COB 5.6.1

A Trust Service Provider must have arrangements for internal reporting to ensure that the directors or the partners can satisfy themselves that:

(a) the requirements of the relevant legislation are being met on an on going basis;
(b) the Trust Service Provider's business is being managed according to sound business principles and, in particular, that it can meet its financial commitments as they fall due;
(c) the affairs of its Clients are being managed in accordance with the service agreements;
(d) the trustees are acting in accordance with their fiduciary and other duties;
(e) the affairs of its Clients are being properly monitored and in particular that the Client is not using the trust structure to hide assets from legitimate enquiry, to avoid proper obligations in other jurisdictions or to engage in illegal activities in other jurisdictions;
(f) the assets of its Clients are properly managed and safeguarded; and
(g) the recruitment, training and motivation of staff is sufficient to meet the obligations of the business.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]