Entire Section

  • COB 5.2 COB 5.2 General

    • COB 5.2.1

      For the purposes of this chapter, a settlor, a trustee or a named beneficiary of a trust in respect of which the Trust Service Provider is engaged in Providing Trust Services may be treated as a Client of the Authorised Firm.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.2

      A Trust Service Provider must maintain adequate knowledge of, and comply with, all applicable DIFC laws, Rules and Regulations relevant to Providing Trust Services.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.3

      A Trust Service Provider must be able to demonstrate that it is in compliance with appropriate standards of corporate governance.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.4

      A Trust Service Provider must transact its business (including the establishing, transferring or closing of business relationships with its Clients) in an expeditious manner where appropriate unless there are reasonable grounds to do otherwise.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • Exercise of Discretion

      • COB 5.2.5

        Where a Trust Service Provider is responsible for exercising discretion for, or in relation to, its Clients, it must take all reasonable steps to obtain sufficient information in order to exercise, subject to COB Rule 5.2.6, its discretion or other powers in a proper manner.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.6

        A Trust Service Provider must only exercise its power or discretion for a proper purpose.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.7

        The Trust Service Provider must ensure that its understanding of a Client's business is refreshed by means of regular reviews.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.8

        The Trust Service Provider must ensure that any trustee exercises his discretion in accordance with his fiduciary and other duties under the laws governing the trust of which he is a trustee.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • Delegation of Duties or Powers

      • COB 5.2.9

        Any delegation of duties or powers by a Trust Service Provider, whether by Power of Attorney or otherwise, must only be entered into for a proper purpose, permissible by law and limited and monitored as appropriate.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]