Exemption of Private Trust Companies (PTCs) from BTCRA 6(1)
Published: Friday April 20th, 2007
Following consultations with industry representatives, the Bank advises that the Governor has granted PTCs an exemption from section 6 (1) of the BTCRA, which requires them to seek the prior approval of the Governor for the transfer and disposal of shares of the company, subject however, to the following condition:
That the Registered Representative shall at all times, maintain a current share register of all shareholders of the Private Trust Company or companies for which he serves as Registered Representative.
