S.L. 16.17 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:

"administrator" means the person, under whatever designation he may operate, who is designated as such in the statute of the association, and who agrees in writing to so act, and when there are changes in such office, shall refer to:

(a) in the case of registered associations, those persons who are designated as such in the relevant notice submitted to the Registrar for Legal Persons or any other relevant registrar, commissioner, board or authority in terms of any special law, and who agree in writing to so act;

(b) in the case of associations which are not registered, those persons who are designated as such in the resolution appointing the same, and who agree in writing to so act; and

(c) where the administrator is a legal organisation, the persons appointed to act as directors of such legal organisation, or the equivalent, if designated under any other name, and who 16.17 (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS)

agree in writing to so act, and this, for as long as they continue to occupy such office and whether resident in Malta or otherwise and for the avoidance of doubt, in the event that an association has appointed a liquidator in the process of its winding up, such liquidator shall have the same duties of administrators under these regulations:

Provided that a reference to an administrator of an association with respect to carrying out any act or signing a document, shall be deemed to include any person who is engaged or to whom such function has been delegated in writing by the association, the legal organisation or the relevant administrator or director who shall be deemed to have the authority to delegate such powers in virtue hereof;

"association" is an organisation, other than those referred to in sub-regulation (3) of regulation 3, with defined aims or purposes to be achieved through the dedication of efforts and resources by the founding associates and others who may join voluntarily, the patrimony, namely assets and liabilities, if any, of the association being distinct from that of its members, its administrators or any beneficiaries, and which is established by an agreement between a minimum of two persons in the case of a private benefit organisation and a minimum of three persons in the case of a public benefit organisation;

"beneficial owner" shall have the meaning assigned to it under the Prevention of Money Laundering and Funding of Terrorism Regulations as specifically applicable to associations and "beneficial ownership" shall be construed accordingly, and for the purposes of these regulations shall refer to (a) members and (b) relevant persons as the case may be;

"Directive" means Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive

(EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directives 2009/138/EC and 2013/36/EU;

"director" means the administrator of any type of legal organisation under whatever name such office may be designated in any relevant special law:

Provided that any reference to a director of a legal organisation with respect to carrying out any act or signing a document, shall be deemed to include any person who is engaged or to whom such function has been delegated in writing by the association, the legal organisation or the relevant administrator or director who shall be deemed to have the authority to delegate such powers in virtue hereof; (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS) "Financial Intelligence Analysis Unit" means the Unit established under the Prevention of Money Laundering Act;

"Minister" means the Minister responsible for the registration of limited liability companies and commercial partnerships;

"Register of Beneficial Owners" means the Register of Beneficial Owners - Associations established and maintained by the Registrar for Legal Persons in terms of these regulations;

"register of beneficial owners - members" and "register of beneficial owners - relevant persons" mean the registers established and maintained by an association as required in regulation 4;

"register of legal persons" means the main register administered by the Registrar for Legal Persons in accordance with the Second Schedule;

"relevant persons" means:

(a) the administrators;

(b) the protector or members of a supervisory council, if any; and

(c) any other natural person exercising ultimate and effective control over the association by means of direct or indirect ownership or by other means including any person (other than those already referred to in paragraphs (a) and (b) of this definition) whose consent is to be obtained or whose direction is binding, in terms of the statute of the association or any other instrument in writing, for material actions to be taken within the association;

and for the purposes of paragraph (c) above:

(i) members who are entitled to act in general meetings or equivalent and act on the basis of percentages of interests shall not be considered to be relevant persons;

(ii) when reference is made to a senior managing official on the basis of his post in the stated office and not on the basis of his ownership or the control exercised over the association by other means, then this should be stated clearly and visibly in the register of beneficial owners - relevant persons; and

(iii) the term "material actions" means the following actions, or any other actions achieving the same result, taken by relevant persons: 16.17 (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS)

(aa) the amendment of the statute;

(bb) the appointment or removal of administrators or protectors or members of the supervisory council;

(cc) the acceptance of new members or the removal of members or any increase or reduction in ownership interests, or any action affecting the entitlement of a member;

(dd) the continuation of the association in another country;

(ee) the assignment or transfer of all or the majority of the assets of the association; or

(ff) the termination of the association;

"Second Schedule" means the Second Schedule to the Civil Code;

"special law'' means an Act of Parliament or a part of the Civil Code which regulates a particular type of association;

"subject person" means a subject person in terms of the

Prevention of Money Laundering Act and applicable regulations.

(2) Unless otherwise stated or the context otherwise requires, terms and expressions used in these regulations shall have the meaning attributed to them in the Second Schedule, any relevant special law, the Prevention of Money Laundering Act and regulations made thereunder and in the Directive, as the context may require.