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Trusts & Trustees Advance Access originally published online on October 10, 2007
Trusts & Trustees 2007 13(10):593-595; doi:10.1093/tandt/ttm111
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© The Author (2007). Published by Oxford University Press. All rights reserved.

Trends and developments

John Goldsworth

The first 150 words of the full text of this article appear below.


   British Virgin Islands
 
Clarification of private trust companies licencing obligations
New regulations on the licencing of private trust companies came into force on 1st August 2007. The Financial Services (Exemptions) Regulations 2007 replace the Bank and Trust Companies (Application Procedures) Directions 1991.

The former regulations were unclear as to the circumstances when a private trust company needed a licence. The new regulations clarify the position.

In future, under the new regulations, private trust companies which carry out only unremunerated trust business or related trust business do not need to obtain a trust licence under the Banks and Trust Companies Act 1990.

What is meant by related trust business is defined in the regulations as: ‘Trust business provided in respect of a single qualifying trust or a group of related qualifying trusts.’ A qualifying trust is where the beneficiaries are connected persons, again as defined in the regulations. Trusts are related where their settlors are connected persons. This therefore means that . . . [Full Text of this Article]


   Kuwait
 
Securitization boom expected

   Malta
 
Trusts and Trustees Act amended

   United Kingdom
 
New Anti-Money Laundering Regulations

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