In brief: A rapid-read overview of the main items in this issue |
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Trends and developments
| Amendment to new regulations enabling exempt private trust companies to be established in the British Virgin Islands (p. 207) Renard Penn, Associate, Walkers Under the Banks and Trust Companies Act 1990, BVI companiesmay not carry on trust business without a licence,but the Banks and Trust Companies (Application Procedures) Directions1991 provide that a BVI company will not be regarded as carryingon trust business provided that certain conditionsare satisfied. The Financial Services (Exemptions) Regulations2007 introduced new conditions which exempt private trust companiesmust satisfy and the new Financial Services (Exemptions) (Amendment)Regulations 2007 which came into force on 27 December 2007 extenduntil 31 July 2008 the time limit for compliance. The 2007 Regulationshave been extremely well received internationally as striking
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