CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 1
SUBSIDIARY LEGISLATION 16.18
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – 
FOUNDATIONS) REGULATIONS 
20th February, 2020
LEGAL NOTICE 25 of 2020, as amended by Act XLVII of 2020.
Citation. 1. (1) The title of these regulations is the Civil Code
(Second Schedule) (Register of Beneficial Owners - Foundations)Regulations.
Scope. (2) The purpose of these regul ations is to transpose the
relevant provisions of Directiv e (EU) 2018/843 of the European
Parliament and of the Council of 30 May 2018 amending Directive(EU) 2015/849 on the prevention 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, and this in relation toinformation about the beneficial owners of foundations establis hed
and, or registered under the laws of Malta and these regulation s shall
be interpreted and applied accordingly.
Applicability.
S.L. 16.15.(3) These regulations shall be without prejudice to the
validity or effectiveness of anyt hing done in terms of the prov isions of
the Civil Code (Second Schedule) (Register of Beneficial Owners  -
Foundations) Regulations and, to th e extent necessary, such pro visions
shall continue to apply until th ese regulations shall come into  force. 
Interpretation. 2. (1) In these regulations, unless the context otherwise
requires:
"administrator" means the person, under whatever designation
he may operate, who is designate d as such in the deed or statut e of the
foundation, and who agrees in writi ng to so act, and when there  are
changes in such offi ce, shall refer to:
(a) those persons who are designated as such in the
relevant notice submitted to the Registrar for Legal Persons,and 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 soact, if, for any reason, the founda tion is not registered with the
Registrar for Legal Persons; and
(c) where the administrator is a legal organisation, the
persons appointed to act as directors of such legal organisatio n
or the equivalent, if designate d under any other name, and who
agree in writing to so act,
2[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
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 process of  its
winding up, such liquidator shall have the same duties of admin istrators
under these regulations:
Provided that a reference to an administrator of a
foundation, with respect to carrying out any act or signing a d ocument,
shall be deemed to include any person who is engaged or to whom  such
function has been delegated in writing by the foundation, the l egal
organisation or by the relevant a dministrator or director who s hall be
deemed to have the authority to de legate such powers in 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 sha ll 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 identified in the relevant
foundation instruments, subject to regulation 4(1)(d), or wherethe individuals benefiting from the foundation have yet to bedetermined, the class of pers ons in whose main interest the
foundation is set up or operates; and when the beneficiary is alegal entity, then this term shall also include the ultimatebeneficial owner of such 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
binding, in terms of the statute of the foundation or any other
instrument in writing, for material actions to be taken within the
foundation; and 
"beneficial ownership" shall be construed accordingly;
"commercial transactions" means acts of trade and the trading
activities and commercial transa ctions and activities listed in  article
31B (Private foundations and trading activities) and article 32 A (Public
benefit foundations and trading activities) of the Second Sched ule;
"Directive" means Directive (EU) 2018/843 of the European
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 3
Parliament and of the Council of 30 May 2018 amending Directive
(EU) 2015/849 on the prevention 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 aut hority to delegate such powers i n virtue
hereof;
"foundation" means an organisation consisting of a universality
of things, constituted in writing, including by means of a will , by a
founder or founders whereby as sets are destined either:
(a) for the fulfilment of a specified purpose; and, or 
( b ) f o r  t h e  b e n e f i t  o f  a  n a m e d  p e r s o n  o r  c l a s s  o f
persons, 
and which are entrusted to the a dministration of a designated p erson or
persons, and this, irrespective of whether or not it is registe red with the
Registrar for Legal Persons in te rms of the Second Schedule or of any
applicable regulations;
Cap. 373."Financial Intelligence Analysis Unit" means the Unit
established under the Preven tion of Money Laundering Act;
"material actions" means the following actions or any other
actions achieving the same result:
(a) the amendment of the statute;
(b) the addition or removal of any beneficiary, or any
person from a class of beneficiaries 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
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the assets of the foundation; or
(g) the termination or revoc ation of the foundation;
"Minister" means the Minister re sponsible for the registration of
limited liability companies a nd commercial partnerships.
"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 the 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 for 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
beneficiaries and other persons kept by the foundation in terms  of these
regulations;
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 Civi l
Code which regulates foundations;
Cap. 373."subject person" means a subje ct person in terms of the
Prevention of Money Laundering Ac t and applicable regulations;
"transparent foundation" means  a foundation which has been
established and operates under the principle of transparency as  a result
of the provisions of its statute  or applicable law and shall be  deemed to
include the following:
(a) foundations establishe d 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 oluntar y
Organisations Act or otherwise;
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(b) foundations which are set up for a lawful purpose
being the pursuance or implementation of commercialtransactions;
(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 who are designated as such in thestatute or amendments thereto in accordance with therequirements of the Second Schedule and whose details aredisclosed in the public records  in the Register of Legal Persons
maintained by the Registrar fo r Legal Persons pursuant to an
unconditional waiver of confidentiality regulated by sub-articl e
(3) of article 31C of the Sec ond Schedule or under a provision
of applicable law; and
(d) any foundation where the beneficiaries or any of
them are legal organisations, provided that for the purposes ofregulation 10, applications for a ccess to information relating to
beneficiaries who are natural persons, who are not mandatoriesor trustees or acting in any other fiduciary capacity, shall bemade in accordance with s ub-regulation (3) thereof.
Cap. 373.(2) Unless otherwise stated or the context otherwise
requires, terms and expressions u sed in these regulations shall  have the
same meaning attributed to them in the Second Schedule, any rel evant
special law, the Prevention of Money Laundering Act and regulat ions
made thereunder and in the Direc tive, as the context may requir e.
Applicability of 
these regulations.Amended by:
XLVII.2020.14.3. (1) Subject to the exclusions stated in sub-regulation
(2), these regulations shall apply to all foundations whetherestablished for a private interest, benefit or purpose or for t he
achievement of a social and, or public benefit or other lawful purpose,
and this, irrespective of whether they are registered or not wi th the
Registrar for Legal Persons in terms of the Second Schedule orapplicable regulations and shall include voluntary organisation s in the
form of foundations.
(2) These regulations  shall not apply to:
(a) a foundation which is established and controlled,
directly or indirectly, by the Government of Malta where"controlled by the Government" means that the Governmentenjoys the power to appoint or remove a majority of theadministrators of the foundation;
Cap. 3.(b) a foundation which constitutes a pious foundation
or an ecclesiastical entity in the form of a foundation in term s of
the Second Schedule or is a marriage legacy governed by theMarriage Legacies Law; and
6[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
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(c) any other type of foundation not referred to above
which the Minister, in consultation with the Minister responsib le
for finance, 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-dateinformation in respect of its beneficial owners, including the details of
the beneficial interests held, which 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 thecountry of issue;
(b) the effective date whe n any person became, or
ceased to be, a beneficia l owner of the foundation;
(c) the role of the beneficial owner in relation to the
foundation in terms of paragrap hs (a) to (c) and (e) of the
definition "beneficial owner" in regulation 2(1):
Provided that for the purpose s of the said paragraph (e),
when reference is made to a senior managing official on thebasis of his post in the stated office and not on the basis of his
ownership or the control exercised over the foundation by othermeans, 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 "beneficial owner" in regulation 2(1), th e
nature and extent of the beneficial interest held by suchbeneficiary and any changes thereto, including the effective da te
on which his beneficial interest in the foundation has increase d
or been reduced if such change s take place, as well as, when
applicable, an indication as to whether the foundation statute or
any other instrument in writing include any suspension of theadministrator’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, suchperson shall not be considered to be a beneficiary until such t ime
as he is informed of such bene fit or receives actual benefit.
(2) For the purpose of this regul ation, where the beneficiaries
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of a foundation constitute a class of beneficiaries, the follow ing rules
shall apply unless otherwise stated 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 t o be made up of the person, hi s
direct ascendants, his spouse, his  direct descendants, and unle ss
excluded, their respective spouses;
(c) when a child is born or a marriage takes place,
unless stated otherwise, such ch ild and spouse shall be declare d
to the foundation within three (3) months of the birth ormarriage;
( d ) " c h i l d r e n "  i n c l u d e  c h i l d r e n  b o r n  o u t  o f  w e d l o c k
and adopted children;
(e) "spouse" includes the person to whom the relevant
person is married at the relevant time and not persons whomthey have divorced or from whom they are separated, and alsoi n c l u d e s  p e r s o n s  w i t h  w h o m  t h e r e  i s  a  c i v i l  u n i o n  o r  acohabitation or a de facto  arrangement recognised by law in the
country where they are habitua lly resident, including where
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 determin ed to form part of a class of
beneficiaries or is appointed a beneficiary of the foundation,whichever is the earlier:
Provided that nothing in the 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 p urposes
of these regulations may not be used for the purpose of provingwhether 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  t h e
information required under sub-regulation (1) to the foundationwithout delay:
Provided that, without prej udice 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 a ny
8[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
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natural person whom it has reas o n a b l e  c a u s e  t o  b e l i e v e  t o  b e  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, a nd every beneficiary who acquire s,
disposes of, increases or reduces  his beneficial interest in th e
foundation, or whose beneficial i nterest 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 pers on who is appointed or ceases to be or
to carry out the role of beneficial 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:
P r o v i d e d  f u r t h e r  t h a t ,  i n  c a s e s  w h e r e  a  b e n e f i c i a r y  i s  a
legal organisation or a fiduciary or other intermediary, inform ation
shall be obtained with reference to the natural person who is t he
ultimate beneficial owner thereof.
(4) Such information shall be verified by the foundation on
the basis of documents, data or information obtained from a rel iable
source and a foundation shall not enter the name of any benefic ial
owner in the register of benefic ial owners unless it has reason ably
confirmed the accuracy of the information. 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 inf ormation
on the natural person who is the principal or beneficiary of su ch
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 the Registrar for Legal Person 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 or 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 beneficial
owners, 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 foundatio n.
(6) Every foundation established solely to achieve a stated
purpose and which does not have any beneficiaries as defined inparagraph (d) of the definition "beneficial owner" in regulatio n 2(1)
CIVIL CODE (SECOND SCHEDULE) 
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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 register shall be kept and maintained by the
foundation, or its delegates, at th e 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 ) e n t e r  t h e  n a m e  o f  a  b e n e f i c i a l  o w n e r  o r  a n y
changes to the beneficial interest in the register of beneficia l
owners; or
(b) notify the Registra r for Legal Persons in
compliance with the Second Schedule, when required upon anevent taking place,
unless it has obtained, as may be  applicable, information on th e
underlying beneficial ownership and unless it has carried out t he
verifications required by these regulations.
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 information about their rights, and  t h e
procedures applicable for exercis ing 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 abeneficial owner of a foundation, has a right of access to anyinformation relating to himself in the register of beneficial o wners held
by such foundation within a reasonable period not exceeding thi rty
(30) days after he a makes a request 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 if they had exercised all du e
diligence to comply with the provisions of this regulation andthe default was not due to any negligent act or omission on the ir
10[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
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part; and 
(b) every beneficial owner, other than the persons
referred to in paragraph (a), who is in default without validexcuse shall be liable to a penalty and, for every day duringwhich the default continue s, to a further penalty.
(11) The administrators of a foundation shall retain the
information in respect of its beneficial 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 registering the beneficial
ownership information ha ve ceased to exist; or 
(b) the foundation has been struck off from the
Register of Legal Persons or, if the foundation is, for any rea son,
not registered in terms of the Second Schedule or applicableregulations, from the date on which the certified copy of thewinding up resolution is delivered to the Registrar for LegalPersons in accordance with artic le 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 inaccordance with 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 w hether this is registered or n ot with the
Registrar for Legal Persons in terms of the Second Schedule orapplicable regulations, there shall be delivered to the Registr ar for
Legal Persons by 30
th June, 2019, a declaration, in the prescribed form,
signed by one of the administrators of the foundation, containi ng
adequate, 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 shall also be delivered to the Re gistrar for
Legal Persons by the aforementioned date, together with theaforementioned declaration, an authenticated 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 an y case, all
relative forms and documents sha ll not be registered in accorda nce with
the Second Schedule and any app licable regulations, unless the
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Registrar for Legal Persons is satisfied 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,  s h a l l
comply with these regulations within three (3) months of the co ming
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 registration of the foundation in terms of the
Second Schedule is not sub mitted within such time; and
(b) a declaration in the prescribed form, signed by
one of the administrators of t he foundation containing adequate ,
accurate and up-to-date information in accordance withregulation 4 on all the beneficial owners of the foundation.Where the administrator is a body corporate, such declarationshall be signed by one director thereof.
Foundations 
established after the coming into 
force of these 
regulations.(2) Any foundation which is established after the coming
into force of these regulations shall comply with these regulat ions
within three (3) months of the da te of their establishment and there
shall be delivered to the Registrar for Legal Persons within su ch time
period:
(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 sub mitted within such time; and
(b) a declaration in the prescribed form, signed by
one of the administrators of t he foundation containing adequate ,
accurate and up-to-date information in accordance withregulation 4 on all beneficial owners of the foundation. Wherethe administrator is a body corporate, such declaration shall b e
signed by one director thereof. 
(3) A foundation, and all relative documents, shall not be
registered in terms of the Second Schedule unless the Registrar  f o r
Legal Persons is satisfied that the requirements of these regul ations
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 these 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 Le gal Persons shall not proceed w ith the
registration of any registerable forms or documents of the foun dation
delivered to him in accordance with any applicable special law,  unless
12[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
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the Registrar for Legal Persons is satisfied that the requireme nts 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 onsuch 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 thereasons for refusal.
(c) In case of default of compliance with regulations
5(1), 6(1) and 6(2), 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 default continues,  t o  a
further penalty: 
Provided that the foundation a nd 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 a ny documents or forms submitted  to him
in accordance with these regulations, and to establish the rule s and
procedures relative thereto in guidelines which he may issue fo r this
purpose.
Register of 
Beneficial Owners.7. (1) The information on the beneficial owners of every
foundation provided to the Registrar 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 Beneficial Owners kept for this purpose,
which register may be in electronic format.
(2) Documents required to be de livered to the Registrar for
Legal Persons under any of the provisions of these regulations shall not
form part of, nor be registered in, the main Register of Legal Persons
administered by the Registrar for Legal Persons under the Secon d
Schedule and the information on t he beneficial owners of every
foundation provided to the Registrar for Legal Persons in accor dance
with these regulations shall be entered and held by the Registr ar for
Legal Persons only in the Register of Beneficial Owners kept by  the
Registrar for Legal Persons for this purpose.
(3) The Register of Beneficia l Owners shall be accessible
only to such persons under such  conditions and in accordance wi th
such procedures as are set out in these regulations. For the av oidance of
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doubt, in case of conflict regarding accessibility, between any  special
law governing a particular founda tion, including  the Second Sch edule,
and these regulations, these regulations shall prevail over theprovisions of any special law in so far as the Register of Bene ficial
Owners is concerned.
(4) The information provided by a foundation in terms of
these  regulations shall be deemed to be sufficiently reliable for the
Registrar for Legal Persons to pr oceed with the registration or  relevant
action; however, he may demand any additional or updatedinformation to verify that a foundation is at any time complyin g with
its duties under 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 occurs as a result of which theparticulars in the Register of B eneficial Owners in relation to  a
beneficial owner are no longer current, 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 pr escribed 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 sa id 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 Persons shall not, upon receiving
the notice referred to in the pr eceding sub-regulation, registe r 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 ben eficial ownership referred to
in sub-regulation (2), duly completed, shall be signed by at le ast one
administrator of the foundation. W here the administrator is a b ody
corporate, such notice shall be s igned by at least a director t hereof.
(5) In case of default in complying with the provisions of
this regulation, the foundation and every administrator of thefoundation who is in default shall be jointly and severally lia ble to a
penalty, and, for every day during which the default continues,  t o  a
further penalty:
14[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
Provided that the foundation a nd the administrators of the
foundation shall not be liable if they 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 foundation,  or any of its administrator s, from
any duty to notify such changes to the Registrar for Legal Pers ons or
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 re gister of beneficial owners ke pt
and maintained by a foundation, or from the Register ofBeneficial Owners kept and maintained by the Registrar forLegal Persons; or
(b) unnecessary delay, being at least more than thirty
(30) days, takes place in entering in or removing from suchregisters the fact that a person has become or ceased to be abeneficial owner of such foundation,
the person aggrieved or any benef icial owner may apply to Civil  Court,
First Hall, for the rectification of the register of beneficial  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 entered in or removed from theregister of beneficial owners or the Register of BeneficialOwners, as the case may be;
(c) order the rectification of  the register of beneficial
owners or the Register of Beneficial Owners, as the case maybe;
(d) order payment by the foundation of compensation
of up to one thousand euro (€1,000) for any loss sustained byany party aggrieved; and, or
(e) more generally, decide any question necessary or
expedient to be decided for rec tification 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
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 15
being a party thereto, and they shall, upon being notified with  a
certified copy of the judgment of Civil Court, First Hall, actaccordingly 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-regulation
(1)(b) of regulation 10 and, if appropriate and to the extent t hat this
does not interfere unn ecessarily with their functions, competen t
authorities referred to in regul ation 10(1)(a), shall report to  t h e
Registrar for Legal Persons any di screpancies they find between  the
beneficial ownership information available in the Register ofBeneficial Owners and the beneficial ownership information othe rwise
available to them.
(b) In the case of reported di screpancies, the Registrar
for Legal Persons shall unless ot herwise prohibited in terms of  these
regulations and only to the exte nt permitted by these regulatio ns,
inform the foundation of the reported discrepancy requesting aclarification 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, th at the discrepancy is materia l and
may 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 satisfac tion. This
rule shall apply mutatis mutandis  to other registrars, commissioners,
boards or authorities and registers 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 discrepa ncy 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:
16[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
S.L. 373.01.(a) national competent authorities being public
authorities with designated re sponsibilities for combating
money laundering or terrorist financing, or that have thefunction of investigating or prosecuting money laundering,associated predicate offences and terrorist financing, or oftracing, seizing, freezing and confiscating criminal assets, th e
Financial Intelligence Analysis Unit and national tax authoriti es,
supervisors of subject persons an d any other national competent
authority within the meaning assigned to it under the Preventio n
of Money Laundering and Funding of Terrorism Regulations notalready covered above, for the purposes of fulfilling theirstatutory functions in a timely manner without any restrictionand without alerting the foundation or the beneficial ownersconcerned; and
S.L. 373.01. (b) subject persons in terms of the Prevention of
Money Laundering and Funding of Terrorism Regulations forthe purpose of carrying out customer due diligence inaccordance with the said regulations with reference to suchfoundation, which access shall be  granted in a timely manner on
a written request.
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 lega l
organisation; and
(b) with reference to a private 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 throughbearer shareholdings, or through control via other means,other than:
S.L. 386.19. 
L.N. 24 of 2020.(aa) any corporate or other legal entities
referred to in the Companies Act (Register ofBeneficial 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 Statesubject to legal obligations similar to those in theseregulations; or
(ii) has fiduciary duties towards a named
beneficiary, or a class of beneficiaries, which is a legalorganisation and not a natural p erson, and only in relation
to such beneficiary which is a legal organisation,
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 17
any member of the general public and any organisation, other
than those referred to in sub-regulation (1), may be providedwith the following information held in the Register ofBeneficial Owners with reference to a specified foundation:
(aa) the name;
(bb) the month and year of birth or the
date of establishment or r egistration 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 ordocuments relating to the benef icial owners of the foundation
which may be in the possession of the Registrar for LegalPersons.
Persons with a 
legitimate interest.(3) In the case of private foundations, other than those
expressly referred to in sub-re gulation (2), established for th e private
interest or benefit of a named person 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 speci fied private foundation:
(a) the name;
(b) the month and year of birth or in case of a legal
organisation the date of esta blishment 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 o f the beneficial interest,
of the beneficial owners of th e foundation and this shall be gr anted in a
timely manner. Any such person sh all not be granted access to a ny
other information or documents relating to the beneficial owner s of the
18[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
foundation which may be in the po ssession of the Registrar for Legal
Persons.
(4) The subject persons mentioned in sub-regulation (1)(b)
shall, together with the written request, submit to the Registr ar for
Legal Persons:
(a) identification details and other information
supported by documents, certified as authentic, showing that th e
person requesting access to the Re gister is a subject person, s uch
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 to the preve ntion, detection and combating
of money laundering or the associ ated predicate offences or the
financing of terrorism;
(c) documentation, certified as authentic, of the legal
relationship with the foundation or the beneficial owners, suchas an engagement or instruction letter engaging the subjectperson or a power of attorney, if any, and failing which adeclaration explaining why the subject person’s role is not bas ed
on such a legal relationship; and
(d) any other document which the Registrar for Legal
Persons may deem necessary.
(5) The members of the general public mentioned in sub-
regulation (2) shall, together with a written request, submit t o the
Registrar for Legal Persons:
(a) identification details and other information
supported by documents, certified as authentic, identifying theperson requesting information from the Register of BeneficialOwners;
(b) a declaration of the legal basis of their request to
confirm that the purpose of the enquiry relates and willcontribute to the prevention, detection and combating of moneylaundering or the associated predicate offences or the financin g
of terrorism and a general desc ription of how access to the
information will so contribute; and
(c) any other document which the Registrar for Legal
Persons may deem necessary:
Provided that for this purpose, the Registrar for
Legal Persons may publish gu idelines setting out the
documentation required to support  such a request to information
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 19
held in the Register of Beneficial Owners as well as the
procedure for making such requests and any other applicableconditions.
(6) The persons or organisations mentioned in sub-
regulation (3) shall, together with a written request, submit t o the
Registrar for Legal Persons:
(a) identification details and other information
supported by documents, certified as authentic, identifying theperson requesting information fr om 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 willcontribute to the prevention, d etection and combating of money
laundering or the associated predi cate offences or the financin g
of terrorism and a general description of how access to theinformation will so contribute;
(c) a statement on the basis of the legitimate interest
underlying the request and associated supportingdocumentation as may be reasonably required by the Registrarfor Legal Persons to prima facie  ascertain that the person or
organisation has a legitimate interest in consulting the Regist er
of Beneficial Owners with reference to the particularfoundation 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 to prove his legitimate intere st
to the Registrar for Legal Persons.
The Registrar for Legal Persons may publish
guidelines setting out the documentation required to supportsuch a request for information held in the Register of Benefici al
Owners and the evidence of any stated legitimate interest aswell 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
20[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
(c) the reasons for the decis ion taken by the Registrar
for Legal Persons to gran t access to information,
available to the foundation and, o r the relevant beneficial own er to
enable such foundation or beneficial owner to protect their owninterests.
(8) Access to, or provision of, information held in the
Register of Beneficial Owners shall be subject to the followingconditions:
(a) the competent authorities referred to in sub-
regulation (1)(a) shall be granted access without restriction t o
the requested information held in the Register of BeneficialOwners on the assumption that such consultation is related tosuch competent authority’s statutory functions and subject to t he
relevant competent authority’s obligations under applicable dat a
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 theRegistrar for Legal Persons on the basis of the declarationsmade and documents submitted as stated 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 professional secrecy; 
(c) the persons or organisations forming part of the
general public referred to in s ub-regulation (2) shall be grant ed
the information requested on sa tisfactory 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 referre d 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 a re 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 be determi ned on
a case by case basis, following a detailed evaluation of the ex ceptional
nature of the circumstances, access to such beneficial ownershi p
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 21
information would expose the beneficial owner to disproportiona te
risk, risk of fraud, kidnapping, blackmail, extortion, harassme nt,
violence or intimidation, or where the beneficial owner is a mi nor or is
otherwise legally incapable.
(b) Every request for information which raises the
above risks based on information provided by the foundation whe n
complying with these regulations shall be examined by the Regis trar
for Legal Persons on a case-by-c ase basis prior to his determin ation on
whether to grant access to information or otherwise. Such denia l of
access by the Registra r for Legal Persons s hall only be decided  upon a
detailed evaluation of the excep tional nature of the circumstan ces. 
(10) (a) The Registrar for Legal Persons shall be bound to
notify the foundation to which sub-regulation (9) applies, in w riting, 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) The Registrar for Legal Persons shall grant the
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 any relevant beneficial owner fo r any
comments which such beneficial owner may wish to raise in such time
and manner as will enable the fou ndation to respond as above st ated.
The Registrar for Legal Persons s hall process the response rece ived in
a timely manner.
(c) Should the Registrar for Legal Persons decide to
grant access, he shall provide the  r e a s o n s  f o r  h i s  d e c i s i o n  t o  the
foundation in writing prior to notifying such decision to the a pplicant
and the foundation shall have a right to contest such decision by
applying for judicial review of such decision within twenty (20 )
working days from receipt thereof, and this without involving t he
applicant. The sworn application for judicial review shall be n otified
to the Registrar for Legal Perso ns who shall have twenty (20) w orking
days to respond to such application:
Provided that the Registrar for Legal Persons shall not
grant access until the conclusi on 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 refusing a written request made to h im on
the basis of sub-regulation (9), providing the reasons for his decision.
The Registrar for Le gal Persons sha ll do so in a timely manner.
(b) Any applicant who feels aggrieved by the decision
o f  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  h a v e  a  r i g h t  t o  a p p l y  for
judicial review of such decision, within twenty (20) working da ys
from receipt thereof, which application for judicial review sha ll also
22[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
be notified to the Registrar for Legal Persons who shall have t wenty
(20) working days to respond to such application. The swornapplication shall also be notified to the foundation, which may  consult
the relevant beneficial owner , who shall be entitled to partici pate in the
proceedings with the foundation.
(12) A sworn application for judicial review from the decision
of the Registrar for Legal Persons 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 given, 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  ordered 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 Persons shall be entitled to
require solely online requests to access information in the Reg ister of
Beneficial Owners, as established 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,  t h e
competent authorities referred to in sub-regulation (1)(a) and the
Financial Intelligence Analysis U nit are permitted, in pursuanc e of
their functions in accordance with the applicable law, to provi de the
information about the beneficial owners to competent authoritie s and to
Financial Intelligence Units of other Member States and to do s o 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 thereo f and report the data to the E uropean
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 besatisfactorily demonstrated if the person requesting such acces s
can prove that the interest specifically and solely relates to and
will contribute to the prevention, detection and combating ofmoney laundering or the associate d predicate offences or the
financing of terrorism and shall be justified on the basis ofprevious activities and a proven t rack record of actions in tha t
field, by means of relevant documentary evidence; 
(ii) the existence or otherwise of a legitimate interest
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 23
shall be conclusively determined, on a case by case basis, by
the Registrar for Legal Persons and for such purpose theRegistrar for Legal Persons may request any information hedeems necessary for the determination of such legitimateinterest and, or seek guidance from or consult with any personor authority as may be  deemed necessary.
(b) The Registrar for Legal Persons may request from
the foundation any information he  considers relevant in order t o assess
and process the request made for access to beneficial ownerinformation and while doing so may share the information referr ed to
in regulation 10(7)(a) and (b): 
Provided that in determining whether the applicant has
such legitimate interest, the Re gistrar for Legal Persons may a lso
request any information and, or a ny relevant documentary eviden ce he
deems necessary from a ny person or authority. 
(c) Unless prohibited by these regulations or
applicable law, in the event that the Registrar for Legal Perso ns
considers that there exists a le gitimate interest to be granted  access to
beneficial owner information, he shall notify the foundation of  h i s
conclusions and the reasons for h is decision and shall grant th e
foundation, which shall provide the information to any relevantbeneficial owner and receive any comments such beneficial ownermay wish to submit, at least ten (10) working days to present a ny
submissions to him in writing which the foundation and, or thebeneficial owner may wish 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 beneficia l
ownership information on the ba sis 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 Pers ons, with
an appeal to the 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 shall comply with theprovisions of the Data Protection Act and relevant regulationsthereunder, in relation to the information which they have acce ssed or
received, and they shall also be subject to the obligation not to disclose
any information about beneficia l owners except as required or
permitted by law.
24[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
(2) The Registrar for Legal Persons shall be bound to
maintain confidentiality on any access to the Register of Benef icial
Owners by the authorities referred to in regulation 10(1)(a) an d shall
not inform the foundation or the beneficial owners on whominformation is sought of such access. In all other cases the Re gistrar for
Legal Persons shall act according  to these regulations and shal l
endeavour to do so wit hin 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 applicab le regulations, as well as oth ers
entitled to such information under special laws, about such fou ndation
and its beneficial owners.
(2) So as to ensure that the Regi strar for Legal Persons is not
inundated with requests under these regulations, which could be  easily
met by observance of basic compliance with applicable laws and so as
t o  a v o i d  d e m a n d s  o n  t h e  R e g i s t r a r for Legal Persons which are n ot
eligible under th ese 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 provide information about
their beneficial owners, direct and indirect, to subject person s,
as well as to others entitled to such information under speciallaws, in a timely manner, when:
Cap. 373.(i) such subject persons are carrying out
customer due diligence measures in accordance with thePrevention of Money Laundering Act and applicableregulations; or
(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 forthe purposes of special laws which are intended for theprevention, detection and combating of money launderingor the associated predicate offences or the financing of
terrorism.
(3) In any case, subject persons shall not rely exclusively on
the Register of Beneficial Owner s to fulfil their customer due diligence
requirements and access to such Register of Beneficial Owners b y
subject persons in terms of these  regulations shall not exonera te such
subject persons from all respons ibilities and duties incumbent upon
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 25
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 provi des to
the Registrar for Legal Persons information on the beneficial
ownership of a foundation, that is misleading, false or decepti ve in a
material particular; and
(b) any beneficial owner of a foundation who
knowingly or recklessly makes a statement, declaration or other wise
provides to the administrators of a foundation information on t he
beneficial ownership of a foundation, that is misleading, false  o r
deceptive 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 ac cordance 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 nati onal 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 implementing acts adopted by the Euro pean
Commission 
(2) The information on the beneficial owners of a foundation
held by the Registrar for Legal Persons in the Register of Bene ficial
Owners shall be available and acc essible to the authorities men tioned
in regulation 10(1)(a) through the system of interconnection ofregisters 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 Bene ficial
Owners shall be available through the Register of Beneficial Ow ners
and through the system of interconnection 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 ha ve ceased to exist; or
(b) the foundation has been struck off from the
Register of Legal Persons or, if the foundation is, for anyreason, not registered in terms of the Second Schedule orapplicable regulations, from t he date on which the certified
copy of the winding up resolution is delivered to the Registrar
26[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
for Legal Persons in accordance with article 59 of the Second
Schedule; or
(c) there is the termination of registration in case of
the continuation of the foundation in another country inaccordance with 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 under any of the provisions of thes e
regulations, and any such delivery 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 Pe rsons 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 de termined
by reference to the Schedule, which specifies the maximum penal ty
that may be imposed by the Registrar for Legal Persons under an y of
the provisions of t hese regulations.
(2) In the Schedule, the first column indicates the regulation
and sub-regulation which prescr ibes that a penalty shall be imp osed,
the second column gives a general description of the infringeme nt,
which description shall not be relied on in interpreting any pr ovision of
these regulations, the third column prescribes the maximum pena lty
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
which the default occurs.
(3) Action by the Registrar for Legal Persons for the recovery
of a penalty under these regula tions 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 Schedule shall apply to any penalty
imposed by the Registrar for Lega l 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 e xceed
the administrative costs thereof, including costs of maintenanc e and
development of the Register. The Registrar for Legal Persons ma y from
time to time, by notice publicly a vailable at the Registry for Legal
Persons, establish such fee.
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 27
Forms. 18. The Registrar for Legal Pers ons 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 acces s and information and otherwise, for th e better
carrying out and implementatio n 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.
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 (SecondSchedule) (Register of Benefici al Owners - Foundations) Regulat ions:
(1) Where the Registrar for Legal  Persons gives notice in writin g to
any foundation and, or any person that such foundation and, orperson has become liable to a p enalty under these regulations
specifying the nature of the infringement, and indicating anamount as due by way of penalty in respect of suchinfringement, the foundation and, or person to whom the noticeis given shall, without prejudice to the provisions of paragrap hs
(2) to (15) be deemed to have incurred a penalty under theseRegulation 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 bythe foundation €500 €5
6(4)(c) Failure to submit the
declaration to the Registrar forLegal Persons within theperiods referred to in theregulations 5(1), 6(1) and 6(2) €500 €5
8(5) 8(2) Failure to provide
information to the Registrar forLegal Persons about a changein the beneficial owners of afoundation within the stated
time period €500 €5
28[S.L. 16.18CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)
regulations, and the amount indicat ed as aforesaid as due by wa y
of penalty including any penalty due for each day during whichthe default continues shall be deemed to be the penalty due und er
these regulations in respect of the infringement specified in t he
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 foundationand, or any person indicated in the notice, constitute an execu tive
title for all effects and purposes of Title VII of Part I of Bo ok
Second of the Code of Organization and Civil Procedure unless
such person shall within thirty (30) days from the date of suchservice institute proceedings before the court objecting to thepenalty 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 instituted by application against theRegistrar 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 t he
complaint arises, the reasons w hy 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 re duce a penalty as aforesaid u nless
such penalty cannot at law be imposed in the circumstances ofthe case, or cannot at law be fixed in the amount fixed by theRegistrar 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 applicatio n the names of all witnesses he
intends to produce stating, in respect 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 o f the filing of the application .
(8) The application, and the notice of the date fixed for hearin g,
shall be served on the Registrar for Legal Persons without dela y,
and the said Registrar for Legal Persons shall file his replythereto 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
CIVIL CODE (SECOND SCHEDULE) 
(REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)  [S.L. 16.18 29
moreover state in his reply the names of the witnesses in suppo rt
of his reasons and shall attach  thereto all the documents in
support thereof.
(10) On the day fixed for the hearing of the application, the co urt
shall consider only the issues of fact and of law as areascertainable from the applicati on, reply or documents filed, b y
either of the parties, or from the evidence indicated by either  of
the parties in the application or reply, as the case may be, orfrom the oral pleading of either of the parties.
(11) The court shall hear the application to a conclusion within  five
(5) working days from the date fixed for the original hearing o f
the application, and no adjournment shall be granted excepteither with the consent of both parties, or for an exceptionalreason to be recorded by the court, and such adjourned date sha ll
not be later than that jus tified by any such reason.
(12) Saving the preceding paragra phs, the provisions of the Code  of
Organization and Civil Procedure relating to proceedings beforeCivil Court, First Hall shall apply in relation to any suchapplication.
(13) Notwithstanding the provisions of article 256(2) of the Cod e of
Organization and Civil Procedure, the executive title referred to
i n  p a r a g r a p h  ( 2 )  s h a l l  n o t  b e  e n f o r c e a b l e  b e f o r e  t h e  l a p s e  o fthirty (30) days from the service of the judicial act thereinreferred to.
(14) The decision of the court upon an application referred to i n
paragraph (3), confirming the imposition of a penalty fixed bythe Registrar for Legal Persons or reducing any such penalty,shall upon becoming res judicata  be deemed to be a judgment of
the court ordering the payment by the 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 anapplication to the Court of Appeal 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 upon him of the application file a
reply to the appeal.