The Central Bank of Bahrain (CBB) has issued new regulations to govern trust business in Bahrain. T...
The Central Bank of Bahrain (CBB) has issued new regulations to govern trust business in Bahrain.
The new regulations lay down capital and other licensing requirements for trustees and the documentation required for registering a financial trust.
Commenting on the changes, Mike Spittal, managing director of Investec Trust in Jersey, said it was excited about the prospects the new trust law offered, including the possibilities for it to be used as a corporate structuring tool. He said: "In this area we see opportunities for service providers to act as pensions trustees and administrators."
"We will closely observe the development of the legal infrastructure supporting the trust law as this will be critical, but after discussions with the CBB we are confident the trust law and legal infrastructure in Bahrain will be comparable with that of other countries with a developed trust law."
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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