What is a trust? How are trusts created? What are the requirements for a valid trust? What should be included in the trust instrument? These are some of the topics which were tackled in an intensive six-week course organised by the Insitute of Financial Services Practitioners (IFSP) in collaboration with the Malta Financial Services Authority (MFSA) during April and May. The course was attended by practitioners in the trust services, accountancy, legal and financial services industry.

The aim of this course was to set a high local industry standard of education on trusts. Furthermore, the MFSA is considering the attainment of this certificate as a requirement to obtain a licence for the provision of trustee services. So far, the IFSP Foundation Certificate in Trusts Law and Administration has been successfully attained by over 370 practitioners and students, creating a potentially large market of well-trained and competent trustees.

The IFSP has collaborated with STEP (Society for Trust and Estate Practitioners) London in order to have this certificate aligned with the STEP Foundation Certificate in International Trust Management.

STEP is the leading international organisation for trust and estates professionals, and its members, who are by definition the most experienced and senior practitioners in the field, are provided with a local, national and international learning and business network.

Founded 15 years ago, STEP currently has 11,000 members in 33 countries. They mainly hail from the legal, accountancy, corporate trust, banking, insurance and related professions.

The syllabus of the IFSP trusts course was brought in line with that of the STEP Foundation Certificate course by including a module on the International Aspects of Trusts and Companies. This new module was presented in a one-day seminar on June 3, thereby bridging the gap for those individuals who had successfully obtained the IFSP Certificate in Trust Law and Administration in previous years.

As a result, persons who enrol for STEP's diploma course are exempted from reading for STEP's foundation course if they hold either the IFSP Certificate in Trust Law and Administration attained prior to this year, together with the certificate of attendance to the seminar on the International Aspects of Trusts and Companies or, from this year onwards, the IFSP Foundation Certificate in Trusts Law and Management which includes the content of the seminar.

The seminar presenting this new module on International Aspects of Trusts and Companies was held at the Westin Dragonara Resort, St Julians. Dr Bernice Gauci and Dr Tonio Ellul, on behalf of IFSP, introduced the seminar, while Geoffrey Shindler and Oscar Grech presented the module to 230 attendees. Detailed material was also provided to the participants at the seminar.

Geoffrey Shindler has specialised in the area of trusts and estate planning throughout his 35-year career. A former chairman of STEP, Mr Shindler was, until early April, head of the Trusts and Estates Department at Halliwells. He is also consulting editor of the Trust and Estates Law and Tax Journal, a member of the editorial boards of Wills and Trusts Law Reports and of Tottel's Trust Law International. Mr Shindler was invited to lecture on the international financial industry, nodern uses of international trusts, the role and status of the international asset holding company, and international corporate services.

Mr Grech held the post of assistant registrar of partnerships from 1967 to 1974. In 1997, when the Registry of Companies became an integral part of the MFSA, then known as the Malta Financial Services Centre, he was appointed Registrar of Companies, a position he held until his retirement in 1999. He was then retained as consultant for another year.

Between 2000 and 2002, Mr Grech lectured on company law at the Malta Institute of Accountants. He is the author of the book Notes on the Companies Act which was published in 2003. At the seminar, Mr Grech addressed the issues of company shareholders, directors and other officers.

The STEP recognition of the IFSP Foundation Certificate in Trusts Law and Management is a big step in the right direction. The need has long been felt for the presence, in Malta, of a professional body which could collaborate with the IFSP to provide their members with continuous training in the field of trusts as well as with a world-wide network of trusts practitioners.

Besides being a point of reference for local practitioners, it would also serve to boost Malta's image as a reputable trust jurisdiction thereby bringing more trust business to our shores. The only logical conclusion for this is the setting up of a STEP branch in Malta.

The MFSA, as well as the IFSP, are giving their full support to the setting up of this branch. STEP (Malta) which was last month recognised by STEP as being a branch-in-formation. It will be officially launched towards the end of summer.

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