Changes to the Register of Beneficial Owners Regulations

Following the entry into force of the changes to the Companies Act (Register of Beneficial Owners) Regulations [see LN 247 of 2020 amending S.L 386.19], the Malta Business Registry has issued a Notice to all company Officers summarising the changes.

The amendments to S.L. 386.19 include an increase to the administrative penalties that may be imposed pursuant to the Regulations, including an increase to the maximum penalty that may be imposed on every officer of the company in terms of Regulation 12 (where the beneficial ownership information is incorrect and the Registrar deems it necessary to update the register) from €10,000 to €100,000.

The Notice can be accessed at this link.

LN 247 of 2020 also introduces revised/new forms, which are the only forms which are accepted after 1 July 2020 – these may be downloaded from the MBR website.