Registration Date Looms For Bermudian Trust Professionals

by Mike Godfrey, Tax-News.com, Washington

22 January 2003

The Bermuda Sun news service reported this week that the deadline for registration of individual trust professionals with the Bermuda Monetary Authority is fast approaching.

Although trust management companies have always been required to register with the Ministry of Finance, following a KPMG review of the jurisdiction's supervisory and regulatory regime, it was recommended that individuals who deal with trusts should also be required to sign up, and that both groups should become the responsibility of the financial services regulator. According to the Bermuda Sun, the Trust (Regulation of Trust Business) Act 2001 is set to come into full force this Friday.

Speaking to the newspaper last week, superintendent of Banking, Trust, and Investment at the BMA, Munro Sutherland explained that:

'Bermuda was one of the first jurisdictions to regulate trusts with the Trusts Companies Act 1991. It was pioneering stuff at the time, but it was rather limited.'

Speaking with regard to the new act, Mr Sutherland announced that: 'It establishes a minimum criteria and statement of practice for trusts. It is mainly to ensure trust professionals treat customers in a fair and proper fashion.'

Recommended