The transition period under the Trust and Corporate Services Providers Act (“the Act”), which affects entities and firms offering trust and corporate services, came to an end on April 24, 2023.
Pursuant to the Act, only persons who are licensed by the Financial Services Commission to provide these services or, being persons who formerly provided the service and have applied to be so licensed, may do so as from April 25, 2023.
As a result of this change in the law, Myers, Fletcher & Gordon and MF&G Corporate Services Limited (together the “MFG Entities”) have determined that they will cease offering these services.
MF&G Asset Management Limited (“MFGAML”), an entity affiliated with the MFG Entities, who prior to the end of the transition period carried on these services, has applied for a licence to offer trust and corporate services and is thereby authorized to continue offering these services. Consequently, all existing and on-going corporate services and trust services business handled by the MFG Entities have been transferred to MFGAML. MFGAML is also interested in new business and any new clients interested in these services will be directed to MFGAML.
Please bear in mind that: (a) trust services that will be offered by MFGAML includes acting as a trustee, executor or administrator and providing administration services in relation to a trust; and (b) corporate services that will be offered by MFGAML includes registered agent and registered office services and corporate secretarial services.
The MFG Group looks forward to continuing to ensure that the needs of its clients are met whilst ensuring that it adheres to the laws and regulations within which we practice and carry on business.