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.