Exemption of Private Trust Companies (PTCs) from BTCRA 6(1)

Published Friday April 20th, 2007

Following consultations with industry representatives, the Bank advises that the Governor has granted PTCs an exemption from section 6 (1) of the BTCRA, which requires them to seek the prior approval of the Governor for the transfer and disposal of shares of the company, subject however, to the following condition:

That the Registered Representative shall at all times, maintain a current share register of all shareholders of the Private Trust Company or companies for which he serves as Registered Representative.

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