Private Trust Companies (Amendment) Regulations, 2024

Summary

This is a short amendment regulation under the Banks and Trust Companies Act (2021 Revision) that changes a single fee figure in the Private Trust Companies Regulations (2020 Revision). It applies to private trust companies (PTCs) that rely on the registration exemption from full trust company licensing under regulation 4(2)(b) of those Regulations.

• Fee change: The annual registration fee referenced in regulation 4(2)(b) increases from CI$3,500 to CI$4,000. No other substantive changes are made.
• Commencement: The Regulations come into force immediately after the Banks and Trust Companies (Amendment) Act, 2024 comes into force, rather than on a fixed calendar date.
• Compliance action: Private trust companies operating under the exemption regime should budget for and pay the higher annual registration fee of CI$4,000 once the amendment takes effect, rather than the previous CI$3,500 amount.

Key obligations

• Private trust companies relying on the exemption from licensing under regulation 4(2)(b) of the Private Trust Companies Regulations must pay the revised annual registration fee of four thousand dollars (CI$4,000), replacing the former fee of three thousand five hundred dollars (CI$3,500).

Applies to

private trust companies

Deadlines

• immediately after the Banks and Trust Companies (Amendment) Act, 2024 comes into force: Commencement date of the Private Trust Companies (Amendment) Regulations, 2024, triggering the new annual registration fee of CI$4,000.

Related documents

• This document amends Private Trust Companies Regulations (2020 Revision)
• This document amends Private Trust Companies Regulations (2026 Revision)
• Private Trust Companies Regulations (2026 Revision) replaces this document