Entire Section

  • 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]