COB 5.11 COB 5.11 Fitness and Propriety of Persons Acting as Trustees
Trust Service Providerarranges for a Personwho is not an employee of the Trust Service Providerto act as trustee for a Clientof the Trust Service Provider, the Trust Service Providermust ensure that such Personis fit and proper.
Trust Service Providermust notify the DFSA of the appointment of a Personunder COB Rule 5.11.1, including the name and business address if applicable and the date of commencement of the appointment.
Prior to the appointment of such a
Personto act as a trustee, the Trust Service Providermust take reasonable steps to ensure that the Personhas the required skills, experience and resources to act as a trustee for a Clientof the Trust Service Provider.
Trust Service Providermust notify the DFSA immediately if the appointment of such a Personis 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.
Personappointed to act as trustee for a Clientof a Trust Service Providerwho is not an Employeeof 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 Employeeof the Trust Service Provider.