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Offshore Trusts Report: Turks & Caicos IslandsLegal Framework and Formation Rules and Fees The Trust Ordinance (1990) sets out the law relating to trusts, and the Trustees (Licensing) Ordinance 1992 provides for the licensing and regulation of trust companies and other professional trustees. The Trustees (Licensing) Regulations 1992 set out the form of the application for obtaining a trustee licence, the categories of trust licences, the details required in an application for a trustee licence, reporting requirements and the rules governing the conduct of licensed trustees. Licensed trustees are required to submit financial returns, appoint auditors and maintain professional indemnity insurance. The Trust Ordinance (1990) defines a professional trustee as someone who receives remuneration for his services as a trustee, sets out the general requirements for licensing professional trustees, the powers and duties of the Superintendent of Trustees, and miscellaneous provisions regarding liability, confidentiality and the non- application of the Recording of Deeds Ordinance.
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