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New Exemption Regime for BVI PTCs

July 2008 Helen E. Cooper

The Financial Services (Exemption) Regulations 2007 (“the Regulations”) which came into effect on 1 August 2007 amend the law in the BVI to provide a new exemption regime for private trust companies. Under the new Regulations companies incorporated in the BVI with the intention of acting as “unremunerated trustees” or carrying on “related trust business” must satisfy certain statutory conditions in order to be exempted from the requirement to obtain a trust licence under the Banks and Trusts Companies Act 1990 (“BTCA”). The Banks and Trusts Companies (Application Procedures) Directions, 1991 have been revoked and can no longer be relied upon.

 

To continue reading full articles in PDF format:
New Exemption Regime for BVI PTCs

 


Helen E. Cooper
Director

Bermuda   +1 441 299 4956


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Articles

New Exemption Regime for BVI PTCs

02 July 2008 Helen E. Cooper

The Financial Services (Exemption) Regulations 2007 (“the Regulations”) which came into effect on 1 August 2007 amend the law in the BVI to provide a new exemption regime for private trust companies. Under the new Regulations companies incorporated in the BVI with the intention of acting as “unremunerated trustees” or carrying on “related trust business” must satisfy certain statutory conditions in order to be exempted from the requirement to obtain a trust licence under the Banks and Trusts Companies Act 1990 (“BTCA”). The Banks and Trusts Companies (Application Procedures) Directions, 1991 have been revoked and can no longer be relied upon.

 

To continue reading full articles in PDF format:
New Exemption Regime for BVI PTCs

 


Helen E. Cooper
Director

Bermuda   +1 441 299 4956