• COBS 5.3 COBS 5.3 Exercise of Discretion

    • COBS 5.3.1

      Where a Trust Service Provider is responsible for exercising discretion for, or in relation to, its Clients, it must take all reasonable steps to obtain sufficient information in order to exercise its discretion or other powers in a proper manner and for a proper purpose.

    • COBS 5.3.2

      The Trust Service Provider must ensure that its understanding of a Client's business is refreshed by means of regular reviews.

    • COBS 5.3.3

      The Trust Service Provider must ensure that any trustee exercises his discretion in accordance with his fiduciary and other duties under the laws governing the trust of which he is a trustee.