Please find attached our current procedure for opening Trust Accounts. Please note that there is work happening in this area currently so please check with us that this procedure is up to date and fit for purpose BEFORE you proceed. Thank you.
From a MiFIR transaction reporting point of view, unless the trust is a bare trust we would require the LEI for the trust in order for the trades to be processed correctly. No trades should be placed across an account unless there is a valid LEI attached.
In the instance that the trust is a bare trust then we would require the NCI (National Client Identifiers) for the trustees in line with their nationality (so for UK it will be national insurance number but for say a Cypriat national it will be their passport number - https://www.esma.europa.eu/sites/default/files/library/2016-1064_rts_22_annex_ii.pdf.pdf )
From a tax reporting perspective, we need to have the information regarding where the trust is resident, and where the trustees/beneficiaries etc. are resident. For any non-UK we would require their tax identifiers (this is for FATCA and CRS reporting purposes).
Under no circumstances should a dummy NI number be used- see attached guide for clarity on this point.
NB: The attached guide "Creating a Trust Account v1.5 is correct as at 3/10/2023 as confirmed by Production Support team on ticket 111666. JR
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