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Malta

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Malta Amends Regulations for Register of Beneficial Owners

Malta has published Legal Notice No. 247 of 2020 in the Official Gazette, which contains the Companies Act (Register of Beneficial Owners) (Amendment) Regulations, 2020. One of the main changes is the addition of a new regulation 6A to the principal regulations regarding a return to be submitted upon each anniversary of company registration. The new regulation 6A is as follows:

6A. (1) Every company shall, upon each anniversary of its registration, make a return in the form set out in the First Schedule, showing any change in details on beneficial owners such as name, country of residence or official identification document number, or confirm that no change in details took place.

(2) The return, duly completed, shall be signed by at least one director of the company or the company secretary and delivered to the Registrar for registration within forty-two days after the date to which it is made up. If default is made in complying with the provisions of this regulation, every officer of the company who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.

(3) Where there is a change in the senior managing officials, the company shall, within fourteen days after the date on which the change is recorded with the company, deliver to the Registrar a notice of the change, in the form set out in the First Schedule. If default is made in complying with the provisions of this regulation, every officer of the company who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.

(4) The company may, at any time, deliver to the Registrar for registration a return, in the form set out in the First Schedule, indicating any changes in details on beneficial owners such as name, country of residence or official identification document number.

(5) Where there is a change in name or official identification document number, the company shall also submit a certified true copy of the identification document of the beneficial owner.

Other changes include updated regulations on the power of the Registrar with regard to matters concerning companies and updated measures to ensure adequate, accurate and current information, including provisions for onsite investigations and an increased penalty of up to EUR 100,000 (up from 10,000) per officer of a company if it is found that an update is needed. New and updated forms for the beneficial owner register requirements are also provided, including a new form for regulation 6A above.

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