Regulatory Alerts2021-10-21
Guidance on Managed Trust Company Relationships
The Guernsey Financial Services Commission issues this note to define regulatory requirements for managing fiduciaries and managed trust companies under the Fiduciaries Law 2020. It mandates that managing fiduciaries retain executive control and board majority, utilize their own anti-money laundering policies, and provide all staffing to ensure effective oversight. The Commission also prohibits licensing new entities where owners hold executive roles and requires prior notification for management agreement terminations or outsourcing arrangements.
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