Entire Section

  • COB 5.11 COB 5.11 Fitness and Propriety of Persons Acting as Trustees

    • COB 5.11.1

      Where a Trust Service Provider arranges for a Person who is not an employee of the Trust Service Provider to act as trustee for a Client of the Trust Service Provider, the Trust Service Provider must ensure that such Person is fit and proper.

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

    • COB 5.11.2

      A Trust Service Provider must notify the DFSA of the appointment of a Person under COB Rule 5.11.1, including the name and business address if applicable and the date of commencement of the appointment.

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

    • COB 5.11.3

      Prior to the appointment of such a Person to act as a trustee, the Trust Service Provider must take reasonable steps to ensure that the Person has the required skills, experience and resources to act as a trustee for a Client of the Trust Service Provider.

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

    • COB 5.11.4

      A Trust Service Provider must notify the DFSA immediately if the appointment of such a Person is or is about to be terminated, or on the resignation of such Person, giving the reasons for the resignation and the measures which have been taken to ensure that a new trustee has been appointed.

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

    • COB 5.11.5

      A Person appointed to act as trustee for a Client of a Trust Service Provider who is not an Employee of the Trust Service Provider, must agree in writing to be bound by and comply with the same legal and regulatory requirements as if he were an Employee of the Trust Service Provider.

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