Data Standard / Modelling requirements / Representing trusts

Representing trusts

Overview

In this documentation, the term ‘trust’ is inclusive of trusts and trust-like arrangements (such as fiducie, treuhand and waqf).

BODS can be used to represent the beneficial ownership of trusts and the beneficial ownership of entities via trusts. Trusts are represented by an Entity statement.

When representing trusts:

  • If the trust has legal personality entityType.type MUST be legalEntity

  • If the trust does not have legal personality entityType.type MUST be arrangement

  • entityType.subtype MUST be trust

  • entityType.details MAY be used to give a local name (e.g. “fiducie”) or specify the type of trust (e.g. “inter-vivos trust”)

Relationships between trusts and their parties MUST be represented using only these interest.type codes:

  • settlor

  • beneficiary

  • trustee

  • protector

  • otherInfluenceOrControl

interest.details MAY be used to give a local name (e.g. “fiduciaire”) or more information about the interest (e.g. “power to dissolve trust”).

Example Scenarios

Trust with combined roles and anonymous beneficiary

A trust where the settlor is also a trustee and the beneficiary is anonymous due to a disclosure exemption.

Diagram show linked statements. Trust A is connected to person A by a relationship statement with interest types 'settlor' and 'trustee', person B by a relationship statement with interest type 'trustee', person C by a relationship statement with interest types 'beneficiary.' Person D has a person statement with person type 'anonymous person' and unspecified person details 'subject exempt from disclosure'

Trust-like arrangement

A trust-like arrangement with local names for the entityType and interestTypes.

Diagram show linked statements. Entity statement labeled Trust A with entityType type 'arrangement', subtype 'trust', and details 'fiducie-sûreté.' Trust A is connected to person A by a relationship statement with interest type 'settlor' and interest details 'constituant', person B by a relationship statement with interest type 'trustee' and interest details 'fiduciaire', and person C by a relationship statement with interest type 'beneficiary' and interest details 'beneficiaire'

Company shares held in trust

A significant stake in a company is held in a trust. The parties to the trust are the beneficial owners of the company. Dotted lines represent the further Relationship Statements needed to represent the indirect beneficial ownership of the parties.

See Representing beneficial owners for guidance on representing indirect beneficial ownership.

Diagram show linked statements. Company A is owned by Trust A and there is a relationship statement between them with interest type 'shareholding.' Trust A has a settlor, Person A, a trustee, Person B and a beneficiary, Person C. There are dotted lines between Company A and Person A, Person B and Person C to represent that they are the ultimate beneficial owners of Company A.

Company as a trustee

A trust where the trustee is a company. In this jurisdiction, the owner of the company is deemed to be an indirect beneficial owner of the trust.

See Representing beneficial owners for guidance on representing indirect beneficial ownership.

Diagram show linked statements. Trust A is linked to Company A by a relationship statement with interest type trustee. Company A is linked to Person C by a relationship statement with interest type shareholding. There is also a relationship statement between Person C and Trust to represent that they are one of the ultimate beneficial owners of Trust A. The interest type for this relationship statement is 'other influence or control.' There are also Person A and Person B the settlor and beneficiary of the trust.

Further Guidance

The Open Ownership website has more guidance and research on capturing beneficial ownership information about trusts and legal arrangements.

Previous
Next