The Commission has today published revised guidance on the regulatory requirements for Private Trust Companies (“PTCs”) and the expectations of licensed fiduciaries which administer PTCs.
The key revision to the guidance is the replacement of the previous requirement for a representative of an administering Full Fiduciary Licensee to sit on the board of a PTC with a more outcomes-based approach. Going forwards, the licensee will be required to confirm to the Commission that it will retain sufficient knowledge and information about the PTC’s ownership and control structure and about its activities to be satisfied that the PTC is effectively governed. This may be achieved for example, by any of, or a combination of: provision of a director on the board of the PTC, provision of a company secretary, provision of authorised signatory and close monitoring and oversight of the PTC. Additional guidance on expectations around PTC record-keeping have also been added.
The revised guidance can be found here.