Trusts (Transparency) Regulations

Trusts Law (2018 Revision) TRUSTS (TRANSPARENCY) REGULATIONS, 2019

PUBLISHING DETAILS

Regulation 1

Trusts Law (2018 Revision) In exercise of the powers conferred by section 111B of the Trusts Law (2018 Revision), the Cabinet makes the following Regulations — Citation These Regulations may be cited as the Trusts (Transparency) Regulations, 2019. Trustee to maintain information on each trust (1) A person who is a trustee shall keep and maintain, in relation to each trust for which the person is a trustee, current copies of the trust deed or other documents containing or recording — (a) the terms of the trust; (b) the name and address of the trustee; the name and address of the settlor; (d) the name and address of any contributor to the trust; (e) the name and address of any specifically named beneficiary; (f) the name and address of any identifiable class of beneficiary; (g) the name and address of any protector;

Regulation 3

(h) the name and address of any enforcer of the trust; and (i) any deed or other document varying the terms of the trust. (2) A trustee shall, where it is not reasonably practicable to identify each beneficiary in a class of beneficiaries, keep and maintain upto-date information which sufficiently identifies and describes the class of persons who are beneficiaries. (3) For the purposes of paragraph (1) — (a) where there is a transfer between trusts — (i) the word “contributor” means the trustee or trustees of the transferor trust; and (ii) the word “beneficiary” means the trustee or trustees of the transferee trust; and (b) where there is a distribution to or for the benefit of a minor or an unincorporated charity, the word “beneficiary” means the person who gives a receipt for the distribution. (4) A trustee shall take reasonable steps to ensure that an accurate and adequate record of the information required to be kept pursuant to these Regulations is —

(a) maintained in an easily accessible form; (b) in legible form, or in a form from which it can readily be produced in visible and legible form; in the English language, or where the information is not in the English language, translated into the English language; (d) updated in a timely manner; (e) made available to a competent authority within forty-eight hours of a request in writing by that competent authority; and (f) retained for a period of at least five years after the trustee ceases to be a trustee of the trust. Offences A trustee who, without reasonable excuse, fails to comply with these Regulations commits an offence and is liable on summary conviction to a fine of five thousand dollars. Made in Cabinet the 13th day of August, 2019.

Davina Wilson Acting Clerk of the Cabinet