The Superintendency of Banks of the Dominican Republic issued a circular requiring supervised companies providing fiduciary services to ensure that all parties involved in a trust have complete and timely access to relevant information so decisions can be made on an informed basis. The measure sets expectations for disclosure and promotional communications before, during, and after the trust’s purpose is pursued. The circular (SB: GSB-REG-202500005) applies to fiduciary firms belonging to financial intermediation entities and those providing fiduciary services to banks and other financial entities under the Superintendency’s supervision. Fiduciaries must provide clients with the duly executed and legalised trust deed in force and a summary sheet covering, among other items, the identities of settlors, trust beneficiaries and other entitled parties, the assets and rights placed in trust, the trust’s purpose, its term or irrevocability condition, and the rights and obligations of the fiduciary and settlor. The requirements also include designating trained staff to provide relevant information and respond to client questions, and making reasonable efforts to ensure developers and promoters of real-estate trusts provide prospective purchasers with decision-relevant information.
Superintencencia de Bancos de la Republica Dominicana 2025-04-09
Superintendency of Banks of the Dominican Republic mandates enhanced disclosure and client information practices for supervised fiduciaries
The Superintendency of Banks of the Dominican Republic issued a circular requiring fiduciary service providers to ensure comprehensive and timely information access for all trust parties. It applies to fiduciary firms linked to financial intermediation entities and banks, mandating disclosure of trust deeds, settlor and beneficiary identities, and trust terms. Fiduciaries must designate trained staff to address client inquiries and ensure real-estate trust promoters provide prospective buyers with pertinent information.