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Newsletter | Articles New BVI Private Trust Company (PTC) Legislation New BVI Private Trust Company (PTC) Legislation will make for quicker and easier establishment and administration of PTCs. In August 2007 regulatory provisions in the BVI were changed to enable the establishment of PTCs, which are exempt from the requirement to obtain a trust licence under the BVI Banks and Trust Companies Act 1990. This clarifies and expedites the process of establishing a PTC. Instead of applying to the BVI Financial Services Commission (FSC) for a licence, a PTC must appoint a licensed Class 1 trust company with registered agent status as its registered agent. ILS Fiduciary (BVI) Limited holds these qualifications and we are in a position to accept instructions for PTCs. Effectively, the first line of due diligence responsibility has passed from the FSC to individual trust license holders. Consequently the fee level for establishing and administering PTCs will depend largely on the risk profile of each case. For further information contact Gwen Rubaine.