106ZC.— (1) The following definition is designated with respect to "relevant trust":

"relevant trust" means an express trust established by deed or other declaration in writing and any other arrangement or class of arrangements as may be prescribed but does not include an excluded arrangement.

(2) For the purposes of the definition, designated by subsection (1), with respect to "relevant trust", "excluded arrangement" means an arrangement of the following kind:

(a) an occupational pension scheme that is an approved scheme pursuant to Chapter 1 of Part 30 of the Act of 1997;

(b) an approved retirement fund within the meaning of Chapter 2 of Part 30 of the Act of 1997;

(c) a profit sharing scheme or employee share ownership trust approved pursuant to Part 17 of the Act of 1997;

(d) a trust for restricted shares within the meaning of section 128D of the Act of 1997;

(e) the Haemophilia HIV Trust which was established by deed dated the 22nd day of November 1989, made between the Minister for Health, of the one part and certain other persons, of the other part;

(f) a unit trust within the meaning of the European Union (Modifications of Statutory Instrument No. 110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020 ( S.I. No. 233 of 2020 ), the beneficial ownership of which, by virtue of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 ( S.I. No. 110 of 2019 ), is required to be registered in the Central Register of Beneficial Ownership of Irish Collective Asset-management Vehicles, Credit Unions and Unit Trusts;

(g) such other arrangement or class of arrangements as may be prescribed.

(3) For the purpose of ensuring the uniform application of European Union law between Member States, the Minister for Finance may prescribe any arrangement or class of arrangements to be an excluded arrangement for the purpose of subsection (2)(g), where he or she is satisfied that such arrangement or class of arrangements is not an express trust or similar legal arrangement within the meaning of the Fourth Money Laundering Directive, taking into consideration such information as is available to him or her on the following matters—

(a) the low risk of money laundering or terrorist financing presented by such arrangement or class of arrangements having regard, in particular, to:

(i) the legal structure of such arrangement or class of arrangements;

(ii) any supervision or regulation of such arrangement or class of arrangements under any enactment, and

(b) the non-application of Article 31 of the Fourth Money Laundering Directive to arrangements in other Member States having comparable purposes and structures to such arrangement or class of arrangements.

(4) For the purpose of ensuring the uniform application of European Union law between Member States, the Minister for Finance may prescribe any arrangement or class of arrangements to be a relevant trust for the purpose of the definition, designated by subsection (1), with respect to "relevant trust" where he or she is satisfied that such arrangement or class of arrangements is an express trust or a similar legal arrangement within the meaning of the Fourth Money Laundering Directive, taking into consideration such information as is available to him or her on the following matters—

(a) the risk of money laundering or terrorist financing presented by such arrangement or class of arrangements having regard, in particular, to:

(i) the legal structure of such arrangement or class of arrangements;

(ii) the absence of, or any limitations in, the supervision or regulation of such arrangement or class of arrangements under any enactment,

and

(b) the application of Article 31 of the Fourth Money Laundering Directive to arrangements in other Member States having comparable purposes and structures to such arrangement or class of arrangements.]