Article 60 Identification of objects of a power and default takers in discretionary trusts

In the case of discretionary trusts, where beneficiaries have yet to be selected, the objects of a power and default takersmeans the natural or legal persons or class of natural or legal persons who are the beneficiaries of a discretionary trust should the trustees fail to exercise their discretion; shall be identified. Beneficiaries among the objects of a power shall be beneficial ownersmeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; as soon as they are selected. Default takersmeans the natural or legal persons or class of natural or legal persons who are the beneficiaries of a discretionary trust should the trustees fail to exercise their discretion; shall be beneficial ownersmeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; when the trustees fail to exercise their discretion.

Where discretionary trusts meet the conditions laid down in Article 59(2), only the class of objects of a power and default takersmeans the natural or legal persons or class of natural or legal persons who are the beneficiaries of a discretionary trust should the trustees fail to exercise their discretion; shall be identified. Those categories of discretionary trusts shall be notified to the Commission in accordance with paragraph 3 of that Article.