t h e  R e g i s t r a r  f o r  L e g a l  P e r s o n s at the
time of the registration of the foundation or at any time there after, and
any document or notice registered  with the Registrar for Legal Persons
at any time, any will o r any other official  document shall be d eemed to
be sufficiently reliable for the purposes of carrying out the d uties
under this regulation.
(5) Every foundation established for the benefit of a named
beneficiary or beneficiaries or a class of beneficiaries, shall  enter the
information referred to in sub-regulation (1) in a register of beneficialowners, which register shall be kept and maintained by the foun dation,
or its delegates, at the registered address of the foundation o r at such
other place as may be specified in the statute of the foundation.
(6) Every foundation established solely to achieve a stated
purpose and which does not have any beneficiaries as defined in
paragraph (d) of the definition "beneficial owner" in regulatio n 2(1)
shall only be required to enter  the information referred to in
paragraphs (a) to (c) and (e) of such definition in a register of
beneficial owners, which registe r shall be kept and maintained by the
foundation, or its delegates, at the registered address of the foundation
or at such other place as may be specified in the statute of th e
foundation.
(7) A foundation shall not:
(a) enter the name of a beneficial owner or any changes
to the beneficial interest in the register of beneficial owners ; or
(b) notify the Registrar for Legal Persons in compliance
with the Second Schedule, when required upon an event takingplace,
unless it has obtained, as may be applicable, information on th e
underlying beneficial ownership a nd unless it has carried out the
verifications required by these regulations.
VERŻJONI ELETTRONIKA
B 302
Cap. 586.(8) Subject to the provisions of regulation 4(1)(d), beneficial
owners who are natural persons and whose personal data is held in the
register of beneficial owners under these regulations shall be informed
of such fact, together with info rmation about their rights, and  t h e
procedures applicable for exercising those rights under the Dat a
Protection Act and any regulations made thereunder, by the rele vant
foundation within thirty (30) days of the foundation submitting  such
information to the Registrar for Legal Persons as required unde r these
regulations. 
(9) Unless excluded, suspended or postponed by the terms of
the foundation or a beneficiary statement, any person who is a
beneficial owner of a foundation, has a right of access to any
information relating to himself in the register of beneficial o wners held
by such foundation within a reasonable period not exceeding thi rty
( 3 0 )  d a y s  a f t e r  h e  a  m a k e s  a  r e quest in writing to this effect to the
foundation. 
(10) If default is made in complying with the provisions of sub-
regulations (1) or (3), as the case may be:
(a) the foundation and every administrator of the
foundation who is in default shall be jointly and severally lia ble
to a penalty, and, for every day during which the defaultcontinues, to a further penalty: 
Provided that the foundation and the administrators of the
foundation shall not be liable i f they had exercised all due
diligence to comply with the pr ovisions of this regulation and the
default was not due to any negligent act or omission on their
part; and 
(b) every beneficial owner, other than the persons
referred to in paragraph (a), who is in default without valid
excuse shall be liable to a penalty and, for every day during
which the default continue s, to a further penalty.
(11) The administrators of a foundation shall retain the
information in respect of its be neficial owners, including the details of
the beneficial interests held in terms of these regulations for ten (10)years and this, from the date on which: 
(a) the grounds for registeri ng the beneficial ownership
information have ceased to exist; or 
(b) the foundation has been struck off from the Register
of Legal Persons or, if the f oundation is, for any reason, not
registered in terms of the Second Schedule or applicable
VERŻJONI ELETTRONIKA
B 303
regulations, from the date on which the certified copy of the
winding up resolution is delivered to the Registrar for Legal
Persons in accordance with arti cle 59 of the Second Schedule; o r 
(c) there is the termination of  registration in case of the
continuation of the foundation in another country in accordancewith article 22A of the Second Schedule, 
whichever is the earlier.
Foundations 
established prior 
to 30th June 
2019.5. (1) Where a foundation has been established prior to 30th
June 2019, irrespective of whethe r this is registered or not with the
Registrar for Legal Persons in terms of the Second Schedule or
applicable regulations, there sh all be delivered to the Registr ar for
Legal Persons by 30th June, 2019, a declaration, in the prescribed
form, signed by one of the administrators of the foundation, containingadequate, accurate and up-to-date information in accordance wit h
regulation 4 with respect to all the beneficial owners of the f oundation.
Where the administrator is a body corporate, such declaration s hall be
signed by one director thereof:
Provided that if the foundation is not registered with the
Registrar for Legal Persons in terms of the Second Schedule orapplicable regulations, there sh all also be delivered to the Re gistrar for
Legal Persons by the aforementioned date, together with the
aforementioned declaration, an aut henticated copy of the deed a nd
statute of the foundation.
(2) A foundation referred to in this regulation shall not be
registered, if the foundation is  not yet registered, and, in any case, all
relative forms and documents shall  not be registered in accorda nce
with the Second Schedule and any applicable regulations, unless  the
Registrar for Legal Persons is sa tisfied that the requirements of this
regulation have also been complied with. 
Foundations 
established on 
or after 1st July 2019 up to the 
date of the 
coming into force of these 
regulations.6. (1)  Any foundation which is established on or after 1st
July 2019 until the coming into force of these regulations, shall
comply with these regulations wit hin three (3) months of the coming
into force of these regulations and there shall be delivered to  t h e
Registrar for Legal Pers ons within such time period:
(a) an authenticated copy of its deed and statute, if an
application for the registrati on of the foundation in terms of the
Second Schedule is not submit ted within such time; and
(b) a declaration in the prescribed form, signed by one of
the administrators of the foundation containing adequate,accurate and up-to-date information in accordance with
VERŻJONI ELETTRONIKA
B 304
regulation 4 on all the beneficial owners of the foundation.
Where the administrator is a body corporate, such declaration
shall be signed by one director thereof.
Foundations 
established after 
the coming into force of these 
regulations.(2) Any foundation which is estab lished after the coming into
force of these regulations shall  comply with these regulations within
three (3) months of the date of their establishment and there s hall be
delivered to the Registrar for Legal Persons within such time p eriod:
(a) an authenticated copy of its deed and statute, if an
application for the registration of the foundation in terms of the
Second Schedule is not submitted within such time; and
(b) a declaration in the presc ribed form, signed by one of
the administrators of the foundation containing adequate,
accurate and up-to-date information in accordance with
regulation 4 on all beneficial owners of the foundation. Where
the administrator is a body corpor ate, such declaration shall b e
signed by one director thereof. 
(3) A foundation, and all relativ e documents, shall not be
registered in terms of the Sec ond Schedule unless the Registrar  f o r
Legal Persons is satisfied that t he requirements of these regulations
have also been complied with.
Rules applicable 
to all cases 
under regulations 5, 
6(1) and 6(2). (4) (a) Any personal data submitted to the Registrar for
Legal Persons under th ese regulations shall be current and shal l
correspond to the actual beneficial owners of the foundation on  t h e
date of submission. 
(b) On a continuing basis, if the foundation is registered,
the Registrar for Legal Persons shall not proceed with the regi stration
of any registerable forms or documents of the foundation delive red to
him in accordance with any applic able special law, unless the R egistrar
for Legal Persons is satisfied that the requirements of these regulations
have been complied with. 
For the purpose of these regulations:
(i) the relevant registrars , commissioners, boards or
authority shall co-ordinate their activities with the Registrar  for
Legal Persons in accordance with guidelines issued by him on
such matters from time to time; and
(ii) the relevant registrar, commissioner, board or
authority shall notify any foundation for which a submission isrefused due to non-compliance with these regulations, of the
reasons for refusal.
VERŻJONI ELETTRONIKA
B 305
(c) In case of default of compliance with regulations
5(1), 6(1) and 6(2), the foundati on and every administrator of the
foundation who is in default shall be jointly and severally lia ble to a
penalty, and, for every day duri ng which the default continues,  t o  a
further penalty: 
Provided that the foundation and the administrators of the
foundation shall not be liable if they had exercised all due di ligence to
comply with the provisions of th ese regulations and the default  was not
due to any negligent act or omission on their part.
Online 
registration.(5) The Registrar for Legal Persons shall be entitled to require
online registration of any documents or forms submitted to him in
accordance with these regulations , and to establish the rules and
procedures relative thereto in guidelines which he may issue fo r this
purpose.
Register of 
Beneficial Owners.7. (1) The information on the be neficial owners of every
foundation provided to the Registr ar for Legal Persons in accor dance
with these regulations shall be entered and held by the Registr ar for
Legal Persons in a Register of Be neficial Owners kept for this purpose,
which register may be in electronic format.
(2) Documents required to be delivered to the Registrar for
Legal Persons under any of the provisions of these regulations shall
not form part of, nor be register ed in, the main Register of Le gal
Persons administered by the Registrar for Legal Persons under the
Second Schedule and the information on the beneficial owners of
every foundation provided to the Registrar for Legal Persons inaccordance with these regulations  shall be entered and held by the
Registrar for Legal Persons only in the Register of Beneficial Ownerskept by the Registrar for Legal Persons for this purpose.
(3) The Register of Beneficial Owners shall be accessible only
to such persons under such conditions and in accordance with su ch
procedures as are set out in these regulations. For the avoidan ce of
doubt, in case of conflict regardi ng accessibility, between any  special
law governing a particular foundation, including the Second Sch edule,
and these regulations, these regul ations shall prevail over the
provisions of any special law in so far as the Register of Bene ficial
Owners is concerned.
(4) The information provided by a foundation in t erms of these
regulations shall be deemed to be sufficiently reliable for the  Registrar
for Legal Persons to proceed with the registration or relevant action;
however, he may demand any additional or updated information toverify that a foundation is at a ny time complying with its duti es under
VERŻJONI ELETTRONIKA
B 306
these regulations. 
Notice of 
change in 
beneficial 
owners to the Registrar for 
Legal Persons.8. (1) The information held in the Register of Beneficial
Owners must be adequate, accurate and up-to-date.
(2) Where there is a change in the beneficial ownership of a
foundation or any other change occ urs as a result of which the
particulars in the Register of Beneficial Owners in relation to  a
beneficial owner are no longer cu rrent, are incorrect or incomp lete, the
foundation shall, within fourteen (14) days from the date on wh ich the
change is recorded with the foundation, deliver to the Registra r for
Legal Persons a notice, in the prescribed form, of the change,
providing the information required under regulation 4 on any ne w
beneficial owner, updated information including on the nature a nd
extent of the beneficial interest held, on each of the other be neficial
owners and the effective date of changes made, and the Registra r for
Legal Persons shall enter the said changes in the Register of B eneficial
Owners:
Provided that if the change in the beneficial ownership
information relates to a change in the administrator(s), it sha ll be the
duty of the administrator(s) in office thereafter to notify the  Registrar
for Legal Persons of such change.
(3) The Registrar for Legal P ersons shall not, upon receiving
the notice referred to in the p receding sub-regulation, register any
changes in the beneficial owners  in the Register of Beneficial Owners
unless the requirements of these regulations have been complied  with,
and this, with reference to the notice itself or for any other reason.
(4) The notice of changes in benef icial ownership referred to in
sub-regulation (2), duly completed, shall be signed by at least one
administrator of the foundation. Where the administrator is a body
corporate, such notice shall be signed by at least a director t hereof.
(5) In case of default in comply ing with the provisions of this
regulation, the foundation and ev ery administrator of the found ation
who is in default shall be jointly and severally liable to a penalty, and,
for every day during which the defa ult continues, to a further penalty:
Provided that the foundation and the administrators of the
foundation shall not be liable if t hey had exercised all due di ligence to
comply with the provisions of this  regulation and the default w as not
due to any negligent act  or omission on their part.
(6) The obligation to file a notice in terms of this regulation
shall not exonerate the foundati on, or any of its administrators, from
any duty to notify such changes to the Registrar for Legal Pers ons or
VERŻJONI ELETTRONIKA
B 307
any other person in terms of any applicable special law.
Rectification of 
the registers.9. (1) If:
(a) the name of any person is, without sufficient cause,
entered in or omitted from the register of beneficial owners ke pt
and maintained by a foundation, or from the Register of
Beneficial Owners kept and maintained by the Registrar for
Legal Persons; or
(b) unnecessary delay, being at  least more than thirty (30)
days, takes place in entering in or removing from such register s
the fact that a person has become or ceased to be a beneficial
owner of such foundation,
the person aggrieved or any beneficial owner may apply to Civil
Court, First Hall, for the rectification of the register of ben eficial
owners and, or the Register of Beneficial Owners.
(2) Where an application is made under sub-regulation (1),
Civil Court, First Hall may:
(a) refuse the application;
(b) decide any question as to whether the name of any
person should or should not be en tered in or removed from the
register of beneficial owners o r  t h e  R e g i s t e r  o f  B e n e f i c i a l
Owners, as the case may be;
(c) order the rectification of the register of beneficial
owners or the Register of Beneficial Owners, as the case may be ;
(d) order payment by the foundation of compensation of
up to one thousand euro (€1,000) for any loss sustained by any
party aggrieved; and, or
(e) more generally, decide any question necessary or
expedient to be decided for rectification of the relevant regis ter.
(3) All decisions of Civil Court, First Hall, relating to the
above mentioned registers shall be deemed to be orders which ap ply to
the foundation and also to the Registrar for Legal Persons, wit hout
being a party thereto, and they shall, upon being notified with a
certified copy of the judgment of Civil Court, First Hall, act
accordingly to ensure that identical actions are taken in the r egister of
beneficial owners and, or the Register of Beneficial Owners.
Discrepancies. (4) (a) Subject persons referred to in sub-re gulation (1)(b) of
VERŻJONI ELETTRONIKA
B 308
regulation 10 and, if appropriate a nd to the extent that this d oes not
interfere unnecessarily with their functions, competent authori ties
referred to in regulation 10(1)(a ), shall report to the Registr ar for Legal
Persons any discrepancies they fi nd between the beneficial owne rship
information available in the Register of Beneficial Owners and the
beneficial ownership informati on otherwise available to them.
(b) In the case of reported discrepancies, the Registrar for
Legal Persons shall unle s s  o t h e r w i s e  p r o h i b i t e d  i n  t e r m s  o f  t h e se
regulations and only to the exten t permitted by these regulatio ns,
inform the foundation of the reported discrepancy requesting a
clarification thereon within a time period indicated therein, t ogether
with any documentation which he s hall consider necessary for su ch
discrepancy to be resolved, and may at his discretion, insert a n
annotation in the Register of Beneficial Owners as he deemsappropriate.
(c) The Registrar for Legal Persons may determine, in
case of registered foundations, that the discrepancy is material andmay undermine the utility of public information in the Register  o f
Legal Persons and, in such event, may note the discrepancy even  in the
Register of Legal Persons until it is corrected to his satisfaction. Thisrule shall apply mutatis mutandis  to other registrars, commissioners,
boards or authorities and regist ers under other special laws wh om the
Registrar for Legal Persons may  notify in writing of any discre pancy
which may come to his attention.
(d) the Registrar for Legal Persons may report such
discrepancies to the Financial Intelligence Analysis Unit in ca se of
failure to address the discrepancy within a reasonable time. 
Access to 
information in 
the Register of Beneficial Owners.10. (1) The information on the beneficial owners of a
foundation held by the Registrar for Legal Persons in the Regis ter of
Beneficial Owners shall, subject to the provisions of these reg ulations,
be accessible to:
S.L. 373.01.(a) national competent authorities being public
authorities with designated responsibilities for combating mone y
laundering or terrorist financing, or that have the function of
investigating or prosecuting money laundering, associated
predicate offences and terroris t financing, or of tracing, seiz ing,
freezing and confiscating crim inal assets, the Financial
Intelligence Analysis Unit and national tax authorities,
supervisors of subject persons and any other national competent
authority within the meaning a ssigned to it under the Preventio n
of Money Laundering and Funding of Terrorism Regulations not
already covered above, for the purposes of fulfilling their
VERŻJONI ELETTRONIKA
B 309
statutory functions in a timely manner without any restriction
and without alerting the founda tion or the beneficial owners
concerned; and
S.L. 373.01. (b) subject persons in terms of the Prevention of Money
Laundering and Funding of Terro rism Regulations for the
purpose of carrying out customer due diligence in accordance
with the said regulations with reference to such foundation,
which access shall be granted in a timely manner on a writtenrequest.
Members of the 
public.(2) Upon a written request to the Registrar for Legal Persons:
(a) with reference to transparent foundations or a specific
beneficiary thereof whether a natural person or a legal
organisation; and
(b) with reference to a pr ivate foundation which: 
(i) holds or owns a controlling interest in any
corporate or other legal entity not registered in Malta,
through direct or indirect ownership, including through
bearer shareholdings, or through control via other means,
other than:
S.L. 386.19. 
L.N. [-] of 2020.(aa) any corporate or other legal entities
referred to in the Companies Act (Register of
Beneficial Owners) Regulations or the Civil Code(Second Schedule) (Register of Beneficial Owners -
Associations) Regulations, 2020; and 
(bb) any corporate or other legal entity
incorporated within any other Member State subjectto legal obligations sim ilar to those in these
regulations; or
(ii) has fiduciary duties towards a named
beneficiary, or a class of beneficiaries, which is a legal
organisation and not a natura l person, and only in relation
to such beneficiary which is a legal organisation,
any member of the general public and any organisation, other
than those referred to in sub-re gulation (1), may be provided
with the following information held in the Register of Benefici al
Owners with reference to a specified foundation:
(aa) the name;
VERŻJONI ELETTRONIKA
B 310
(bb) the month and year of birth or the date of
establishment or registration in case of a legal
organisation;
(cc) the nationality or the state of
establishment or registration in case of a legalorganisation;
(dd) the country of residence; and
(ee) the nature and extent of the beneficial
interest,
of the beneficial owners of the foundation and this shall be
granted in a timely manner. Any such person or organisationshall not be granted access to any other information or
documents relating to the benef icial owners of the foundation
which may be in the possession of the Registrar for Legal
Persons.
Persons with a 
legitimate 
interest.(3) In the case of private foundations, other than those
expressly referred to in sub-regu lation (2), established for th e private
i n t e r e s t  o r  b e n e f i t  o f  a  n a m e d  p erson or a class of persons who  a r e
natural persons, any person who, in a written request, satisfac torily
demonstrates and justifies, to th e Registrar for Legal Persons,  a
legitimate interest specifically related to the prevention of m oney
laundering and the financing of terrorism may be provided with the
following information held in the Register of Beneficial Owners  with
reference to a specified private foundation:
(a) the name;
(b) the month and year of birth or in case of a legal
organisation the date of establishment or registration;
(c) the nationality or in case of a legal organisation the
state of establishment or registration;
(d) the country of residence; and(e) the nature and extent of the beneficial interest,
of the beneficial owners of th e foundation and this shall be gr anted in a
timely manner. Any such person shall not be granted access to a ny
other information or documents relating to the beneficial owner s of the
foundation which may be in the possession of the Registrar for Legal
Persons.
VERŻJONI ELETTRONIKA
B 311
(4) The subject persons mentioned in sub-regulation (1)(b)
shall, together with the writte n request, submit to the Registrar for
Legal Persons:
(a) identification details and other information supported
by documents, certified as authentic, showing that the person
requesting access to the Register is a subject person, such as a
licence or a professional warrant holder or other evidence of the
function of the subject person;
(b) a declaration that the purpose of the enquiry relates
and will contribute t o the prevention, det ection and combating of
money laundering or the associate d predicate offences or the
financing of terrorism;
(c) documentation, certified as authentic, of the legal
relationship with the foundation or the beneficial owners, such  as
an engagement or instruction letter engaging the subject personor a power of attorney, if any, and failing which a declaration
explaining why the subject person’s role is not based on such a
legal relationship; and
(d) any other document which the Registrar for Legal
Persons may deem necessary.
(5) The members of the gene ral public mentioned in sub-
regulation (2) shall, together w ith a written request, submit t o the
Registrar for Legal Persons:
(a) identification details and other information supported
by documents, certified as aut hentic, identifying the person
requesting information from the Register of Beneficial Owners;
( b ) a  d e c l a r a t i o n  o f  t h e  l e g a l  b a s i s  o f  t h e i r  r e q u e s t  t o
confirm that the purpose of t he enquiry relates and will
contribute to the prevention, de tection and combating of money
laundering or the associated predicate offences or the financin g
of terrorism and a general description of how access to theinformation will so contribute; and
(c) any other document which the Registrar for Legal
Persons may deem necessary:
Provided that for this purpos e, the Registrar for Legal
Persons may publish guidelines setting out the documentation
required to support such a request to information held in the
R e g i s t e r  o f  B e n e f i c i a l  O w n e r s  a s  w e l l  a s  t h e  p r o c e d u r e  f o r
VERŻJONI ELETTRONIKA
B 312
making such requests and any other applicable conditions.
(6) The persons or organisati ons mentioned in sub-regulation
(3) shall, together with a writte n request, submit to the Registrar for
Legal Persons:
(a) identification details a nd other information supported
by documents, certified as authe ntic, identifying the person
requesting information from the Register of Beneficial Owners;
(b) a declaration of the legal basis of their request to
confirm that the purpose of the enquiry relates and will
contribute to the prevention, de tection and combating of money
laundering or the associated predicate offences or the financing
of terrorism and a general description of how access to the
information will so contribute;
(c) a statement on the basis of the legitimate interest
underlying the request and asso ciated supporting documentation
as may be reasonably required by the Registrar for Legal Person s
to prima facie  ascertain that the person or organisation has a
legitimate interest in consulti ng the Register of Beneficial
Owners with reference to the particular foundation or beneficia l
owners thereof; and
(d) any other document which the Registrar for Legal
Persons may deem necessary.
For the avoidance of doubt, it shall be incumbent on
the person making the request t o prove his legitimate interest to
the Registrar for Legal Persons.
The Registrar for Legal Persons may publish
guidelines setting out the docum entation required to support
such a request for information held in the Register of Benefici al
Owners and the evidence of any stated legitimate interest as we ll
as the procedure for making such requests and any otherapplicable conditions.
(7) To prevent the abuse of the  information contained in the
Register of Beneficial Owners and to balance out the rights ofbeneficial owners, the Registrar may make:
(a) information relating to the applicants mentioned in
sub-regulations (1) (b), (2) and (3); 
(b) the legal basis for their request; and
VERŻJONI ELETTRONIKA
B 313
(c) the reasons for the decisi on taken by the Registrar for
Legal Persons to grant access to information,
available to the foundation and, or the relevant beneficial own er to
enable such foundation or beneficial owner to protect their own
interests.
(8) Access to, or provision of, in formation held in the Register
of Beneficial Owners shall be subject to the following conditio ns:
(a) the competent authorities referred to in sub-regulation
(1)(a) shall be granted access without restriction to the reque sted
information held in the Register of Beneficial Owners on the
assumption that such consultation is related to such competentauthority’s statutory functions and subject to the relevant
competent authority’s obligat ions under applicable data
protection laws and regulations;
(b) subject persons referred to in sub-regulation (1)(b)
shall be granted access to the requested information held in th e
Register of Beneficial Owners upon written request to the
Registrar for Legal Pe rsons on the basis of  the declarations ma de
and documents submitted as state d in sub-regulation (4) being
satisfactory and subject to the relevant subject person’sobligations under applicable data protection laws and regulations
and laws relating to prof essional secrecy; 
(c) the persons or organisations forming part of the
general public referre d to in sub-regulation (2) shall be grant ed
the information requested on satisfactory compliance with sub-
regulation (5); and
(d) the persons or organisations referred to in sub-
regulation (3) shall be granted the information requested onsatisfactory compliance with sub-regulation (6).
Any such request and any permission granted shall be
limited to the specific foundation and the specific beneficialowner or owners referred to in the request.
Special cases 
involving 
serious risks.(9) (a) Except in the case contemplated in sub-regulation
(1)(a) or in the case of credit or financial institutions in th e course of
carrying out their duties under laws for the prevention of mone y
laundering and terrorist financing or of subject persons that are public
officials, access to information on a beneficial owner of a fou ndation
may be denied, in full or in part , where in exceptional circums tances,
to be justified by means of documentary evidence and to bedetermined on a case by case basis, following a detailed evaluation of
VERŻJONI ELETTRONIKA
B 314
the exceptional nature of the ci rcumstances, access to such ben eficial
ownership information would expose the beneficial owner to
disproportionate risk, risk of fraud, kidnapping, blackmail, ex tortion,
harassment, violence or intimidat ion, or where the beneficial o wner is
a minor or is otherwise legally incapable.
(b) Every request for infor mation which raises the above
risks based on information provided by the foundation when
complying with these regulations  shall be examined by the Regis trar
for Legal Persons on a case-by-case basis prior to his determination on
whether to grant access to information or otherwise. Such denia l of
access by the Registrar for Legal Persons shall only be decided  upon a
detailed evaluation of the exceptional nature of the circumstan ces. 
(10) (a) The Registrar for Leg al Persons shall be bound to
notify the foundation to which sub- regulation (9) applies, in writing, of
any application for information relating to the applicants ment ioned in
sub-regulations (1)(b), (2) and (3) and the legal basis for the request. 
( b ) T h e  R e g i s t r a r  f o r  L e g a l  P e r s o n s  s h a l l  g r a n t  t h e
foundation at least ten (10) working days to make any submissio ns in
writing to the Registrar for Legal Persons. The foundation shal l
communicate the information to a ny relevant beneficial owner fo r any
comments which such beneficial owner may wish to raise in such time
and manner as will enable the foundation to respond as above st ated.
The Registrar for Legal Persons  shall process the response received in
a timely manner.
(c) Should the Registrar for Legal Persons decide to
grant access, he shall provide the  reasons for his decision to the
foundation in writing prior to notifying such decision to the a pplicant
and the foundation shall have a r ight to contest such decision by
applying for judicial review of such decision within twenty (20 )
working days from receipt ther eof, and this without involving the
applicant. The sworn application for judicial review shall be n otified to
the Registrar for Legal Persons w ho shall have twenty (20) work ing
days to respond to such application:
Provided that the Registrar for Legal Persons shall not
grant access until the conclusion of the review proceedings and  in such
case only under the conditions as may be established by the Cou rt. 
Decisions 
refusing access 
to information.(11) (a) The Registrar for Legal Persons shall be bound to
notify the applicant in writing, with a copy to the foundation,  of any
decisions that he may take refu sing a written request made to him on
the basis of sub-regulation (9), p roviding the reasons for his decision.
The Registrar for Legal Pers ons shall do so in a timely manner.
VERŻJONI ELETTRONIKA
B 315
(b) Any applicant who feels a ggrieved by the decision of
the Registrar for Legal Persons s hall have a right to apply for  judicial
review of such decision, within twenty (20) working days from r eceipt
thereof, which application for judicial review shall also be no tified to
the Registrar for Legal Persons who shall have twenty (20) work ing
days to respond to such application. The sworn application shal l also
be notified to the foundation, which may consult the relevant
beneficial owner, who shall be  entitled to participate in the
proceedings with the foundation.
(12) A sworn application for ju dicial review from the decision
of the Registrar for Legal Pers ons in terms of sub-regulations (10) and
(11) shall be made to Civil Court, First Hall, with a right of appeal,
within twenty (20) working days from the date on which the deci sion
of Civil Court, First Hall is gi ven, to the Court of Appeal in its inferior
jurisdiction. An appeal may be made on any point of law and, or  of fact
by means of a sworn application.
(13) Such applications for judicial  review and any appeals shall
be filed in the registry of the relevant court and, if so order ed by the
court, the proceedings shall be held in camera  to protect the
confidentiality of the  beneficial owners.
Online requests 
for access.(14) The Registrar for Legal Pers ons shall be entitled to requir e
solely online requests to access information in the Register of
Beneficial Owners, as establishe d in guidelines which he may is sue for
this purpose.
Sharing of 
Information.(15) Notwithstanding the provisions of any other law, including
the laws on professional secrecy and data protection, the competent
authorities referred to in sub-regulation (1)(a) and the Financ ial
Intelligence Analysis Unit are permitted, in pursuance of their
functions in accordance with the applicable law, to provide the
information about the beneficial owners to competent authoritie s and
to Financial Intelligence Units of other Member States and to do so in
a timely manner  and free of charge.
Statistics. (16) The Registrar for Legal Persons shall publish annual
statistical data on the number of refusals issued under sub-reg ulation
(9) and the reasons stated thereof and report the data to the European
Commission.
Legitimate 
interest.(17) (a) For the purposes of regulation 10(3):
(i) a legitimate interest to be granted access to
information on the beneficial  owners of a foundation shall be
VERŻJONI ELETTRONIKA
B 316
satisfactorily demonstrated if the person requesting such acces s
can prove that the interest speci fically and solely relates to and
will contribute to the prevention, detection and combating of
money laundering or the associated predicate offences or the
financing of terrorism and shall be justified on the basis of
previous activities and a proven track record of actions in tha t
field, by means of relevant  documentary evidence; 
(ii) the existence or otherwise of a legitimate interest
shall be conclusively determined, on a case by case basis, by the
Registrar for Legal Persons and for such purpose the Registrar
for Legal Persons may request any information he deems
necessary for the determination of  such legitimate interest and ,
or seek guidance from or consu lt with any person or authority a s
may be deemed necessary.
(b) The Registrar for Legal Persons may request from the
foundation any information he cons iders relevant in order to assess and
process the request made for access to beneficial owner informa tion
and while doing so may share the information referred to in reg ulation
10(7)(a) and (b): 
Provided that in determining whether the applicant has
such legitimate interest, the Reg istrar for Legal Persons may a lso
request any information and, or a ny relevant docum entary eviden ce he
deems necessary from any person or authority. 
(c) Unless prohibited by thes e regulations or applicable
law, in the event that the Registrar for Legal Persons consider s that
there exists a legitimate interest to be granted access to beneficialowner information, he shall notify the foundation of his conclu sions
and the reasons for his decision and shall grant the foundation , which
shall provide the information to  any relevant beneficial owner and
receive any comments such benefi cial owner may wish to submit, at
least ten (10) working days to present any submissions to him i n
writing which the f oundation and, or the benef icial owner may w ish to
make.
(d) After consideration of such submissions, if any, the
Registrar for Legal Persons shall  notify the applicant and the
foundation of his final decision.
Appeals in cases 
of denial of 
access for lack 
of legitimate interest.(18) (a) An applicant who is aggrieved by the decision of the
Registrar for Legal Persons denying access to the beneficial ow nership
information on the basis of the absence of legitimate interest may, by
sworn application apply to Civil  Court, First Hall for judicial review of
the decision of the Registrar for  Legal Persons, with an appeal  to the
VERŻJONI ELETTRONIKA
B 317
Court of Appeal in its inferior jurisdiction. 
(b) The provisions of regulation 10(11) to (13) shall
apply mutatis mutandis  to such applications for judicial review and
relative appeals.
Data protection 
and 
confidentiality.
Cap. 586.11. (1) All persons entitled to access and receive information
in terms of these regulations sha ll comply with the provisions of the
Data Protection Act and relevant  regulations thereunder, in rel ation to
the information which they have accessed or received, and they shall
also be subject to the obligation not to disclose any information about
beneficial owners except as required or permitted by law.
(2) The Registrar for Legal Persons shall be bound to maintain
confidentiality on any access to t he Register of Beneficial Owners by
the authorities referred to in regulation 10(1)(a) and shall no t inform
the foundation or the beneficial owners on whom information is sought
of such access. In all other case s the Registrar for Legal Pers ons shall
act according to these regulations and shall endeavour to do so  within
reasonable times.
Provisions to 
support the functions of the Registrar for 
Legal Persons.
Cap. 373.12. (1) The provision of information by foundations in
accordance with these regulations to the Registrar for Legal Pe rsons
shall not imply that such foundations do not remain equally obl iged to
provide any information requested of them by subject persons ta king
customer due diligence measures in accordance with the Preventi on of
Money Laundering Act and applicable regulations, as well as others
entitled to such information under special laws, about such fou ndation
and its beneficial owners.
(2) So as to ensure that the Registrar for Legal Persons is not
inundated with requests under these regulations, which could be easily
met by observance of basic compl iance with applicable laws and so as
to avoid demands on the Registrar for Legal Persons which are not
eligible under these regulations:
(a) all subject persons shall deal directly with
foundations and beneficial owners prior to applying to theRegistrar for Legal Persons; and
(b) all foundations shall provi de information about their
beneficial owners, direct and i ndirect, to subject persons, as well
as to others entitled to such information under special laws, i n a
timely manner, when:
Cap. 373.(i) such subject persons are carrying out customer
due diligence measures in accordance with the Prevention
of Money Laundering Act and appl icable regulations; or
VERŻJONI ELETTRONIKA
B 318
(ii) other persons who are seeking information from
the foundation itself and who are entitled to demand, and be
provided with, such information, are doing so for thepurposes of special laws which are intended for the
prevention, detection and combating of money laundering
or the associated predicate offences or the financing ofterrorism.
(3) In any case, subject persons shall not rely exclusively on
the Register of Beneficial Owners to fulfil their customer due
diligence requirements and access to  such Register of Beneficia l
Owners by subject persons in term s of these regulations shall n ot
exonerate such subject persons from all responsibilities and dutiesincumbent upon them in terms of applicable law.
Misleading, 
false or 
deceptive 
information.13. (a) Any administrator of a foundation who knowingly or
recklessly makes a statement, declaration or otherwise provides to the
Registrar for Legal Persons inf ormation on the beneficial owner ship of
a foundation, that is misleading, fa lse or deceptive in a mater ial
particular; and
(b) any beneficial owner of a foundation who knowingly
or recklessly makes a statement,  declaration or otherwise provides to
the administrators of a foundation information on the beneficia l
ownership of a foundation, that is misleading, false or decepti ve in a
material particular,
shall be guilty of an offence and shall be liable on conviction  to a fine
(multa ) of not more than five thousand euro (€5,000) or to
imprisonment for a term not exceeding six (6) months or to both such
fine and imprisonment.
Interconnection 
of the Register 
of Beneficial 
Owners.14. (1) The Register of Beneficial Owners held by the
Registrar for Legal Persons in accordance with regulation 7 sha ll be
interconnected with the system of interconnection of central re gisters
of Member States established by Article 22 of Directive (EU) 20 17/
1132 and in accordance with national law by means of the Europe an
Central Platform and the European  e-Justice portal serving as t he
European electronic access point . The connection to the platfor m shall
be set up in accordance with t he technical specifications and
procedures established by impl ementing acts adopted by the Euro pean
Commission 
(2) The information on the bene ficial owners of a foundation
held by the Registrar for Legal Persons in the Register of Bene ficial
Owners shall be available and accessible to the authorities men tioned
in regulation 10(1)(a) through the system of interconnection of
VERŻJONI ELETTRONIKA
B 319
registers mentioned in this regulation.
(3) The information on the beneficial owners of a foundation
held by the Registrar for Legal Persons in the Register of Beneficial
Owners shall be available through the Register of Beneficial Owners
and through the system of interc onnection of registers, in the case of a
transparent foundation for five (5) years and in the case of a private
foundation for ten (10) years, and this, from the date on which :
(a) the grounds for registering the beneficial ownership
information have ceased to exist; or
(b) the foundation has been struck off from the Register
of Legal Persons or, if the foundation is, for any reason, notregistered in terms of the Second Schedule or applicable
regulations, from the date on which the certified copy of the
winding up resolution is delivered to the Registrar for LegalPersons in accordance with arti cle 59 of the Second Schedule; o r
(c) there is the termination of  registration in case of the
continuation of the foundation in another country in accordancewith article 22A of the Second Schedule,
whichever is the earlier.
Electronic 
communication.
Cap. 426.15. Any document which is required to be delivered to the
Registrar for Legal Persons unde r any of the provisions of thes e
regulations, and any such deliver y and the retention of any suc h
document by the Registrar for Legal Persons, may be in such for mat
and by such means, including in  electronic form and by electron ic
communication within the meaning of the Electronic Commerce Act ,
as the Registrar for Legal Persons may deem appropriate.
Administrative 
penalties.16. (1) Where any of these regulations provide for the
imposition of a penalty, the amount of such penalty shall be
determined by reference to the  Schedule, which specifies the
maximum penalty that may be imposed by the Registrar for LegalPersons under any of the provisions of these regulations.
(2) In the Schedule, the first column indicates the regulation
and sub-regulation which prescrib es that a penalty shall be imp osed,
the second column gives a general description of the infringeme nt,
which description shall not be re lied on in interpreting any pr ovision
of these regulations, the third column prescribes the maximum penalty
and the fourth column prescribes  the maximum daily default pena lty.
The penalty shall become due on the day on which the default oc curs
and the daily default penalty shall be due for every day during  which
the default continues and shall accrue from the day following t hat on
VERŻJONI ELETTRONIKA
B 320
which the default occurs.
(3) Action by the Registrar for Legal Persons for the recovery
of a penalty under these regulations shall be prescribed by the  lapse of
five (5) years from the day on which the default occurs.
(4) A foundation shall be jointly  and severally liable with its
administrators for the payment of any administrative penalties
imposed under these regulations.
(5) The provisions of the Sche dule shall apply to any penalty
imposed by the Registrar for Legal Persons under these regulati ons.
Fees. 17. Access to information in the Register of Beneficial Owners
may be subject to the payment of a fee which shall not exceed theadministrative costs thereof, in cluding costs of maintenance an d
development of the Register. The  R e g i s t r a r  f o r  L e g a l  P e r s o n s  m a y
from time to time, by notice publ icly available at the Registry  f o r
Legal Persons, establish such fee.
Forms. 18. The Registrar for Legal Persons shall have the power to
issue and prescribe forms, and to  modify the same as may be req uired,
from time to time, to be used by foundations, beneficial owners,
persons requesting access and information and otherwise, for th e better
carrying out and implementati on of these regulations.
Guidelines. 19. The Registrar for Legal Persons may, from time to time,
issue guidelines for the better implementation of these regulat ions in
particular contexts.
Repeal and 
savings. 
S.L. 16.15.20. (1) The provisions of the Civil Code (Second Schedule)
(Register of Beneficial Owne rs - Foundations) Regulations,
hereinafter referred to as "the R epealed Regulations" are hereb y
repealed, and any references in any law to the repealed regulat ions
shall be construed as refere nces to these regulations. 
(2) Notwithstanding the provisi ons of sub-regulation (1), the
repealed regulations shall remain applicable for the purpose of  any act,
decision, action or proceedings taken in respect of any breach of the
repealed regulations that occurred or were instituted prior to the
coming into force of these regulations.
VERŻJONI ELETTRONIKA
B 321
SCHEDULE
(Regulation 16) 
Regulations and Penalties  applicable thereunder
The following provisions shall apply to any penalty imposed by the
Registrar for Legal Persons in terms of the Civil Code (Second
Schedule) (Register of Beneficia l Owners - Foundations) Regulat ions:
(1) Where the Registrar for Legal Persons gives notice in writin g to
any foundation and, or any pers on that such foundation and, or
person has become liable to a penalty under these regulations
specifying the nature of the infringement, and indicating an
amount as due by way of penalty in respect of such infringement ,
the foundation and, or person to whom the notice is given shall ,
without prejudice to the provisi ons of paragraphs (2) to (15) b e
deemed to have incurred a pena lty under these regulations, and
the amount indicated as aforesaid as due by way of penalty
including any penalty due for each day during which the default
continues shall be deemed to b e the penalty due under these
regulations in respect of the infringement specified in the notice.
(2) A notice as is referred to in paragraph (1) shall, upon the service
of a copy thereof by means of a judicial act on the foundation
and, or any person indicated in t he notice, consti tute an execu tive
title for all effects and purposes of Title VII of Part I of Book
Second of the Code of Organization and Civil Procedure unless
such person shall within thirty (30) days from the date of suchRegulation Default PenaltyDaily 
penalty
4(10) 4(1) Failure to keep record of
beneficial owners €500 €5
4(10) 4(3) Failure to provide
information within fourteen (14)
days of formal request by thefoundation €500 €5
6(4)(c) Failure to submit the declaration
to the Registrar for Legal Personswithin the periods referred to inthe regulations 5(1), 6(1) and 6(2) €500 €5
8(5) 8(2) Failure to provide
information to the Registrar forLegal Persons about a change inthe beneficial owners of a
foundation within the stated time
period €500 €5
VERŻJONI ELETTRONIKA
B 322
service institute pr oceedings before the court objecting to the
penalty so fixed.
(3) Where any foundation and, or any person desires to institute
proceedings objecting to a penalty  referred to in paragraph (1),
such proceedings shall be instit uted by application against the
Registrar for Legal Persons.
(4) The application shall, under pain of nullity, state clearly and
concisely the nature of the complaint, the facts out of which the
complaint arises, the reasons why such complaint should be
upheld, and the claim that the penalty is not due at law or is due at
law only in a smaller amount.
(5) The court shall not annul or reduce a penalty as aforesaid unless
such penalty cannot at law be imposed in the circumstances of t he
case, or cannot at law be fixed in the amount fixed by the
Registrar for Legal Persons.
(6) The applicant shall attach to the application all such docum ents
in support of his claim as it may be in his power to produce, a nd
shall indicate in his application the names of all witnesses he
intends to produce stating, in r espect of each, the proof which  he
intends to make.
(7) The court shall, without delay,  set down the application for
hearing at an early date, which date shall in no case be later than
thirty (30) days from the date of the filing of the application .
(8) The application, and the noti ce of the date fixed for hearin g, shall
be served on the Registrar for Le gal Persons without delay, and
the said Registrar for Legal Persons shall file his reply there to
within fourteen (14) days after the date of the service of the
application.
(9) The Registrar for Legal Persons shall, in his reply, state c learly
and concisely whether he agrees to the facts set out in theapplication, and the reasons why he objects to the claim; he sh all
moreover state in his reply the names of the witnesses in suppo rt
of his reasons and shall attach thereto all the documents insupport thereof.
(10) On the day fixed for the h earing of the application, the co urt shall
consider only the issues of fact and of law as are ascertainabl e
from the application, reply or documents filed, by either of th e
parties, or from the evidence indicated by either of the partie s in
the application or reply, as the case may be, or from the oral
VERŻJONI ELETTRONIKA
B 323
pleading of either of the parties.
(11) The court shall hear the application to a conclusion within five
(5) working days from the date f ixed for the original hearing o f
the application, and no adjournment shall be granted except
either with the consent of both parties, or for an exceptional
reason to be recorded by the c ourt, and such adjourned date sha ll
not be later than that ju stified by any such reason.
(12) Saving the preceding paragraphs, the provisions of the Code  of
Organization and Civil Procedure relating to proceedings beforeCivil Court, First Hall shall apply in relation to any such
application.
(13) Notwithstanding the provisi ons of article 256(2) of the Cod e of
Organization and Civil Procedure, the executive title referred to
in paragraph (2) shall not be enforceable before the lapse of t hirty
(30) days from the service of the judicial act therein referred  to.
(14) The decision of the court upon an application referred to i n
paragraph (3), confirming the imposition of a penalty fixed by the
Registrar for Legal Persons or reducing any such penalty, shallupon becoming res judicata  be deemed to be a judgment of the
court ordering the payment by th e applicant of the penalty as
confirmed or reduced.
(15) An appeal from a decision of the court upon an application
referred to in paragraph (3), shall be made by means of an
application to the Court of App eal to be filed within ten (10)
working days of the date of the decision; the foundation and, o r
person against whom the appeal is entered shall within ten (10)working days from the service upo n him of the application file a
reply to the appeal.
VERŻJONI ELETTRONIKA
B 262
_________________________________________________________________________________________________________________________
Ippubblikat mid-Dipartiment tal-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta
Mitbugħ fl-Istamperija tal-Gvern fuq karta FSC — Printed at the Government Printing Press on FSC certified paper
Prezz/Price
€2.88
VERŻJONI ELETTRONIKA