COB 5.9 COB 5.9 Books and Records
The books and records of a
Trust Service Providermust be sufficient to demonstrate adequate and orderly management of Clients' affairs. A Trust Service Providermust prepare proper accounts, at appropriately regular intervals on the trusts and underlying companies administered for its Clients. Where trusts and underlying companies are governed by the laws of a jurisdiction that require accounts to be kept in a particular form, the Trust Service Providermust meet those requirements. In any case, the Trust Service Provider'sbooks and records must be sufficient to allow the recreation of the transactions of the business and its Clientsand to demonstrate what assets are due to each Clientand what liabilities are attributable to each Client. The books and records must also include sufficient details about service providers and agents engaged on behalf of the trust.