Cook Islands trustee business and licensing
The Financial Supervisory Commission's pages describe who supervises trustee company business in the Cook Islands and how licensing information is presented. They also identify the stated route for a licence application.
Regulator and scope
The Financial Supervisory Commission (FSC) regulates trustee company business in the Cook Islands. A person carrying on this business in the Cook Islands is subject to the Trustee Companies Act 2014. Under the Act, an unlicensed person who carries on that business commits an offence.[1]
A trustee company carrying on trustee business requires an FSC licence. Licensed trustee companies are subject to continuing FSC supervision and to standards for capital, insurance and fitness.
Published licence information
The FSC publishes a list of trustee companies licensed in the Cook Islands.
Cook Islands law recognizes registered foreign companies, international companies and FSC-licensed trustee companies as eligible forms of trustee. These are forms of trustee, not licence categories published by the FSC.[2]
Applying for a licence
An application for a trustee company licence is lodged with the Commission under the Trustee Companies Act 2014. The prescribed forms are available in the Commission's prudential statements, guidelines and forms area.[1]
This application route applies to the trustee company licence.
What this means for U.S. readers
The FSC regulates trustee company business under the Trustee Companies Act 2014, publishes a list of licensed companies, and receives licence applications.
Questions and answers
Which body regulates Cook Islands trustee company business?
The Financial Supervisory Commission regulates trustee company business, which is subject to the Trustee Companies Act 2014. Carrying on the business without a licence is an offence.[1]
How does the public register work?
The FSC publishes a public list of licensed trustee companies.
How does a company apply for a trustee company licence?
Applications are lodged with the Commission under the Trustee Companies Act 2014. The prescribed forms are in the Commission's prudential statements, guidelines and forms area.[1]
Which forms of trustee are recognized under Cook Islands law?
Cook Islands law recognizes a registered foreign company, an international company or an FSC-licensed trustee company as a form of trustee. FSC licensing and oversight apply to trustee companies.[2]
Related resources
Related glossary terms
- Trust register: A trust register is an official record of trusts, their parties or trustees, such as the UK Trust Registration Service and EU beneficial-ownership registers.
Related articles and guides
- Cook Islands Trust Legislation: Cook Islands requirements for international trusts and the supervision of trustee companies under the Trustee Companies Act 2014, for U.S. citizen readers.
- Seychelles trust and fiduciary regulation: The Seychelles Financial Services Authority regulates non-bank financial services, issues trust service licences and lists licensed fiduciary entities.
- BVI trust business regulation and licensing: The BVI Financial Services Commission administers trust business under the Banks and Trust Companies Act and oversees providers operating in and from the BVI.
Related pages
- Cook Islands: overview: Start page for this jurisdiction.
- Taxation of trusts
- Reporting and information exchange
- U.S. treaty and agreements
- Courts and legal system
Sources and data notes
- Financial Supervisory Commission, Trustee Companies. https://www.fsc.gov.ck/public/content.aspx?cn=TrusteeCompanies. Retrieved .
- alperlaw.com, Cook Islands Trust vs. Nevis Trust Comparison. https://www.alperlaw.com/offshore/cook-islands-trust/comparisons/cook-islands-trust-vs-nevis-trust/. Retrieved .
- alperlaw.com, Offshore Trustees: What They Do, Who Can Be One, and What They Cost. https://www.alperlaw.com/offshore/offshore-trust/offshore-trustees/. Retrieved .
Dates in this block record when each source was read for this page.