COB 5.2 COB 5.2 General
For the purposes of this chapter, a settlor, a trustee or a named beneficiary of a trust in respect of which the
Trust Service Provideris engaged in Providing Trust Servicesmay be treated as a Clientof the Authorised Firm.
Trust Service Providermust maintain adequate knowledge of, and comply with, all applicable DIFC laws, Rules and Regulationsrelevant to Providing Trust Services.
Trust Service Providermust be able to demonstrate that it is in compliance with appropriate standards of corporate governance.
Trust Service Providermust 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.
Exercise of Discretion
Trust Service Provideris 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.
Trust Service Providermust only exercise its power or discretion for a proper purpose.
Trust Service Providermust ensure that its understanding of a Client'sbusiness is refreshed by means of regular reviews.
Trust Service Providermust 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.
Delegation of Duties or Powers
Any delegation of duties or powers by a
Trust Service Provider, whether by Powerof Attorneyor otherwise, must only be entered into for a proper purpose, permissible by law and limited and monitored as appropriate.