Trusts and Trustees Act (Cap. 331), article 57

57. (1) The Minister may, on the advice of the Authority make regulations or rules for the better carrying out of any of the provisions of this Act, and may, in particular, but without pre judice to the generality of the foregoing, by any such regulations or rules - (a) provide for the returns, statements, and notices to be made or given for any of the purposes of this Act, and the form and contents thereof; (b) regulate the conduct, duties and other obligations of trustees, including the returns, statements and other information they are to submit to the Authority, and establish the maximum amount which, notwithstanding any provision of this Act, may be charged as fees by such trustees; (c) alter any fees established by any provision of this Act, and amend any such provisi on accordingly to reflect changes in the cost of living or in the value of currencies, and es tablish such other fees as may be deemed appropriate in respect of any matter for which a fee is not provided by this Act; Cap. 12. (d) make rules of court for any purpose of this Act and of proceedings thereunder, pro viding by such rules for any matter referred to in article 29 of the Code of Organization and Civil Procedure ; (e) to further regulate the activities of trustees as well as the services provided and activities carried on or in conjunction therewith or in relation thereto, providing for any matter he may deem expedient including the creation and exercise of rights by or for the benefit of the beneficiaries or settlors and the imposition of duties and obligations on persons authorised to act as trustees; (f) to establish the requirements relating to the books of account to be maintained by trustees, the form and content of accounts which trustees are obliged to prepare, which accounts have to give a true and fair view of the assets under trusts, the requirements of review or audit on such accounts, the duties of auditors TRUSTS AND TRUSTEES [CAP. 331. 59 who may be engaged a nd related matters; (g) to exempt any activities or classes of persons from the requirements of articles 43 and 43A and to impose conditions he may deem fit for eligibility for exemption; Cap. 370. Cap. 514. (h) without prejudice to any rules which may apply in terms of the Investment Services Act , or the Retirement Pensions Act , to establish rules applicable to the responsibilities of trustees of unit trusts under this Act, the issue of units, the rights and r e s p o ns i b i li t ie s o f un i t h ol d e r s a n d a ny ot h e r ma t t e r s which may need to be regulated relating to unit trusts; (i) to regulate any matters in connection with the use of trusts in commercial transactions, to establish conditions for such use including the prohibition of s u c h u s e , a n d t o a m e n d t h e d e f i n i t i o n o f c o m m e r c i a l transaction in this Act; (j) to regulate any matter in relation to security trustees and security trusts, including the definition of what constitutes fair and reasonable actions in relation to enforcement of s ecurity trustees; (k) to regulate trusts which provide for maintenance of persons or for the provision of annuities or pensions; (l) to regulate the accumulation of income and distribution of income and capital by trustees and ancillary matters; (m) to regulate the duties of pr ivate trustees and the duties and functions of depository notaries, procedures to be adopted for the safekeeping and registration of all documents filed with such not ary in relation to a trust and all ancillary matters; (n) to regulate matters in relation to trusts created by holders of public office and such other persons as may be prescribed, including the qualifications of the trustees, the powers of appointment of such trustees, the powers and duties of such trustees, the rights of beneficiaries and third parties in such cases and all ancillary matters; (o) regulate the authorisation and regulation of sub-trusts to be used in connection with collective investment schemes and retirement schemes; (p) regulate the registration, conservation and access of notarial trust deeds as ref erred to in article 43A; (q) regulate the matters in rel ation to the registration by the Authority of notaries acting as qualified persons, including the powers and duties of such qualified persons and any information which they may be required to submit to the Authority, and to establish any fees payable to the Authority in respect of the registration and the supervision thereof; 60 CAP. 331.] TRUSTS AND TRUSTEES (r) exempt any activities or classes of persons from the requirements in article 43(12) and to impose conditions it may deem fit for eligibility for exemption; (s) regulate any matters in connection with the use of trusts for persons with disability, including the conduct, duties and other obligations of persons acting as trustees of such trusts; (sA) regulate the conduct, duties and other obligations of administrators, trustees , directors or similar functionaries exercising control over the assets of a private foundation, as defined in article 43(12), including the returns, statements and other information they are to submit to the Authority, and establish the maximum amount which, notwithstanding any provision of this Act, may be charged as fees by such functionaries; (sB) regulate the conduct, duties and other obligations of persons acting as administrators of private foundations for persons with disability; (t) transpose, implement and give effect to the provisions and requirements of Directives, Regulations and any other legislative measures of the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been or may be issued thereunder and relating to licence holders and others as may be specified therein or to any other matter falling within the terms of this Act, and for this purpose to provide that any provision in any other law shall not apply to matters falling un der the regulations; and (u) prescribe any matter that may or is to be prescribed. (2) Regulations made under any of the provisions of this Act may be made in the English language only. (3) Regulations made under this a rticle may be made subject to such exemptions or conditions as may be specified therein, may make different provision for different cases, circumstances or purposes and may give to the Authority such powers of adaptatio n of the regulations as ma y also be so specified. (4) Where regulations have been m ade in terms of this article, the Authority may issue Rules within the meaning of article 52 for the better carrying out and to better implement the provisions of the regulations. (5) Regulations made under this article may impose punishments or other penalties in respect of any contravention or failure o f compliance not exceeding a fine ( multa ) of one hundred and fifty thousand euro (€150,000) or imprisonment for a term not exceedi ng one year, or both such fine and imprisonment. TRUSTS AND TRUSTEES [CAP. 331. 61 TRANSITORY PROVISIONS Transitory provisions. Added by: XI. 2014.31. Act XI of 2014.