The Malta Financial Services Authority (MFSA) has issued a circular dated 30 October 2026 drawing the attention of trustees who are required to report beneficial ownership information of trusts to upcoming changes in the reporting of this information.
These changes stem from the publication of the European Commission’s Implementing Regulation under the new EU AML Package. The requirements on the format and scope of beneficial ownership information to be reported to central registers, including Malta’s platform Trusts Ultimate Beneficial Ownership Register (TUBOR), will be expanded and harmonised across Member States.
The new requirements will apply from 10 July 2027.
The MFSA has commenced work on updating the legislative requirements and the TUBOR platform to align with the new reporting format and additional data points required.
Additional beneficial ownership information
The changes include the reporting of beneficial owners’ residential addresses and place of birth, together with details of the nature and extent of their beneficial interest and the date from which it is held.
Specifically, in the context of discretionary trusts, particular attention is drawn to “objects of a power” and “default takers”. These refer, respectively, to the persons or classes from whom trustees may select beneficiaries, and those who would benefit if the trustees do not exercise their discretion. The applicable information will need to be reported for these persons or classes.
Where a party to a trust is a legal entity and its beneficial owners cannot be identified after all possible means of identification have been exhausted, the trustee must provide an explanation and details of the entity’s senior managing officials
Information and documentation on the trust
The Implementing Regulation also sets out new data points and formats for submission in relation to the trust itself covering the following:
- The name of the trust and its unique identifier.
- A copy of the trust deed or equivalent, including addenda and other binding documents.
- The purpose of the trust together with the applicable value range of assets held or managed through it.
- Details of the trustee’s address and the place of administration, where different.
- A description of the trust’s ownership and control structure.
For trusts administered outside the EU, the reason for triggering registration must also be reported, together with supporting documentation.
Preparing for the changes
The MFSA expects trustees to review the Implementing Regulation and ensure that their records contain the information and documentation needed to meet the new requirements. Trustees should identify any gaps ahead of July 2027 and monitor further guidance from the Authority.
The MFSA circular is available here.
For further information on preparing for these changes, please contact Shoulder Compliance.
