20.—(1) For the purposes of section 28(6) of the Act, a licensed trust company shall keep books which contain, where applicable, the following:| (a) | particulars (including the name and address) of —| (i) | every settlor of a trust; and | | (ii) | to the extent known, every beneficiary of the trust, |
| in respect of which the licensed trust company acts as a trustee, provides trust administration services or acts in any other capacity including particulars that satisfy such notices as may be issued by the Authority under the Act; |
| | (b) | particulars (including the name and address) of every person related to a trust, in respect of which the licensed trust company provides services in connection with the creation of that trust or arranges for any person to act as trustee of that trust, including particulars that satisfy such notices as may be issued by the Authority under the Act; | | (c) | every written agreement, or copy thereof, with respect to a protected party, trustee, co-trustee, trust administrator, trust co-administrator, manager of trust assets or any person who has some degree of discretion with regards to the management of the assets of a trust, insofar as the agreement is prepared or received in the course of the business of the licensed trust company; | | (d) | particulars of every proprietary transaction of the licensed trust company including, where applicable —| (i) | the description and quantity of the assets and liabilities that are the subject of the transaction; | | (ii) | the price and fee arising from the transaction; | | (iii) | the transaction date and settlement or delivery date; | | (iv) | the name of the counterparty to the transaction; and | | (v) | the realised or unrealised gain or loss; |
| | (e) | particulars of all income and expenses of the licensed trust company; | | (f) | particulars of all assets and liabilities (including contingent liabilities) of the licensed trust company and, in the case of assets, particulars indicating —| (i) | by whom these assets or the documents of title to these assets are held; and | | (ii) | where these assets are held by some other person, whether or not they are held as security against any loan or advance; |
| | (g) | reports, letters, circulars, memoranda, data or other documents or records prepared or received in the course of business of the licensed trust company, whether the document or record relates to the company itself, a trust for which the company acts as a trustee, or a trust to which the company provides trust administration services; | | (h) | records of its internal organisation of employee and officer groupings and functions, showing all directors and key officers and their reporting lines; and | | (i) | records of internal control and risk management systems, including the structure of such systems and records of how the systems are applied. |
(2) A licensed trust company shall keep books which contain, where applicable, the following:| (a) | where the licensed trust company acts as a trustee or provides trust administration services —| (i) | the trust deed and any other document describing the intent of the settlor of the relevant trust, if any; and | | (ii) | a separate record maintained for each relevant trust, stating, where applicable —| (A) | the amount and description of each asset that is directly or indirectly settled into, distributed from, or otherwise paid into or removed from the trust; | | (B) | the date of such settlement, distribution, payment or removal; and | | (C) | the purpose of the distribution, payment or removal of assets from the trust; |
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| | (b) | where the licensed trust company acts as a trustee of a trust, in addition to the documents and records referred to in sub-paragraph (a) —| (i) | the name of —| (A) | any person who manages the assets of the trust; and | | (B) | any person who has some degree of discretion with regards to the management of the assets of the trust, |
| unless such person is an employee of the licensed trust company; and |
| | (ii) | the minutes for decisions taken as trustee; and |
| | (c) | where the licensed trust company provides trust administration services to a trust, in addition to the documents and records referred to in sub-paragraph (a), the name of the trustee. |
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