Rules for Trustees of Family Trusts

The MFSA has issued Rules regulating trustees set up in terms of Article 43B of the Trusts and Trustees Act. Article 43B provides for corporate trustees set up specifically to administer specific family trusts;  such trustees may not hold themselves publicly as trustees, and may not habitually act as trustees to more than five settlors at any given time.

Trustees which satisfy the conditions under Art. 43B do not require MFSA authorisation to act as trustees but instead must register themselves with the MFSA in accordance with the Rules for Trustees of Family Trusts. Once registered, trustees have an obligation to abide by the relative regulatory provisions.

These Rules apply exclusively to trustees of family trusts, that is, trusts that are set up for the settlement of property for the benefit of family members or dependents and their present and future needs.

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