Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees.
|
|
- Oswald Paul
- 7 years ago
- Views:
Transcription
1 August 2013 Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees. Introduction More than four years in the making, much anticipated reforms to modernise Hong Kong trust law were finally implemented when the Trust Law (Amendment) Ordinance 2013 (the Amendment Ordinance ) was passed by the Legislative Council on 17 July The Amendment Ordinance largely reflects the changes anticipated at the consultation stage 1. The Amendment Ordinance will come into operation on 1 December 2013 except that statutory controls on trustees exemption clauses will take effect, in relation to pre-existing trusts, on 1 December This alert discusses the actions that professional trustees acting in capital markets transactions should consider taking in light of the upcoming changes to trust regulation. Statutory Duty of Care for Trustees A statutory duty of care will be imposed on trustees carrying out certain functions such as exercise of the power of investment, appointment of agents, nominees and custodians, and review of arrangements with such parties. The formulation of the statutory duty of care largely follows the language proposed at the consultation stage which requires a trustee to exercise the care and skill that is reasonable in the circumstances, having regard to any special knowledge or experience that the trustee has or holds itself out as having (a subjective standard) as well as, in the case of a professional trustee, any special knowledge or experience that is reasonably expected of a professional trustee (an objective standard). The statutory duty will replace the common law and equitable rules regarding the duty and standard of care owed by a trustee to beneficiaries of the trust. Contents Introduction... 1 Statutory Duty of Care for Trustees... 1 Statutory Controls on Trustees Exemption Clauses... 2 Powers to Appoint Agents, Nominees and Custodians 2 Remuneration and Reimbursement of Expenses... 3 Beneficiaries Right to Remove/Appoint a Trustee 4 Authorized Investments... 4 Action to be taken... 4 The statutory duty of care applies to existing and newly created trusts, but it may be excluded by the trust instrument. Whilst it may be impracticable for existing trust deeds to be amended to expressly exclude the statutory duty, trustees should review the terms of existing trust deeds to check whether they 1 For further details on the consultation conclusions reached on the trust law reform proposals, please see our client alert issued in November 2012 on the Consultation on Detailed Legislative Proposals on Trust Law Reform Consultation Conclusions (the Consultation Conclusions ) published by the Financial Services and the Treasury Bureau. Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees 1
2 will be sufficient to displace the statutory duty of care. In relation to newly created trusts, we expect that professional trustees may wish to expressly exclude the statutory duty of care in the trust deed. As a corollary to the introduction of the statutory duty of care, a number of legislative amendments were made to require a trustee to discharge the statutory duty of care in taking certain actions before the corresponding statutory exemption from liability resulting from such actions could be relied upon. An example would be where a trustee has discharged the statutory duty of care in exercising or renouncing subscription rights offered to the trustee, the trustee will not be responsible for any loss occasioned by such action. Trustees should consider whether they wish to rely on the amended statutory provisions (which will require the statutory duty of care to be discharged) or ensure that the express provisions in the trust deed (as discussed later in this alert, exemption clauses are themselves subject to new statutory controls) are sufficiently wide to provide such protections. Statutory Controls on Trustees Exemption Clauses As anticipated during consultations, statutory controls will be introduced on exemption clauses used by a remunerated professional trustee. A trustee exemption clause will be invalid to the extent that it seeks to relieve a trustee from liability for a breach of trust arising from the trustee s own fraud, wilful misconduct or gross negligence 2 or grant the trustee any indemnity against trust property for such liability. These statutory controls apply to new trusts created on or after 1 December 2013, and to pre-existing trusts with effect from 1 December New to the Amendment Ordinance is the exemption of an approved trustee of a registered scheme under the Mandatory Provident Fund Schemes Ordinance (Cap.485) (the MPFSO ) from these statutory controls 3. Trustees should review their exemption clauses to bring them in line with the statutory controls. Powers to Appoint Agents, Nominees and Custodians The Amendment Ordinance provides for statutory powers to appoint agents, nominees and custodians and imposes restrictions on the persons who may act as such appointees and the terms of their appointment. These restrictions do not apply if the appointees are not appointed under the statutory powers of appointment. Therefore, trustees should ensure that trust instruments contain express powers for the appointment of agents, nominees and custodians. The Amendment Ordinance also introduces new requirements to review the arrangements under which agents, nominees and custodians act and requires the trustee to discharge the statutory duty of care before the statutory exemption from liability for appointees (or their delegates ) acts or omissions could be relied upon. Although these requirements apply regardless of whether the appointees were appointed under statutory powers 2 3 As anticipated in the Consultation Conclusions, liability for gross negligence (instead of reckless act which was the initial proposal) cannot be excluded under trustees exemption clauses. Presumably, this is because s. 26 MPFSO already imposes statutory controls on trustees exemption clauses contained in the governing rules of a registered scheme. Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees 2
3 of appointment or express powers under the trust instrument, as these requirements can be excluded, trustees should generally be able to continue to rely on express provisions in their trust instruments relating to the arrangement for supervision of their appointees and provisions exempting trustees from liability for the acts or omissions of their appointees (subject to the statutory controls on trustees exemption clauses discussed above). Whilst the existing requirement that a trustee must deposit bearer securities with a bank has been slightly modified so as to require a trustee to appoint a custodian for bearer securities, the Amendment Ordinance provides that this requirement does not apply if the trust instrument permits a trustee to retain or invest in bearer securities without appointing a custodian. Following the practice in the United Kingdom (where the Trustee Act 2000 contains a similar provision), we expect trustees to include an express provision in the trust instrument that the trustee is not obliged to appoint a custodian of securities payable to bearer. Section 8(4) of the Trustee Ordinance, which absolves a trustee from responsibility for loss incurred by reason of depositing bearer securities with a bank and allows the trustee to pay any fees relating to the custodial arrangement out of the income of the property, will be repealed when the Amendment Ordinance comes into effect on 1 December In respect of liability for custodians acts or omissions, this will need to be covered either under the statutory exemption from appointees liability upon discharging the trustee s statutory duty of care, or an express exemption clause. As for fees and expenses relating to the custodial arrangement, this will need to be covered either under the statutory charging provision or, as discussed later in this alert, preferably by an express charging provision in the trust deed. Section 32 of the Trustee Ordinance, which limits a trustee s liability in respect of third party acts and losses incurred other than through the trustee s wilful default and allows a trustee to pay trust expenses out of trust property, will be repealed with effect on 1 December Again, trustees will need to rely on other statutory exemption and charging provisions (as described above) and/or express provisions in the trust deed for such protection. Remuneration and Reimbursement of Expenses As trust deeds generally contain express provisions on remuneration of trustees, the default provisions on remuneration of trustees in the Amendment Ordinance should be of limited practical significance. The Amendment Ordinance provides a statutory entitlement to trustees to pay properly incurred trust expenses out of trust funds. It also allows trustees to pay reasonable remuneration to its agents, nominees and custodians and their properly incurred expenses out of trust funds. To avoid any uncertainty as to whether the statutory entitlement applies (and in particular whether remuneration is reasonable in the circumstances), trustees should continue to rely on express provisions in the trust instrument on remuneration and reimbursement of expenses of a trustee and its appointees. Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees 3
4 Beneficiaries Right to Remove/Appoint a Trustee Powers given to beneficiaries to direct the retirement or appointment of a trustee in the Amendment Ordinance do not apply if the trust instrument expresses a contrary intention. We expect professional trustees acting in the context of bond transactions to continue to provide expressly for the appointment and removal of trustees and displace the operation of the statutory provisions. Authorized Investments As anticipated in the Consultation Conclusions, the scope of authorized investments in shares when a trustee exercises the default investment powers in the Trustee Ordinance has been expanded by lowering the issuer market capitalisation requirement from HK$10 billion to HK$5 billion and by relaxing the current five-year cash dividend requirement to a cash or noncash dividend requirement in respect of three of the previous five years. Interestingly, new to the Amendment Ordinance is the exclusion of structured products from the scope of authorized investments. These changes are however of limited practical significance as trust instruments used in bond transactions usually expressly provide for the scope of authorized investments. Action to be taken Now that the Amendment Ordinance has become law, and given the imminence of its effective date, trustees will be well advised to review their trust documentation and consider making the necessary changes. Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees 4
5 Contacts For further information please contact: Andrew Malcolm Partner (+852) Mary Matson Counsel (+852) This publication is intended merely to highlight issues and not to be comprehensive, nor to provide legal advice. Should you have any questions on issues reported here or on other areas of law, please contact one of your regular contacts, or contact the editors. Linklaters. All Rights reserved 2013 Linklaters Hong Kong is a law firm affiliated with Linklaters LLP, a limited liability partnership registered in England and Wales with registered number OC It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of the LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP and of the non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on Please refer to for important information on our regulatory position. We currently hold your contact details, which we use to send you newsletters such as this and for other marketing and business communications. We use your contact details for our own internal purposes only. This information is available to our offices worldwide and to those of our associated firms. If any of your details are incorrect or have recently changed, or if you no longer wish to receive this newsletter or other marketing communications, please let us know by ing us at marketing.database@linklaters.com. 10th Floor, Alexandra House Chater Road Hong Kong Telephone (+852) Facsimile (+852) / Linklaters.com Trust Law (Amendment) Ordinance 2013 A Summary for Bond Trustees 5 A /0.2/26 Aug 2013
Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing.
July 2012 Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. Contents Introduction On 27 June 2012, Hong Kong s Legislative Council ( LegCo ) passed
More informationUse or Transfer of Personal Data for Direct Marketing
February 2013 Changes to Direct Marketing Privacy Laws come into force on 1 April 2013 Introduction The Personal Data (Privacy) (Amendment) Ordinance 2012 (the Amendment Ordinance ), introduced some important
More informationHong Kong IPO Sponsor Reforms.
December 2012 Hong Kong IPO Sponsor Reforms. Background The Securities and Futures Commission (the SFC ) published on 12 December 2012 its Consultation Conclusions on the Regulation of IPO Sponsors (the
More informationTrading Halt Conclusions from the Hong Kong Stock Exchange s Consultation
March 2013 Trading Halt Conclusions from the Hong Kong Stock Exchange s Consultation The Stock Exchange of Hong Kong Limited (the Exchange) published the conclusions to its Consultation on Trading Halts
More informationChanges relating to age 75 and flexible drawdown
October 2011 Registered pension schemes: Changes relating to age 75 and flexible drawdown This year s Finance Act makes a number of changes from 6 April 2011, concerning the impact that reaching age 75
More informationHong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives
30 December 2015 Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives Introduction On 3 December 2015, the Hong Kong Monetary Authority ( HKMA ) issued a consultation
More informationRelaxation of PRC regulatory restrictions on cross-border security and guarantees
May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration
More informationChina's New Company Registration Regime.
February 2014 China's New Company Registration Regime. In recent months, China s central government has unveiled a range of initiatives to reduce the regulatory burden of businesses and provide greater
More informationHow To Avoid Inheritance Tax On A Pension Scheme
September 2013 Occupational pension schemes: Lump sum death benefits: Tax issues Here we look at the main tax issues which arise in relation to lump sum death benefit payments. We shall start with tax-registered
More informationShanghai-Hong Kong Stock Connect: New short selling rules.
March 2015 Shanghai-Hong Kong Stock Connect: New short selling rules. With the launch of the Shanghai-Hong Kong Stock Connect ( Stock Connect ) in November of last year, foreign investors now have direct
More informationEU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013
May 2012 EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 Contents 1 Overview In February 2012, eurozone member states signed a modified version of
More informationSingapore: Insolvency Law Review Committee Recommendations.
November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee
More informationChina opens up its bank card payment clearing market
June 2015 China opens up its bank card payment clearing market The Decision to Implement Market Access Administration for Bank Card Clearing Institutions (the Decision ) of the State Council, which came
More informationOne Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade Zone s Free Trade Account.
June 2014 One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade s Free Trade Account. New rules published by PBOC Shanghai on 22 May provide much needed practical guidance on the
More informationMineral, Oil and Gas Companies - Listing on SGX.
December 2013 Mineral, Oil and Gas Companies - Listing on SGX. New eligibility criteria and on-going obligation requirements Background In September 2013, Singapore Exchange Securities Trading Limited
More informationBriefing Note UAE Corporate Governance Regime
February 2010 Briefing Note UAE Corporate Governance Regime At a Glance > Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between
More informationLoan Market Association publishes new loan documentation
February 2012 Loan Market Association publishes new loan documentation The Loan Market Association ( LMA ) published various new and revised documents for use on loan transactions on 23 December 2011 and
More informationForeign investment in the United Arab Emirates.
March 2011 Foreign investment in the United Arab Emirates. Overview Regional insight and awareness of the local legal landscape is key for global companies and financial institutions doing business in
More informationFSA paper on conflicts of interest between asset managers and their customers
November 2012 FSA paper on conflicts of interest between asset managers and their customers The FSA issued a warning to asset managers to step up their compliance with FSA rules relating to conflicts of
More informationSubstance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies
October 2012 Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies Contents Introduction On 26 October 2012, the Commission
More informationMiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation.
July 2012 MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. Introduction MiFID is often described as the corner stone of financial services regulation
More informationSingapore Consults on OTC Derivatives Regulation.
February 2012 Singapore Consults on OTC Derivatives Regulation. On 13 February 2012, the Monetary Authority of Singapore ( MAS ) released its Consultation Paper on Proposed Regulation of OTC Derivatives
More informationTwenty five essential things to know about the New Companies Ordinance
August 2012 Twenty five essential things to know about the New Companies Ordinance Introduction On 12 July 2012, the Legislative Council in Hong Kong passed the new Companies Ordinance (the New Ordinance
More informationSAS v World Programming: Court of Appeal considers copyright in software.
December 2013 SAS v World Programming: Court of Appeal considers copyright in software. Contents Summary On 21 November 2013 the Court of Appeal gave its decision in the leading software copyright case
More informationNew board pay rules are they working? Key statistics
New board pay rules are they working? Key statistics Linklaters Incentives Practice New board pay rules are they working? Many of the world s largest companies rely on our global incentives practice to
More information18 August 2015. 1. Amendments to the participation exemption regime
18 August 2015 Luxembourg draft legislation introducing EU anti hybrid and anti-abuse provisions in the participation exemption regime and a horizontal consolidation tax regime. On 5 August 2015, the Minister
More informationFinal Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission.
July 2011 Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. Contents Implications for Non-U.S. Investment Advisers On June 22, 2011, the
More informationImplementation of the Jackson Reforms. The key changes.
March 2013 Implementation of the Jackson Reforms. The key changes. Introduction On 1 April 2013, a large tranche of the reforms proposed by the 2010 review of civil litigation costs by Lord Justice Jackson
More informationIntroduction. April 2014. Contents
April 2014 In re Hawker Beechcraft, Inc.: Southern District of New York Holds that a Private Whistleblower May Assert Non-Dischargeable Claims under the False Claims Act at Any Time Contents Introduction
More informationFCA changes client money and custody asset rules
June 2014 This note provides a summary of the extensive changes to the client money and custody rules for investment firms Overview The Financial Conduct Authority ( FCA ) released on 10 June 2014 a new
More informationShanghai-Hong Kong Stock Connect: Are You Ready for the Through Train to Shanghai?
September 2014 : Are You Ready for the Through Train to Shanghai? Market participants in the Hong Kong market eagerly await what will be one of the most major developments in the equity market: the October
More informationMiFID II: The New Investor Protection Regime
May 2014 Overview On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive ( MiFID ), which has
More informationCHARITY COMMISSION SCHEME
Sealed 11th June 2007 54(S) 07 General _ Charity The Charity Equity Fund CHARITY COMMISSION LCU (Ldn) 1,038,563 / 617,340 Scheme In the matter of the Charity called The Charity Equity Fund, regulated by
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationAIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism
December 2012 AIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism Government draft of Capital Investment Act published On 12 December 2012,
More informationA Cautionary Tale When Considering Yieldco Dropdown and Other Related Party Transactions: In re: El Paso Pipeline Partners, L.P. Derivative Litigation
June 2015 A Cautionary Tale When Considering Yieldco Dropdown and Other Related Party Transactions: In re: El Paso Pipeline s, L.P. Derivative Litigation Sponsors of yieldcos, master limited partnerships
More informationBrief guide to Administration
Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but
More informationEuropean Commission releases final report on business insurance sector inquiry
Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.
More informationThe Pension Death Benefits Trust (Scottish Law version)
For customers The Pension Death Benefits Trust (Scottish Law version) Page 1 of 10 Completion notes 1. This document must only be used if you wish the Trust to be governed by Scottish law. If you wish
More informationIndependent Commission on Banking Final Report on UK Banking Reform
Independent Commission on Banking Final Report on UK Banking Reform 13 September 2011 1. Introduction The UK Independent Commission on Banking (the ICB ) published its final report on 12 September 2011.
More informationKiwi Wealth KiwiSaver Scheme Trust Deed. Kiwi Wealth Limited Public Trust
Kiwi Wealth Limited Public Trust Table of contents Parties... 1 Background... 1 Operative provisions... 2 1 This Deed witnesses... 2 Preliminary... 2 2 Interpretation... 2 3 Constitution of the Scheme...
More informationStandard Provisions of the Society of Trust and Estate Practitioners (Northern Ireland version)
Standard Provisions of the Society of Trust and Estate Practitioners (Northern Ireland version) 1. INTRODUCTORY 1(1) These Provisions may be called the standard provisions of the Society of Trust and Estate
More informationWelcome to our Summer London seminar programme 2016
Welcome to our Summer London seminar programme 2016 Contents Welcome to our London seminar programme May 2016 June 2016 June 2016 June 2016 July 2016 The increasing cooperation between U.S. enforcers and
More informationRevised security regimes in Africa: the OHADA reforms
Revised security regimes in Africa: the OHADA reforms Contents A revised security regime is about to come into force in 16 Sub-Saharan African jurisdictions. The new regime will improve the process of
More informationPREMIER SSAS FEE AGREEMENT
PREMIER SSAS FEE AGREEMENT JLT PREMIER PENSIONS Service terms 2 JLT PREMIER PENSIONS PREMIER SSAS FEE AGREEMENT JLT PREMIER PENSIONS PREMIER SSAS FEE AGREEMENT 3 CONTENTS 1 Definitions And Interpretation
More informationChina pushes change in IT infrastructure by strengthening regulation of cyber security
April 2015 China pushes change in IT infrastructure by strengthening regulation of cyber security China pushes change in IT infrastructure by strengthening regulation of cyber security The CBRC s recent
More informationAIG Relevant Life Insurance Split Trust declaration form
AIG Relevant Life Insurance Split Trust declaration form Guidance We require that the AIG Relevant Life Insurance be put into trust before the policy is put on risk. This may be done via the AIG Relevant
More informationCFTC Aligns Regulation of Certain DCOs with International Standards
January 2, 2014 CFTC Aligns Regulation of Certain DCOs with International Standards Key Takeaways: > In November of 2013, the CFTC adopted regulations for systemically important DCOs, and other DCOs that
More informationNewsletter No. 194 (EN) Directors and Officers (D&O) Liability Insurance in Hong Kong
Newsletter No. 194 (EN) Directors and Officers (D&O) Liability Insurance in Hong Kong December 2015 All r ig ht s r e ser ved Lo r e nz & P art ner s 2015 Although Lorenz & Partners always pays great attention
More informationA guide for directors of subsidiary companies in Hong Kong. August 2011
A guide for directors of subsidiary companies in Hong Kong August 2011 Dear reader, Welcome to our guide for directors and prospective directors of subsidiary companies in Hong Kong. While the duties of
More informationCharity Audit Committee performance evaluation Self assessment checklist. October 2014
Charity Audit Committee performance evaluation Self assessment checklist October 2014 With increasing responsibilities and complexities, being a member of the Audit Committee has never been more challenging
More informationCHAPTER 16 INVESTMENT ENTITIES
CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end
More informationNRMA INSURANCE GROUP LIMITED ( NIGL ) (ABN
TRUST DEED Date: 2000 Parties: NRMA INSURANCE GROUP LIMITED ( NIGL ) (ABN 600 90739) of 388 George Street, Sydney, NSW and [Company A] (ABN) of 388 George Street, Sydney, NSW Recitals: A. NIGL wishes to
More informationAPPENDIX FOR U.S. SECURITIES TRADING
APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between
More informationThe Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following:
Summary 1 Trust Deed The Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following: 1.1 Issue of PERLS VI The Issuer may issue PERLS VI to
More informationThe Commercial Agents Regulations.DOC. The Commercial Agents Regulations
The Commercial Agents Regulations.DOC The Commercial Agents Regulations Contents 1. Introduction... 1 2. The Previous Position... 1 3. Commercial Agent... 2 4. Rights and Duties... 3 5. Remuneration...
More information------------ B SHARE TRUST DEED
DATED APRIL 2016 ------------ B SHARE TRUST DEED CONTENTS Clause Page 1. Definitions... 1 2. Declaration of Trust... 5 3. Perpetuity Period... 5 4. Trusts at the Expiration of the Trust Period... 6 5.
More informationThe Companies Act 1862-1900. Private Company Limited by Guarantee and not. having a Share Capital. Memorandum of Association. Children North East
The Companies Act 1862-1900 Private Company Limited by Guarantee and not having a Share Capital Memorandum of Association of Children North East As amended by special resolution dated 11 July 2007 1. Name
More informationUnum Life Assurance Master Plan (A)
Unum Life Assurance Master Plan (A) BACKGROUND: Contents 1. General Interpretation and Definitions 2. Trustee 3. Scheme Administrator 4. Plan Assets 5. Expenses 6. Membership 7. Benefits 8. Death Benefit
More informationFSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers
July 2011 FSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers FSA reports on how banks deal with high-risk customers, correspondent banking 1
More information2008 No. 3229 COMPANIES. The Companies (Model Articles) Regulations 2008
STATUTORY INSTRUMENTS 2008 No. 3229 COMPANIES The Companies (Model Articles) Regulations 2008 Made - - - - 16th December 2008 Laid before Parliament 17th December 2008 Coming into force - - 1st October
More informationBasel III and project finance
July 2011 Basel III and project finance In this article, published by Project Finance International (Issue 460), Edward Chan and Matthew Worth go through what Basel III means and the impact on projects
More informationReal Estate Investment Funds Regulations
Real Estate Investment Funds Regulations Contents Part 1 : Preliminary Provisions Article 1 : Preliminary... 5 Article 2 : Definitions... 5 Part 2 : Authorization Article 3 : Authorization Requirements...
More informationReview of the Trustee Ordinance and Related Matters
Review of the Trustee Ordinance and Related Matters Financial Services and the Treasury Bureau www.fstb.gov.hk June 2009 REVIEW OF THE TRUSTEE ORDINANCE AND RELATED MATTERS CONSULTATION PAPER ABOUT THIS
More informationInsurance Update. UK Office of Fair Trading refers private healthcare insurance market investigation to the Competition Commission. May 2012.
May 2012 Insurance Update. UK Office of Fair Trading refers private healthcare insurance market investigation to the Competition Commission On 4 April 2012 the UK Office of Fair Trading (OFT) referred
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationAddendum to the Citi International Personal Bank General Terms and Conditions
Addendum to the Citi International Personal Bank General Terms and Conditions Effective 31 December 2012 The contents of this document apply only to clients of Citi International Personal Bank who hold
More informationCLIENT AGREEMENT FOR CASH SECURITIES TRADING ACCOUNTS
CLIENT AGREEMENT FOR CASH SECURITIES TRADING ACCOUNTS IF YOU ARE IN ANY DOUBT ABOUT THIS DOCUMENT OR ABOUT THE SALE AND PURCHASE OF SECURITIES OR OTHERWISE, YOU SHOULD CONSULT YOUR BANK MANAGER, SOLICITOR,
More informationGuidance Booklet Charity Incorporation Made Simple
Guidance Booklet Charity Incorporation Made Simple *berwin leighton paisner Contents What is an incorporated charity? 1 What are the key features of an incorporated charity? 2 What is an unincorporated
More information(you, as Employer have the choice of being a Trustee or not and the Trust could continue if your Employee changes employment)
For employers Declaration of trust for a Relevant Life policy (you, as Employer have the choice of being a Trustee or not and the Trust could continue if your Employee changes employment) Page 1 of 12
More informationInvestment Trust ISA and Savings Scheme. Terms and conditions
Investment Trust ISA and Savings Scheme Terms and conditions Terms and conditions This section explains the legal terms and conditions of your Investment Trust ISA (which we refer to in these terms as
More informationLIMITED LIABILITY PARTNERSHIP SHARE PROTECTION TRUST. (To be used with an application for a new policy only.)
BUSINESS PROTECTION LIMITED LIABILITY PARTNERSHIP SHARE PROTECTION TRUST. (To be used with an application for a new policy only.) CHECKLIST Before sending the Trust to Legal & General, have you... 1. Dated
More informationTHE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION SHELTERBOX TRUST. Companies Act 2006
Company No: 04612652 Charity No: 1096479 THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION OF SHELTERBOX TRUST Companies Act 2006 Company limited
More informationControlled Access Account Bare Trust Deed
This trust deed may be used for policies issued by: Canada Life International Limited Controlled Access Account Bare Trust Deed Controlled Access Account Bare Trust Deed This deed is provided as a draft
More informationNew FSA rules on disclosure of interests in UK companies
New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure
More informationCayman Islands Unit Trusts
Cayman Islands Unit Trusts Foreword This memorandum has been prepared for the assistance of those who are considering the formation of unit trusts in the Cayman Islands ( Cayman ). It is not intended to
More informationSpring 2015 reforms: the new DC flexibilities
Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting
More information1. Trustees annual report
1. Trustees annual report Accounting and reporting by charities Overview and the purpose of the trustees annual report 1.1. The primary purpose of the trustees annual report (the report) is to ensure that
More informationDated 28 January 2011 PCD STORES (GROUP) LIMITED. as Issuer. and THE SUBSIDIARY GUARANTORS NAMED IN SCHEDULE 5 HEREIN. as Subsidiary Guarantors.
Dated 28 January 2011 PCD STORES (GROUP) LIMITED as Issuer and THE SUBSIDIARY GUARANTORS NAMED IN SCHEDULE 5 HEREIN as Subsidiary Guarantors and THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as
More informationIndividual Savings Account Supplementary Terms
Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of
More informationKey changes under the 2014 Hong Kong Companies Ordinance. www.charltonslaw.com
Key changes under the 2014 Hong Kong Companies Ordinance www.charltonslaw.com 0 Introduction Key Changes under the NCO The New Companies Ordinance (Cap. 622) (NCO) came into force on 3 March. The previous
More informationEXCEPTED UNREGISTERED TRUST DEED
DATED 2014 EXCEPTED UNREGISTERED TRUST DEED relating to NAME OF SCHEME: One Crown Court 66 Cheapside London EC2V 6LR www.pitmans.com Contents Clause Heading 1. General Interpretation and Definitions 2.
More informationHIGHLIGHTS OF MAJOR CHANGES IN NEW COMPANIES ORDINANCE
HIGHLIGHTS OF MAJOR CHANGES IN NEW COMPANIES ORDINANCE Kevin Wong ( 黃 河 ) -- China-Appointed Attesting Officer ( 中 國 委 托 公 証 人 ) -- Hong Kong Solicitor -- England & Wales Solicitor -- Consultant of S.T.
More informationDiscretionary Split Trust For use with Care Cover and Whole of Life Insurance
Discretionary Split Trust For use with Care Cover and Whole of Life Insurance This document is provided for use with AIG Care Cover with Whole of Life Insurance. This Trust can be used for new or existing
More informationShared Parental Leave: Nine Months and Counting Understanding employee attitudes to shared parental leave
Shared Parental Leave: Nine Months and Counting Understanding employee attitudes to shared parental leave * This PDF is best viewed and printed in landscape Introduction About the survey This report is
More informationInternational Payment Service Terms and conditions
International Payment Service Terms and conditions Welcome to the International Payment Service (the Service) from Capita Registrars Limited (Capita). This document, together with your Application and
More informationFor use with LV= Relevant Life Cover policies only. Relevant Life Cover. Discretionary Trust Deed & Nomination Form
For use with LV= Relevant Life Cover policies only Relevant Life Cover Discretionary Trust Deed & Nomination Form Relevant Life Cover Discretionary Trust Deed This declaration of trust is made on 20[ ]
More informationCustodian Agreement. Butterfield Bank (Cayman) Limited , 200. as Client. and. as Custodian. Butterfield Bank (Cayman) Limited IS5-04
Custodian Agreement, 200 as Client and Butterfield Bank (Cayman Limited as Custodian Butterfield Bank (Cayman Limited THIS AGREEMENT is made the day of,... BETWEEN (1 a company incorporated under the laws
More informationDated 9 November 2005
THIS DOCUMENT IS A CONSOLIDATED COPY OF THE SPARK INFRASTRUCTURE NOTE TRUST DEED DATED 9 NOVEMBER 2005 ( ORIGINAL DEED ), AS AMENDED BY NOTE TRUST DEED - SUPPLEMENTAL DEED NO. 1 (TERMS OF ISSUE) DATED
More informationPrivate Trust Companies: Comparison of Laws of Bermuda, Cayman Islands and British Virgin Islands
Private Trust Companies: Comparison of Laws of Bermuda, Cayman Islands and British Virgin Islands Foreword This Memorandum has been prepared to guide those professional advisors with clients who may be
More informationAPPLICATION FORM FOR SIPP CLIENTS
Saxo Capital Markets UK Ltd, 40 Bank Street, Canary Wharf, London E14 5DA, United Kingdom Company registered in England & Wales No.: 7413871 Authorised and regulated by the Financial Conduct Authority
More informationGIFT TRUST (CREATING FIXED TRUST INTERESTS) ESTATE PLANNING WITH THE GIFT TRUST
GIFT TRUST (CREATING FIXED TRUST INTERESTS) ESTATE PLANNING WITH THE GIFT TRUST THE GIFT TRUST MAY BE SUITABLE FOR YOU IF: You would like to take advantage of the favourable potentially exempt transfer
More informationIncome Investment Plan Issue 1 (ISA) Terms and Conditions
Income Investment Plan Issue 1 (ISA) Terms and Conditions Income Investment Plan Issue 1 ISA Terms and Conditions These Terms and Conditions govern your investment in the Income Investment Plan Issue 1
More informationLEGAL PRACTITIONERS (AMENDMENT) ORDINANCE 2012 CONTENTS
LEGAL PRACTITIONERS (AMENDMENT) 2012 A2751 CONTENTS Section Page 1. Short title A2755 2. Commencement A2755 3. Section 2 amended (Interpretation) A2755 4. Section 6 amended (Practising certificates solicitors)
More informationPENSIONS PROFILE MARCH 2014. It is possible to transfer from one arrangement to another and retain the right to:
PENSIONS PROFILE MARCH 2014 BLOCK TRANSFERS. This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private customers or any other persons.
More informationShare Protection Policies Under Business Assurance Trust. The advantages of writing an assurance policy under trust
BUSINESS MOMENTUM Business Trust Share Protection Policies Under Business Assurance Trust The advantages of writing an assurance policy under trust Writing an assurance policy under trust creates an immediate
More informationChapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General
Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do
More information(the Funds and each a Fund )
SECOND REMINDER THIS ANNOUNCEMENT AND NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR UNITS OF THE EXCHANGE
More informationSenior insurance managers regime: a new regulatory framework for individuals
December 2014 Senior insurance managers regime: a new regulatory framework for individuals 1 Introduction On 26 November 2014, Prudential Regulation Authority ( PRA ) published a consultation paper relating
More informationNAB Equity Lending. Facility Terms
NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully
More information