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Exemption facility under the Supervision of Trust Offices Act

Published: 12 June 2023

Since 24 April 2004, an exemption facility has been in force, under which some categories of trust office are exempt from the operation of the Supervision of Trust Offices Act.

The following categories of trust office are exempted:

  • offices providing services to collective investment schemes that are already subject to supervision under the Act on the Supervision of Collective Investment Schemes;
  • natural persons appointed to boards of foundations whose sole activity consists of holding shares on behalf of certificate holders;
  • natural persons acting as managers in target companies to which the address has been made available by a trust office with a licence and which keep the accounts.

Consequently, these 'trust offices’ need not apply for a licence and are not included in the register under the said act. The above list is a summary. Application of the regulation must be based on the complete text.