Amendments to the Companies Act (Register of Beneficial Owners) Regulations


The Register of Beneficial Owners Regulations (“BO Regulations”) have been amended on 12th July 2019. This amendment is being introduced inter alia, to seek to transpose certain provisions of the Fifth EU Anti-Money Laundering Directive into Maltese law.

The major amendment introduced to the BO Regulation is in relation to the accessibility to the beneficial ownership register. Currently information on beneficial ownership is held by the Malta Business Registry and accessible amongst others by competent authorities and persons who have a legitimate interest.  In so far as companies are concerned the access of the information on the beneficial ownership of companies is, by virtue of these amendments, to be freely accessible by members of the general public. This specific amendment will come into force on the 1st January 2020.

In case of trusts the disclosure of the beneficial ownership registry shall remain to be subject to ‘legitimate interest’.

The amendment to the BO Regulations impose that information is provided by the Ultimate Beneficial Owners (UBO) to the company/ies in which they hold a beneficial interest. The Regulations bind the UBO to provide this information promptly, without the need for such request to come from the company. Having said the above the company still has its own obligation to obtain such information from the shareholders or UBOs. This backs up the already existing penalties that are applicable to beneficial owners in case of failure to provide such information to the company. Now, it appears that UBOs are also liable to penalties where they fail to voluntarily provide the information even without the request from the company.

E&S can provide you with the necessary support in relation to the above matter. Do not hesitate to contact us on info@ellulschranz.com, should you require further information.

Chief Client Officer and Director of Operations

Dr. Deborah Vella

A lawyer by profession, Deborah had graduated as Doctor of Laws in 2015, admitted to the bar in 2017 and has been working with E&S Group for the past seven years. In her prime time at E&S Deborah was part of the legal team and also headed the corporate team where she aided the building of these two departments. In 2017, she took a managerial role within E&S Group.

Working her way up the ranks, Deborah has been appointed as a member of E&S Groups’ Board of Directors and promoted to Chief Client Officer in November 2020. Whilst she will continue to be of support towards the corporate and legal team within the firm, her main focus will shift on Strategic Client Relationship Management as well as oversight of various operational functions. As the company’s CCO she will also be engaged in a business development role which involves the planning and executing of offline business development and marketing for the Group.


Phone:+356 2010 3020


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