Private Trust Company Exemption Notification

Summary

This is a fillable form used by Private Trust Companies (PTCs) in Bermuda to notify the Bermuda Monetary Authority (BMA) that they qualify for exemption from trust licensing under the Trusts (Regulation of Trust Business) Act 2001 and the related 2019 Exemption Amendment Order. It also serves as the vehicle for the PTC's required annual declaration confirming continued eligibility for the exemption.

• Purpose: Declares that a named PTC qualifies for exemption from trust licensing because it provides trustee services only to trusts specified in its memorandum of association or, for an overseas company, its permit.
• Content required: Name and registration number of the PTC, the year covered, confirmation of whether any additional trusts have been added, and directors' signature and contact details.
• Supporting documents (if details changed): A cover letter on company structure, settlors and beneficiaries; Certificate of Incorporation and Memorandum of Association (or permit); Register of Directors and Officers; and Register of Members.
• Change in circumstances: If the PTC's business changes so the exemption no longer applies, it must file a new Exemption Notification or apply for a trust licence under section 11 of the Act.

The form itself notes that a PTC must file an Annual Declaration with the BMA on or before 31 March each year, via email, confirming it continues to qualify for the exemption.

Key obligations

• A PTC relying on the exemption must file an Annual Declaration with the BMA on or before 31 March each year confirming continued qualification for exemption.
• If the PTC's business changes such that the selected exemption is no longer applicable, it must submit a new Exemption Notification to the BMA or apply for a trust licence under section 11 of the Trusts (Regulation of Trust Business) Act 2001.
• Where any details of the PTC have changed during the reporting period, the declaration must be accompanied by supporting documents (cover letter, incorporation documents/permit, register of directors and officers, register of members).

Applies to

Private Trust Companies (PTCs)

Deadlines

• on or before 31 March each year: PTC must file its Annual Declaration with the BMA confirming continued qualification for exemption.