Insights

On the 12th December 2014, the MFSA issued a consultation document [Ref.:10/2014], putting forward a proposal for the introduction of regulations specifically aimed at regulating trustees of trusts for persons at least one of which is a person with a disability.

The proposed regulations are aimed at ensuring that trustees of such trusts are subject to additional duties thereby recognising the vulnerability of the persons who will eventually benefit under these trusts.

The deadline for the submission of comments with respect to the Consultation Document was the 5th January 2015 and the MFSA received two sets of comments from members of Malta’s financial services industry.  One such set of detailed comments was submitted by Anthony Cremona on behalf of GANADO Advocates (which participated in the consultation process, as it did also in the consultation process in relation to the proposed regulations regulating Private Trust Companies that ended on the 31st December, 2014).

The Feedback Statement contains the MFSA’s reactions to these comments and puts forward an amended set of draft Regulations that takes into consideration the various comments that the MFSA would have taken on board. Page 6 of the Feedback Statement states that the Trusts and Trustees Act (Protected Disability Trusts) Regulations, as amended in view of the feedback received to this consultation exercise, will be published, subject to the necessary Ministerial approval being obtained.