On 8 January 2021, the Financial Services (Exemptions) (Amendment) Regulations 2021 (the 2021 Regulations) were passed by Cabinet and Gazetted on the same day. The 2021 Regulations do two things:
- They delete the word “professional” that appeared before the words “director services” in paragraph 2(4)(a) of the Financial Services (Exemptions) Regulations 2007 (commonly referred to as the Private Trust Company (PTC) Regulations) (the 2007 Regulations), as such the paragraph is not limited to professional director services only
- They delete in its entirety paragraph 6(1)(b)(i) of the 2007 Regulations, which related to a prohibition that PTC shall not carry on any business that is not a trust business
A copy of the 2021 Regulations can be found here.