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Offshore Trusts Report: British Virgin IslandsNew Private Trust Company Regulations Substantive private trust company legislation came into force in January 2007 and the enactment of subsidiary regulations specifying which companies will be exempt followed soon afterwards. Under the legislation, certain private trust companies may be exempted from licensing requirements and other provisions of the Banks and Trust Companies Act, under procedures implemented by the Financial Services Commission. Unremunerated BVI private trust companies which do not offer their services to the general public will be able to apply for these exemptions, according to the Commission.
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