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 aPerson who is not an employee of theTrust Service Provider to act as trustee for aClient of theTrust Service Provider , theTrust Service Provider must ensure that suchPerson 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 aPerson 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, theTrust Service Provider must take reasonable steps to ensure that thePerson has the required skills, experience and resources to act as a trustee for aClient of theTrust 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 aPerson is or is about to be terminated, or on the resignation of suchPerson , 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 aClient of aTrust Service Provider who is not anEmployee of theTrust Service Provider , must agree in writing to be bound by and comply with the same legal and regulatory requirements as if he were anEmployee of theTrust Service Provider .Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]