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.
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:
Licensed Firm that is a DNFBP;
Authorised Firm; or
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).|