Definition of Trust Business
“Trust Business” means the business of
- acting as a professional trustee, protector or administrator of a trust or settlement;
- managing or administering any trust or settlement; or
- acting, in relation to a Class I trust licence, as trustee under wills and settlements and as executor and administrator of deceased persons.
Licensing Authority
The Licensing and Supervisory Committee is the authorisation arm of the Commission, responsible for assessing all applications for licences and certificates to operate in and from within the Trinidad and Tobago Islands.
Regulation and Supervision of Trust Business
The Financial Authorities of Trinidad and Tobago Act, 2001, the Regulatory Code, 2009 and the Banks and Trust Companies Act, 1990 together establish a general legal framework for the regulation and supervision by the Commission of Trust Business carried on in and from within the Trinidad and Tobago Islands.
The Financial Authorities of Trinidad and Tobago oversees Trust Business through the Banking & Fiduciary Services Division, which ensures that all trust and corporate service providers operating in and from within the Trinidad and Tobago comply with relevant Trinidad and Tobago laws, international regulatory standards and established best business practices. Regarding Trust Business, the Division administers the Banks and Trust Companies Act, 1990.
