Trustee Companies Act 2017
The Trustee Companies Act 2017 ("The Act") concerns Trustee Company Service Provides ("TCSPS"). In keeping up with developments on the international front the Trustee Companies Act 2017 is the latest change to Samoa's suite of international finance legislation. There are 3 types of license:
- TCSP License
- Trust License
- Service License
- A TCSP may apply for a Trust License to carry out trusts businesses;
- A Composite License allows a registered TCSP to carry out financial services business and trust business;
- A Service License permits a registered TCSP to carry out financial services business, except for trust business.
- Any of the Licenses may be "managed" so that the TCSP with the License becomes a "Managed TCSP" or a "Managing License" can be granted to a "Firm" to carry out the management.
- There are exceptions from the need for a license for 'exempt persons,' these include private trustee companies and professionals acting as Trustees.
- There are minimal capital and insurance requirements for a licensed TCSP provided for by the Regulations
- Powers and duties of and concerning a TCSP are provided for.
Capital requirements have been reduced with more emphasis on minimum insurance requirements. Capital requirements will be monitored by and is at the discretion of the Regulator. The Insurance Policy must be with an Insurance company approved by the Regulator.
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