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What is a trust service?

Relevant for:
to
Validity:
valid 
Date:
9 october 2012
Status
Factsheet
Reference:
01277
Author:
DNB

Under the Act on the Supervision of Trust Offices (Wet toezicht trustkantoren or Wtt), it is forbidden to provide trust services without a licence. ‘Trust service’ is the common name for the term ‘service’ as defined in the Wtt. This document describes what trust services are.

Trust services

  • holding the position of director or partner of a legal entity or partnership on the instructions of a legal entity, partnership or natural person that does not belong to the same group as the trust office;
  • providing an address or postal address to a legal entity or partnership on the instructions of a legal person, partnership or natural person that does not belong to the same group as the trust office, if at least one of the following additional activities is performed on behalf of that legal entity or partnership or on behalf of another legal entity, partnership or natural person belonging to the same group;
    • consultancy or assistance in private-law matters other than reception services;
    • tax consultancy or preparation of tax returns and related services;
    • performance of activities relating to the preparation, assessment or auditing of the annual accounts or the keeping of records and/or accounts;
    • recruitment of directors for legal entities or partnerships;
    • performance of other additional activities designated by order in council;
  • selling or providing intermediation services in the sale of legal entities, also following the incorporation and registration of corporate entities and/or any other legal entities in a variety of jurisdictions;
  • acting as trustee on the instructions of a legal entity, partnership or natural person that does not belong to the same group as the trust office;
  • employing, on behalf of a client, a company belonging to the same group as the trust office (the so-termed conduit company or in-house company;
  • providing other services designated by order in council.

Respond to this page
Sector
  • Banks
  • Clearing institutions
  • Collect­ive invest­ment schemes
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension Institutions
  • Trust offices
Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Financial Conglomerates Directive (2002/87/EC)
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
Base law
  • Art. 1 - Wtt
Related topics
  • Trust offices ’ market access overview
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