The Chief Master issued a new directive, no. 2 of 2017, on 6 March 2017. The directive takes effect immediately.
Members of the FISA Council submitted comment on the first draft of this document and played a substantial role to ensure that the document is both legally sound and practical.
The directive deals, amongst others, with:
- The Master’s regulatory role;
- The appointment of trustees;
- The Master’s role in authorising trustees to act;
- The resignation of a trustee;
- The return by a resigned trustee of Letters of Authority;
- The amendment of trust instruments; and
- The deregistration of trusts
Click here for the directive.