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Regulation of Trust Providers 24 June 2004

Treasury is promoting new legislation which will enable the Financial Supervision Commission to regulate persons providing services in relation to trusts.

The Fiduciary Services Bill 2004 has been produced after extensive consultation with the trust service industry, including an external review of the proposals by the London law firm, Stikeman Elliott, whose particular areas of expertise are trust and regulatory law.

The Bill amends the Corporate Service Providers Act 2000 so that corporate service providers (CSPs) and trust service providers (TSPs) will collectively be known as ‘fiduciaries’ and any person providing CSP and/or TSP services will be required to hold the relevant class of fiduciary licence.

Licensing of fiduciaries is already established in other jurisdictions, including Jersey, Guernsey and Bermuda, and the Stikeman Elliott review confirmed that the regime contained in the Bill compares well with the legislation in place in these jurisdictions. The intention to introduce such regulation in the Isle of Man has been known for a number of years.

The Manx Government confirmed to the International Monetary Fund, during its review of the Island’s financial sector regulation and supervision, that proposals for TSP licensing would be progressed by extending to TSPs the licensing, regulatory and supervisory regime currently applied to CSPs under the Corporate Service Providers Act 2000. In doing so, the Bill will bring the Island into line with internationally accepted regulatory standards.

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