Bank Supervision

Guidelines & Regulations

General Information and Application Guidelines for Private Trust Companies and Their Registered Representatives

Published Wednesday January 10th, 2007

The Central Bank is pleased to announce the release of the General Information and Application Guidelines for Private Trust Companies and Their Registered Representatives (the Guidelines). The 2006 amendments to the Central Bank of The Bahamas Act (the CBA) and the Banks and Trust Companies Regulation Act (the BTCRA), as well as the introduction of the Banks and Trust Companies (Private Trust Companies) Regulations, 2007 create a unique type of trust company known as the Private Trust Company (PTC), which is exempt from the full range of licensing requirements otherwise applicable to trust companies operating within and from within the Bahamas. These Guidelines outline the Central Bank's policy with regard to the approval of Registered Representatives of Private Trust Companies (PTCs) and their ongoing regulation and supervision. They also provide general information on PTCs and necessary requirements for their establishment. The regulatory regime for a PTC is designed to ensure high standards of business conduct, professionalism and competence for PTCs, while offering an appropriate level of regulatory oversight given the limited activities of such companies. Any questions regarding these Guidelines should be directed to: The Policy Unit Bank Supervision Department The Central Bank of The Bahamas Frederick & Market Streets P.O. Box N 4868 Nassau, Bahamas Tel (242) 302-2615 Fax (242) 356-3909 Email:[email protected]

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