Appendix V - Certificate of Compliance

Summary

This is a standard form, Appendix V, used by trust licence holders under Bermuda's Trusts (Regulation of Trust Business) Act 2001 to certify annual compliance with licensing requirements. Officers of the licensed undertaking complete and sign the certificate confirming the business has been conducted in accordance with statutory and regulatory standards during the preceding financial year.

• Confirms compliance with: the minimum licensing criteria set out in the Trusts (Regulation of Trust Business) Act 2001
• Confirms compliance with: the relevant provisions of the Code of Practice issued under section 7 of the Act
• Confirms compliance with: for non-company undertakings, the limitations imposed by section 11(3) of the Act, with any exceptions to be detailed on the form
• Submission requirement: the certificate must be delivered to the Bermuda Monetary Authority within four months of the end of the licensee's financial year
• Penalty: failure to deliver the certificate as required is a summary conviction offence carrying a fine of $10,000

Key obligations

• Every licensed trust undertaking must deliver a signed Certificate of Compliance to the Bermuda Monetary Authority within four months from the end of its financial year.
• Officers must certify that the business has been conducted in accordance with the minimum licensing criteria, the Code of Practice under section 7, and (for non-companies) section 11(3) limitations, noting any exceptions.
• Failure to deliver the certificate as required exposes the undertaking to a fine of $10,000 on summary conviction.

Applies to

trust licence holders, licensed undertakings under the Trusts (Regulation of Trust Business) Act 2001

Deadlines

• within four months from the end of its financial year: Deadline for a licensed trust undertaking to deliver its Certificate of Compliance to the Bermuda Monetary Authority