S.L. 331.10 Art. 3Declaration of beneficial ownership. 

(1) A trustee who is authorised or registered in terms of article 43 or article 43B of the Act, and a private trustee in terms of article 43A of the Act shall, within fourteen (14) days of being appointed as a trustee of an express trust, submit to the 

Authority a declaration of beneficial ownership, in the form established by the Authority, in respect of every such trust. The declaration of beneficial ownership shall include the name of the trust and the information referred to in sub-regulation (2) on all the beneficial owners of the trust and such information shall be adequate, accurate and up to date, and shall be signed by the trustee. Where the trustee is a company, such declaration shall be signed by at least two

(2) directors, and where the trustee is another body corporate it shall be signed by at least two (2) persons entrusted with the management and administration thereof.

(2) Without prejudice to the customer due diligence requirements emanating from the Prevention of Money Laundering and Funding of Terrorism Regulations and any implementing procedures issued thereunder, the information on the beneficial owners of the trust to be provided to the Authority in accordance with sub-regulation (1) shall, in respect of each beneficial owner, consist of:

(a) the full name and surname;

(b) the day, month and year of birth;

(c) the nationality or where a beneficial owner has more than one (1) nationality, the nationalities;

(d) country of residence;

(e) an official identification document number indicating the type of document and the country of issue;

(f) the role of the beneficial owner in relation to the trust, in terms of paragraphs (a) to (e) of the definition "beneficial owner" under regulation 2; and

(g) in the case of a beneficiary as defined under paragraph (d) of the definition "beneficial owner" under regulation 2, the nature and extent of the benefit as well as, where applicable, an indication as to whether the trust instrument includes any suspension of the trustee’s duty to inform such beneficiary of his benefit under the trust or that he forms part of a class of beneficiaries which may so benefit.

(3) For the purposes of this regulation, where the beneficiaries of a trust are a class of beneficiaries, the following rules shall apply unless stated otherwise in the trust instrument or any other instrument indicating the beneficiaries of the trust:

(i) the class shall be described and its members declared as required by this regulation;

(ii) when reference is made to the "family" of a person, the class is considered to be made up of the person, his direct ascendants, his spouse, his direct descendants, and unless excluded, their respective spouses;

(iii) when a child is born or a marriage takes place, unless stated otherwise, such child and spouse shall be declared within three months of the notification to the trustee of the birth or marriage;

(iv) "children" include children born out of wedlock and adopted children;

(v) "spouse" includes the person who the relevant person is married to at the relevant time and not persons who they have divorced or separated from, and also includes persons with whom there is a civil union or a cohabitation or a arrangement recognized by de facto law in the country where they are habitually resident, including where permitted, of the same gender;

(vi) the information prescribed in this sub-regulation shall be submitted to the Authority as soon as a beneficiary is determined from such a class, or is appointed as a beneficiary under the trust, whichever is the earlier:

Provided that nothing in the above shall affect the interpretation of a trust instrument or any other instrument indicating the beneficiaries of the trust, or any entitlements of persons who may or may not be beneficiaries or have any entitlements, which shall be governed by the trust instrument or any such other instrument and principles of applicable law, and the declaration made for the purposes of these regulations may not be used for the purpose of proving whether an entitlement exists or not or the extent thereof.

(4) Where a trust is set up solely for a charitable purpose in terms of the Act, and which does not have any beneficiaries as defined in paragraph (d) of the definition "beneficial owner" under regulation 2, the trustee shall only be required to provide the beneficial ownership information relating to the persons mentioned in (REGISTER OF BENEFICIAL OWNERS)

paragraphs (a) to (c) and (e).

(5) Where an individual beneficiary has not yet received any financial payment or been provided with a non-financial benefit, or the beneficiary may not be aware of his entitlement under the trust, and verification of identity may therefore not have been carried out on the said beneficiary, it shall be sufficient to provide the identification details which are available on the trust instrument or on any other written document by the settlor wherein such beneficiary is named.

Provided that information contained in a trust instrument, any other instrument indicating the beneficiaries of the trust, a power of attorney, an engagement or instruction letter, or any other official document, shall be deemed to be sufficiently reliable for the purposes of carrying out the duties under this regulation.

(6) In accordance with articles 52 and 57(4) of the Act, the Authority may publish Rules which specify the requirements and format relating to the declaration of beneficial ownership information, and any other matters as the Authority may consider appropriate.