Entire Section

  • GEN 2.23 GEN 2.23 Providing Trust Services

    • GEN 2.23.1 GEN 2.23.1

      In GEN Rule 2.2.2 Providing Trust Services means:

      (a) the provision of services with respect to the creation of an express trust;
      (b) arranging for any Person to act as a trustee in respect of any express trust;
      (c) acting as trustee in respect of an express trust;
      (d) the provision of Trust Administration Services in respect of an express trust; or
      (e) acting as protector or enforcer in respect of an express trust.
      [Added][VER7/01/06]

      • GEN 2.23.1 Guidance

        Providing generic advice on the desirability of using a trust does not amount to Providing Trust Services as defined in GEN Rule 2.23.1.

        [Added][VER7/01/06]

    • Exclusions

      • GEN 2.23.2 GEN 2.23.2

        A Person meeting part (1) (d) or (e) of the definition of a DNFBP does not provide Trust Services where it only:

        (a) arranges for a Person to act as trustee in respect of an express trust; or
        (b) provides services with respect to the creation of an express trust; provided that:
        (i) the provision of such services is solely incidental to the practice of law or accounting as the case may be; and
        (ii) the DNFBP is not holding itself out as Providing Trust Services.
        [Added][VER7/01-06]
        [Amended] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

        • GEN 2.23.2 Guidance

          Acting as trustee, protector or enforcer or Providing Trust Administration Services are not activities incidental to the practice of law or accounting and require a Licence.

          [Added][VER7/01/06]
          Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]

      • GEN 2.23.3

        A Person is not Providing Trust Services if that Person is the Trustee of a Fund and the activities are in connection with or arise from, acting as the Trustee of the Fund.

        [Added]DFSA RM34/2006[VER11/08-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]