Article 38 - Duty to administer a Trust
(1) Upon acceptance of a trusteeship, the Trustee must in the execution of its duties and in the exercise of its powers and discretions:
(A) act with due diligence as would a prudent Person to the best of its ability and skill; and
(B) observe the utmost good faith;
in accordance with the terms and purposes of the Trust and these Regulations .
(2) A Trustee must administer the Trust solely in the interest of the Beneficiaries or in furtherance or support of the purposes of the Trust .
(3) Subject to such further requirements as may be prescribed by the Rules, a Trustee must be:
(A) a Licensed Firm that is a DNFBP ;
(B) an Authorised Firm ; or
(C) a Person approved by the QFC Authority that is duly licensed or authorised in a jurisdiction outside of the QFC and is subject to adequate requirements in respect of anti-money laundering and counter terrorism financing, by the laws applicable to the Person .
[Guidance Note: A Licensed Firm or an Authorised Firm that wishes to carry out the provision of administration of trusts by way of business, must be licensed or authorised to do so.]
| Amended (as from 24th December 2017). |