Malta has continued the reform of its beneficial ownership framework with the publication of Legal Notice 252 of 2026, introducing important changes to the beneficial ownership rules applicable to trusts and trustees in Malta.
Published on 22 September 2026, the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2026 came into force on the same date. The Regulations amend S.L. 331.10 and form part of Malta’s implementation of Articles 11, 12, 13 and 15 of Directive (EU) 2024/1640 (AMLD6) insofar as they concern trusts and trustees.
The amendments affect several important areas, including:
- who qualifies as a beneficial owner of a trust;
- the identification of individuals exercising ultimate control;
- access to beneficial ownership information held on Malta’s Trusts Ultimate Beneficial Ownership Register (TUBOR);
- the accuracy and verification of reported information; and
- enforcement and administrative penalties.
For trustees and professionals involved in trust administration, the changes reinforce the importance of considering the substance of control within a trust arrangement, rather than focusing solely on the persons formally named in the structure.
Who is a Beneficial Owner of a Trust in Malta?
Under the amended framework, beneficial ownership of a trust encompasses:
- the settlor or settlors;
- the trustee or trustees;
- the protector or protectors, where applicable;
- the beneficiaries or class of beneficiaries, as applicable; and
- any other natural person exercising ultimate control over the trust.
The last category is particularly important.
Determining the beneficial owners of a Malta trust therefore requires more than identifying the individuals formally named in the trust structure.
Consideration must also be given to individuals exercising ultimate control, including natural persons whose consent must be obtained, or whose directions are binding, in relation to material actions undertaken by the trustee.
Such material actions may include:
- amendments to the trust instrument;
- the addition or removal of beneficiaries, or changes affecting their entitlements;
- the appointment or removal of trustees or protectors;
- the acceptance of an additional settlor;
- a change in the proper law governing the trust;
- the transfer or assignment of all or substantially all of the trust assets; and
- the termination or revocation of the trust.
The practical significance is that control is assessed according to substance, rather than simply by reference to an individual’s title or formal role within the trust structure.
How Does Legal Notice 252 of 2026 Change Access to TUBOR?
Legal Notice 252 of 2026 introduces important changes relating to access to beneficial ownership information reported to the Trusts Ultimate Beneficial Ownership Register (TUBOR) maintained by the Malta Financial Services Authority (MFSA).
One of the principal objectives of the amendments is to broaden and harmonise access to beneficial ownership information in accordance with the EU anti-money laundering framework.
Specified authorities are afforded immediate, unfiltered and direct access, free of charge, to relevant beneficial ownership information. This extends to relevant national and EU authorities and specified supranational bodies carrying out functions connected with anti-money laundering, terrorist financing and related enforcement activities.
Access for Obliged Entities
Obliged entities may also access TUBOR information for the purpose of carrying out customer due diligence.
The updated terminology aligns Malta’s framework with the wider EU anti-money laundering regime. According to the MFSA, access to this information was already available to persons falling within the applicable AML framework, with the amendments aligning the terminology and framework with AMLD6.
Can Persons with a Legitimate Interest Access Malta Trust Information?
Yes, subject to the requirements established by the Regulations. The revised framework recognises access by persons who can demonstrate a legitimate interest connected with preventing or combating money laundering, its predicate offences or terrorist financing.
Certain categories are deemed to have a legitimate interest, including:
- journalists;
- civil society organisations;
- persons likely to enter into a business relationship with a trust;
- certain third-country AML/CFT competent authorities; and
- other authorities and persons falling within the categories established by the Regulations.
The MFSA explains that other persons who can demonstrate the required legitimate interest may also be granted access, subject to the relevant supporting evidence and verification process.
Is Malta’s Trust Beneficial Ownership Register Public?
No. The amended framework should not be interpreted as creating unrestricted public access to Malta’s trust beneficial ownership register.
Access based on legitimate interest remains subject to an application and verification process.
The MFSA may verify matters such as an applicant’s identity, function and occupation and, where applicable, the connection between the applicant and the trust being searched. Specific rules apply to certain categories, including journalists and academics.
This distinction is important. The amendments increase access to beneficial ownership information while retaining a controlled-access framework.
What Information May Be Accessible?
Depending on the legal basis for access and the category of applicant, information available in respect of reported beneficial owners may include:
- name and surname;
- month and date of birth;
- nationality or nationalities;
- country of residence;
- the nature of the beneficial interest; and
- information concerning the ownership or control structure.
Certain categories of persons may also have access to historical beneficial ownership information, including information regarding trusts that ceased to exist during the preceding five years.
What Safeguards Apply to Beneficial Owners?
The move towards greater beneficial ownership transparency is accompanied by safeguards designed to protect individuals in exceptional circumstances.
The MFSA may restrict access, in full or in part, where disclosure would expose a beneficial owner to a disproportionate risk of:
- fraud;
- kidnapping;
- blackmail;
- extortion;
- harassment;
- violence; or
- intimidation
Access may also be restricted where the beneficial owner is a minor or otherwise legally incapable.
Such protection is not automatic. The MFSA has explained that the exceptional circumstances must be established on a case-by-case basis following an assessment of the particular situation.
The framework consequently seeks to balance beneficial ownership transparency with appropriate protection for individuals facing exceptional risks.
Keeping Malta Trust Beneficial Ownership Information Accurate
Legal Notice 252 of 2026 also strengthens the mechanisms available to ensure that beneficial ownership information reported in respect of trusts remains accurate and up to date.
Where the MFSA has concerns regarding information reported in the register, its enhanced powers allow it to make enquiries or take other appropriate action to verify the information. The MFSA states that such verification may not be restricted, obstructed or precluded.
The framework is further supported by mechanisms for reporting discrepancies in beneficial ownership information.
For trustees, the practical implication is important:
Beneficial ownership compliance should be treated as a continuing obligation rather than a one-off registration exercise.
Trustees should therefore ensure that information reported to TUBOR continues to accurately reflect the beneficial ownership and ultimate control arrangements of the trust.
What Are the Penalties for Non-Compliance?
Legal Notice 252 of 2026 also reinforces the enforcement framework surrounding beneficial ownership information.
Where the MFSA is required to update beneficial ownership information on TUBOR itself following a reported discrepancy, an administrative penalty of up to €100,000 may be imposed on the trustee concerned.
Separately, where a person requesting access to beneficial ownership information knowingly or recklessly provides information, documentation, statements or declarations that are inaccurate, false or misleading in a material respect, the MFSA may impose an administrative penalty of up to €150,000.
The Regulations also address conduct involving information or documentation that is knowingly or recklessly inaccurate, false or misleading, which may amount to an offence under the applicable statutory framework.
EU Interconnection of Beneficial Ownership Registers
The changes should also be considered within the wider development of beneficial ownership transparency across the European Union.
The framework allows relevant beneficial ownership information to be accessed through the system of interconnected registers, supporting greater cooperation and cross-border access by relevant authorities and obliged entities.
The amendments also establish procedures relating to the verification and mutual recognition of legitimate interest.
Where a person has demonstrated a legitimate interest, the MFSA may issue a certificate that can be presented in another EU Member State when requesting access to beneficial ownership information. Malta may similarly recognise certificates issued by other Member States, subject to the applicable requirements.
These developments demonstrate an increasingly coordinated approach to beneficial ownership transparency across the EU.
What Should Malta Trustees Consider Following Legal Notice 252 of 2026?
Trustees and professionals involved in trust administration should consider reviewing both existing beneficial ownership arrangements and their internal compliance procedures.
In particular, trustees should consider:
1. Who actually controls the trust?
Review whether individuals who do not occupy conventional roles within the trust nevertheless possess consent, veto or binding direction rights that may amount to ultimate control.
2. Does TUBOR information remain accurate?
Beneficial ownership records should be periodically reviewed to ensure that information reported to the MFSA reflects the trust’s current arrangements.
3. Have trust documents been reviewed?
Trust instruments and related documents should be considered when identifying persons who may exercise control over material decisions.
4. Are internal compliance procedures adequate?
Procedures should enable trustees to identify changes in beneficial ownership and respond appropriately to MFSA enquiries and potential discrepancies.
5. Can the beneficial ownership position be substantiated?
The increased focus on verification makes it important that trustees maintain sufficient records to support the beneficial ownership position reported to the MFSA.
To Sum Up
Legal Notice 252 of 2026 represents a further development in Malta’s beneficial ownership framework for trusts and trustees.
The amendments strengthen the rules surrounding ultimate control, access to trust beneficial ownership information, data accuracy, cross-border information sharing and enforcement. They form part of Malta’s implementation of Articles 11, 12, 13 and 15 of Directive (EU) 2024/1640 insofar as those provisions apply to trusts and trustees.
For trustees, the key consideration is increasingly one of substance rather than form. It is necessary to identify not only the persons formally connected with a trust, but also individuals capable of exercising ultimate control over material decisions.
Maintaining an accurate understanding of that control and ensuring that it continues to be reflected in beneficial ownership information reported to the MFSA should therefore form an integral part of ongoing trust compliance.
Frequently Asked Questions (FAQ)
What is Legal Notice 252 of 2026 in Malta?
Legal Notice 252 of 2026 introduced the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2026. The amendments affect Malta’s rules concerning beneficial ownership of trusts, access to beneficial ownership information, verification, safeguards and enforcement. They were published and entered into force on 22 September 2026.
Who is considered a beneficial owner of a Malta trust?
The beneficial ownership framework covers settlors, trustees, protectors where applicable, beneficiaries or classes of beneficiaries, and other natural persons ultimately exercising control over the trust.
Is Malta’s TUBOR register open to the public?
The revised framework does not create unrestricted public access. Access is available to specified authorities and obliged entities, while other persons may obtain access where the applicable legitimate-interest requirements are satisfied.
Can journalists access Malta trust beneficial ownership information?
Journalists are among the categories recognised within the legitimate-interest framework. Access is nevertheless governed by the procedures and requirements established under the amended Regulations.
Can beneficial ownership information be withheld?
The MFSA may restrict access in exceptional circumstances, including where disclosure would expose a beneficial owner to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation, or where the beneficial owner is a minor or otherwise legally incapable.
What penalties may apply under the amended framework?
Among the measures highlighted by the MFSA are an administrative penalty of up to €100,000 where the Authority must itself update TUBOR information following a discrepancy, and an administrative penalty of up to €150,000 for specified false, inaccurate or misleading information supplied in connection with requests for access.
Disclaimer: *This article is intended for general information purposes only and does not constitute legal, tax or regulatory advice. Professional advice should be sought in relation to specific circumstances.
