Article 16A – Registration
Trust is established, valid and binding under these Regulations unless it is registered with the QFC Authority and details of which are included in the Register.
Person must apply for the registration of a Trust by signing and providing the QFC Authority with the Prescribed Form together with such other documents and pay the Prescribed Fees as may be specified by the QFC Authority.
(3) The application must be made by any
Person who will become a Trustee of the Trust on its registration.
Trust must at all times have at least one (1) Trustee. Details of the Trustee must be included in the Register and the Trustee must ensure that such details are at all times accurate and up to date.
Trustee of any Pre-Existing Trust must ensure that it registers such Trust with the QFC Authority and brings the Trust into compliance with these Regulations within one hundred and eighty (180) days of the commencement date of these Regulations. A failure to register any such Trust within the period stipulated herein will invalidate such Trust and render its terms unenforceable.
(6) On registration of a
Trust, the QFC Authority must:
(A) issue a certificate confirming that the
Trust is registered as a Trust with the name specified in the certificate and with effect from the date of the certificate;
(B) allocate to the
Trust a registration number; and
(C) enter in the
(1) the name and registered number of the
(2) the objects of the
(3) the names of the
(7) A certificate of registration is conclusive evidence of the registration of the
Trust with the name specified in it and that the registration process has been complied with.
QFC Authority must maintain a Register of Trusts.
QFC Authority must not make available to the public any information in the Register (unless such information is contained in the certificate of registration) except on terms it considers appropriate and pursuant to:
(A) a statutory obligation; or
(B) a court order.
|Inserted (as from 24th December 2017).|