S.L. 16.18 Art. 19Guidelines.

The Registrar for Legal Persons may, from time to time, issue guidelines for the better implementation of these regulations in particular contexts.

SCHEDULE (Regulation 16)

Regulations and Penalties applicable thereunder

Daily Regulation Default Penalty penalty 4(10) 4(1) Failure to keep record of beneficial owners €500 €5 4(10) 4(3) Failure to provide information within fourteen

(14) days of formal request by the foundation €500 €5 6(4)(c) Failure to submit the declaration to the Registrar for Legal Persons within the periods referred to in the regulations 5(1), 6(1) and 6(2) €500 €5 8(5) 8(2) Failure to provide information to the Registrar for Legal Persons about a change in the beneficial owners of a foundation within the stated time period €500 €5

The following provisions shall apply to any penalty imposed by the Registrar for Legal Persons in terms of the Civil Code (Second Schedule) (Register of Beneficial Owners - Foundations) Regulations:

(1) Where the Registrar for Legal Persons gives notice in writing to any foundation and, or any person that such foundation and, or person has become liable to a penalty under these regulations specifying the nature of the infringement, and indicating an amount as due by way of penalty in respect of such infringement, the foundation and, or person to whom the notice is given shall, without prejudice to the provisions of paragraphs

(2) to (15) be deemed to have incurred a penalty under these (REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)

regulations, and the amount indicated as aforesaid as due by way of penalty including any penalty due for each day during which the default continues shall be deemed to be the penalty due under these regulations in respect of the infringement specified in the notice.

(2) A notice as is referred to in paragraph (1) shall, upon the service of a copy thereof by means of a judicial act on the foundation and, or any person indicated in the notice, constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of Organization and Civil Procedure unless such person shall within thirty (30) days from the date of such service institute proceedings before the court objecting to the penalty so fixed.

(3) Where any foundation and, or any person desires to institute proceedings objecting to a penalty referred to in paragraph (1), such proceedings shall be instituted by application against the Registrar for Legal Persons.

(4) The application shall, under pain of nullity, state clearly and concisely the nature of the complaint, the facts out of which the complaint arises, the reasons why such complaint should be upheld, and the claim that the penalty is not due at law or is due at law only in a smaller amount.

(5) The court shall not annul or reduce a penalty as aforesaid unless such penalty cannot at law be imposed in the circumstances of the case, or cannot at law be fixed in the amount fixed by the Registrar for Legal Persons.

(6) The applicant shall attach to the application all such documents in support of his claim as it may be in his power to produce, and shall indicate in his application the names of all witnesses he intends to produce stating, in respect of each, the proof which he intends to make.

(7) The court shall, without delay, set down the application for hearing at an early date, which date shall in no case be later than thirty (30) days from the date of the filing of the application.

(8) The application, and the notice of the date fixed for hearing, shall be served on the Registrar for Legal Persons without delay, and the said Registrar for Legal Persons shall file his reply thereto within fourteen (14) days after the date of the service of the application.

(9) The Registrar for Legal Persons shall, in his reply, state clearly and concisely whether he agrees to the facts set out in the application, and the reasons why he objects to the claim; he shall moreover state in his reply the names of the witnesses in support of his reasons and shall attach thereto all the documents in support thereof.

(10) On the day fixed for the hearing of the application, the court shall consider only the issues of fact and of law as are ascertainable from the application, reply or documents filed, by either of the parties, or from the evidence indicated by either of the parties in the application or reply, as the case may be, or from the oral pleading of either of the parties.

(11) The court shall hear the application to a conclusion within five

(5) working days from the date fixed for the original hearing of the application, and no adjournment shall be granted except either with the consent of both parties, or for an exceptional reason to be recorded by the court, and such adjourned date shall not be later than that justified by any such reason.

(12) Saving the preceding paragraphs, the provisions of the Code of Organization and Civil Procedure relating to proceedings before Civil Court, First Hall shall apply in relation to any such application.

(13) Notwithstanding the provisions of article 256(2) of the Code of Organization and Civil Procedure, the executive title referred to in paragraph (2) shall not be enforceable before the lapse of thirty (30) days from the service of the judicial act therein referred to.

(14) The decision of the court upon an application referred to in paragraph (3), confirming the imposition of a penalty fixed by the Registrar for Legal Persons or reducing any such penalty, shall upon becoming be deemed to be a judgment of res judicata the court ordering the payment by the applicant of the penalty as confirmed or reduced.

(15) An appeal from a decision of the court upon an application referred to in paragraph (3), shall be made by means of an application to the Court of Appeal to be filed within ten (10) working days of the date of the decision; the foundation and, or person against whom the appeal is entered shall within ten (10) working days from the service upon him of the application file a reply to the appeal.