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Offshore Legislations on Fiduciary and Administration Businesses

 

 

[List of selected offshore legislations]

 

Bahamas

              Banks and Trust Companies Act, 1965

              Banks and Trust Companies Regulation (Amendment) Act, 2000

              Financial and Corporate Service Providers Act, 2000

 

British Virgin Islands

              Banks and Trust Companies Act, 1990

              Financial Services (International Co-operation) Act, 2000

 

Cayman Islands

              Banks and Trust Companies Law, 1995

              Confidential Relationship (Preservation) Law, 1995

 

Guernsey

              Regulation of Fiduciaries and Administration Businesses (Guernsey) Law, 2000

 

Isle of Man

              Corporate Service Providers Act, 2000

 

Jersey

              Financial Services (Jersey) Law, 1998

 

***   ***   ***   ***   ***

 

Excerpts from Offshore Legislations

Regulating Fiduciary and Administration Businesses

 

[Jersey]

Financial Services (Jersey) Law 1998

Article 2

gFinancial Service businessh defined

(1)   A person carries on financial service business if by way of business he carries on investment business or trust company business.

(2)   A person carries on investment business if he –

(a)    deals in investments, that is, he buys, sells, subscribes for or underwrites investments, either as principal or as agent;

(b)    undertake discretionary investment management, that is, he decides as agent to buy, sell, subscribe for or underwrites investments on behalf of a principal;

(c)     gives investment advice, that is, he gives to persons in their capacity as investors or potential investors advice on the merits of –

(@) the purchase, sale, subscription for or underwriting of a particular investment; or

(A) the exercise of a right conferred by an investment to acquire, dispose of, underwrite or convert the investment.

(3)   A person carries on trust company business if carries on a business that involves the provision of company administration services or trustee or fiduciary services and in the course of providing those services he provides any of the services specified in paragraph (4).

(4)   Those services are –

(a)    acting as a company or partnership formation agent;

(b)    acting as or fulfilling the function of or arranging for another person to act as or fulfill the function of director or alternate director of a company;

(c)     acting as or fulfilling the function of or arranging for another person to act as or fulfill the function of a partner of a partnership;

(d)    acting as or arranging for another person to act as secretary, alternate, assistant or deputy secretary of a company;

(e)     providing a registered office or business address for a company or partnership;

(f)      providing an accommodation, correspondence or administrative address for a company, a partnership or for any other person;

(g)    acting as or fulfilling or arranging for another person to act as or fulfill the function of trustee of an express trust;

(h)    acting as or fulfilling or arranging for another person to act as shareholder or unitholder as a nominee for another person.

(5)   – (6) [not excerpted]

 

[Jersey]

Financial Services (Jersey) Law 1998

Article 18A

Trust company business assets

(1)    Where a registered person has control of or is otherwise responsible for trust company business assets which he is required to safeguard, he shall arrange proper protection for them by way of segregation and identification of assets or otherwise in accordance with the responsibilities he has accepted.

(2)    Without prejudice to the generality of paragraph (1), the Committee may, on the recommendation of the Commission, prescribe the manner in which any classes of trust company business assets are to be protected.

(3)    A person who fails to comply with an Order made under paragraph (2) is guilty of an offence and liable to imprisonment for a term not exceeding six months or a fine, or both.

 

 

Legislations of Offshore Financial Centers (assorted by subject)

              Offshore Trust Laws

              Offshore Legislations on Investment Funds and Protection of Investors

              Offshore Banking Laws

              Offshore Company Laws

              Offshore Partnership Laws

 

Private Banks and Private Banking

Private Bank Account Opening@

 

àPrivate Salon Conference for Hedge Funds

àTranslation of Fund Prospectus, Offering Memorandum, etc.

àHow to Open a Cayman Bank Account

 

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