Fiduciary & Trust Operations
Fiduciary transactions allow clients to transfer the legal ownership of their assets to the Bank, while retaining the beneficial ownership.
Under Luxembourg legislation, those operations are only possible if executed by a financial institution based in Luxembourg.
The registration of fiduciary assets shall be listed within the Banks memorandum accounts and therefore off-balance sheet.
Further information upon request.
Fiduciary/Trust Law
The laws of 1983 and 2003 broadly defines a fiduciary operation as a contract through which a person, the Fiduciant, agrees to transfer to the fiduciary bank, the Fiduciary, the ownership rights (legal ownership) on the fiduciary assets, while restrcting the use of these rights by obligations specified in the contract.
The Fiduciary operation must be registered in a written contract specifically referring to the 1983 and 2003 laws and indicating the fee for, and the obligation of, the fiduciary bank.
The fiduciary holdings do not form part of the Bank's assets and as such always remain under the control of the beneficial owner.
As the Fiduciary Assets are segregated, they cannot be seized by any creditor of the Fiduciary bank. They are therefore bankruptcy remote.
More information upon request.