Anguilla regulator issues notice in relation to the provision of directorship services

On 28 July 2020, the Anguilla Financial Services Commission (AFSC) wrote to senior management of trust and corporate service providers emphasising the importance of the provision of directorship services in line with the Standard on the regulation of Trust and Corporate Service Providers (theStandard) issued by the Group of International Financial Centre Supervisors in 2014. The Standard has become an international benchmark for oversight of the sector.

The AFSC highlights that it expects senior management of licensees, and particularly its board of directors, to recognise that certain directorship roles can require more time and expertise towards carrying out an effective appointment. The statement underscores that where a corporate director is used, that there is appropriate skill to the activities being carried out by the underlying client. The use of corporate directors must also be supported by agreements which must be signed and dated setting out the reason for establishing the arrangement and detailing whether services are provided for a fee or are unremunerated.

The notice from the AFSC can be found here.