Practice Notes for qualified trustees and management companies when providing corporate trusteeship services
The Financial Services Commission of Mauritius published a document on the 24th of August 2018. This document provides practice notes for qualified trustees and management companies when providing corporate trusteeship services.
The objective of these Practice Notes is to provide for the implementation of a common set of standards for Qualified Trustees and Management Companies (“Trust Services Providers – TSPs”) when they provide corporate trusteeship services. The Notes neither derogate nor restrict the powers vested upon the Financial Services Commission (the “FSC”) by statute, and should be read together with the relevant Acts as well as guidelines and Circulars issued by the FSC. TSPs, through their relevant officers, should ensure that they are fully conversant and comply with the provisions of these Notes. These Notes are part of ‘guidelines’ issued by the FSC pursuant to its powers under section 7(1) (a) of the Financial Services Act 2007 (the “FSA”). They do not have the force of law in that breaches will not by themselves constitute criminal offences – although they may entail regulatory sanctions. However, where as a result of a breach or failure to comply with practice notes, the FSC directs TSPs or their relevant officers to comply with any practice notes or any part thereof, failure to do so will constitute a contravention of the law and may lead to prosecution- quite apart from any other regulatory action that may be taken.
The Practice Notes provides standards for the following matters:
- Conduct of Qualified Trustees and Management Companies when providing Corporate Trusteeship Services
- Code of Conduct and Ethics
- Interaction with Clients
- Managing Trust Assets/ Investments
- Conduct of Corporate Trustees
- Know your client
- Removal of Trustee
Click HERE to read the detailed Practice Notes.
Source: FSC Mauritius