Section 26A: Register of trusts

26A. Register of trusts (1) The Commission shall keep in such form and manner as it may determine, a register of domestic trusts and foreign trusts having at least one qualified trustee. (2) The register shall contain – (a) basic information on the trust, including the name of the trust, type of trust, forms and basic features of the trust, the date on which the trust is formed and any other information, as applicable, allowing the unique identification of the trust; (b) the original trust deed, other documents creating and governing the trust, each document subsequently amending the original trust deed, or document creating the trust, and an updated trust deed; Acts 2026 93 (c) the name, and past and current address of each beneficiary, class of beneficiaries and objects of a power, as may be applicable, trustee and any other natural person exercising ultimate effective control over the trust; (d) the name and past and current address of each settlor, protector and enforcer, as applicable; (e) the object of the trust and the proper law governing the trust; (f) the place where the trust is administered; (g) particulars of the assets of the trust; (h) the name and past and current address of regulated agents and other service providers, including accountants, tax advisers, law practitioners, bankers, brokers, nominees, investment advisers, investments managers, property agents or other professionals engaged to act in relation to the affairs of the trust; (i) basic information on other regulated agents of, and service providers to, the trust and similar legal arrangements, including but not limited to investment advisers or managers, accountants and tax advisers; and (j) any other information as the Commission may require. (3) (a) Without prejudice to section 29(5)(aa), a qualified trustee shall submit to the Commission such information or document as the Commission may require 94 Acts 2026 for the purpose of maintaining the register referred to in subsection (1), within such time and in such form as the Commission may determine. (b) The Commission may use any information or document submitted under paragraph (a) for the purpose of discharging its functions. (4) The Commission may require a trustee or such other person as it may deem appropriate to furnish it with any information and produce any record or document within such time and in such form and manner, as it may determine for the purpose of keeping the register under subsection (1). (5) The Commission may require any information or document furnished to it to be verified or authenticated in such manner as it may determine, and at the expense of the trustee. (6) Any person to whom a request is made under subsection (4) or (5) shall comply with the request. (7) Notwithstanding section 43, the Commission may, at such time, at such place and in such other manner as it may determine, cause to be carried out an inspection of the operations and affairs of a qualified trustee by its officers or such other duly qualified person as the Commission may appoint, so as to assess whether the qualified trustee is complying with this section. (8) Notwithstanding section 83, the Commission may exchange with a supervisory body or any other public sector agency any information contained in the register referred to subsection (1) and which may be relevant to the administration of the relevant Acts for the purpose of discharging the functions of the Commission or of that body. Acts 2026 95 (9) For avoid other duly qualified person as the Commission may appoint, so as to assess whether the qualified trustee is complying with this section. (8) Notwithstanding section 83, the Commission may exchange with a supervisory body or any other public sector agency any information contained in the register referred to subsection (1) and which may be relevant to the administration of the relevant Acts for the purpose of discharging the functions of the Commission or of that body. Acts 2026 95 (9) For avoidance of doubt, the information kept in the register shall not be accessible to any person other than those referred to in subsection (8) or in any FSC Rules that the Commission may issue. (10) The Commission may issue FSC Rules under section 93(2) to provide administrative penalties in case of non-compliance with this section. (11) The Commission or any other person referred to in section 83(1) shall not be held liable for any wrong or misleading information or document contained in the register referred to in subsection (1). (12) Any person who fails to comply with this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 5 years. (d) in section 53, in subsection (1), by adding the following new paragraph, the comma at the end of paragraph (b) being deleted and replaced by the words “; or” and the word “or” at the end of paragraph (a) being deleted – (c) becomes aware that a qualified trustee has provided wrong or misleading information under section 26A, (e) in section 68, by repealing subsection (2) and replacing it by the following subsection – (2) The funds of the Fund shall be used to – (a) uplift and enhance the image of Mauritius as a clean and trusted jurisdiction; (b) promote the education of consumers of financial services; 96 Acts 2026 (c) conduct such activities required for the development of the financial services sector in and outside of Mauritius; (d) meet the expenses of the Review Panel. (f) by inserting, after section 87B, the following new subsection –