Complying with the standards of trust regulation
By Caljonah Smith
Bermuda regards itself as one of the most highly developed and sophisticated jurisdictions in which to conduct trust business.
This is due in part to the various pieces of legislation affecting trustees, such as the Trustee Act 1975, the Trusts (Special Provisions) Act 1989, the Perpetuities and Accumulations Act 2009, the Trusts (Regulation of Trust Business) Act 2001 and the Trusts (Regulation of Trust Business) Exemption Order 2002.
It is also due to the expertise of the individuals who operate trust businesses in Bermuda — and the fact that Bermuda’s trust business, defined as ‘the provision of the services of a trustee as a business, trade, profession or vocation’, is regulated by the Bermuda Monetary Authority (BMA), which vets trustee licence applications and sets the ongoing standards of trust administration…
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