In January 2015, the updated Trusts and Trustees Act (Fees) Regulations 2015 were published. These regulations substitute the Trusts and Trustees Act (Fees) Regulations 2008.
The changes are summarized below:
Applications fees:
- The application fee for trustees and co-trustees in terms of article 43(3) and article 43(8) of the Act, or to provide other fiduciary services in terms of article 43(12), has been increased to 500 EUR. This fee must be paid upon submission of the application, irrespective of whether the authorisation is eventually granted or not.
- The application fee for trustees and co-trustees in terms of article 43B of the Act has been reduced to 250 EUR. This fee must be paid upon submission of the application, irrespective of whether the authorisation is eventually granted or not.
In the updated Act, the fee is solely described as an ‘application fee’. Under the Trusts and Trustees Act (Fees) Regulations 2008, the application fee was referred to as an ‘application and processing fee’.
Post-authorisation:
- The annual supervisory fee for trustees or co-trustees in terms of article 43(3) and article 43(8) of the Act or to provide other fiduciary services in terms of article 43(12), has been increased to 3,000 EUR. This fee must be paid on the date when such authorisation is granted and, thereafter, annually upon the anniversary of the date of authorisation.
- The annual supervisory fee for trustees or co-trustees in terms of article 43B (i.e the fees for registration of a Private Trust Company) has been reduced to 1,000 EUR. This fee must be paid on the date when such authorisation is granted and, thereafter, annually upon the anniversary of the date of authorisation.
In the updated regulation, the regulatory role of the MFSA has been emphasised by means of the reference to this fee as an ‘annual supervisory fee’. Under the Trusts and Trustees Act (Fees) Regulations 2008, the annual fee was referred to as an ‘authorisation fee’.
None of the fees established as due in terms of these regulations are refundable.
