Standard on the Regulation of Trust and Company Service Providers
The Group of International Finance Centre Supervisors (“GIFCS”) has issued a Standard on the Regulation of Trust and Company Service Providers (“TCSPs”). The Standard, the first of its type, introduces a new minimum benchmark for businesses administering international trusts and companies to follow. It was formally adopted at GIFCS’ Plenary meeting last month.
The new Standard can be viewed on the GIFCS website at www.gifcs.org under ‘News’.
The Financial Supervision Commission will respond to the GIFCS Standard by carrying out a self-assessment of the Isle of Man’s regulatory position, which will form the basis for future consultation with industry and the development of regulatory policy.