The regulation of the sector, which provides business management and fiduciary management (ASP) functions, has also introduced the obligation to disclose to the regulatory authority the existence of a Cyprus International Trust. Such an obligation falls on the fiduciary company and the information disclosed is as follows: An agent must manage the trust as a trustee with the ability and prudence that any reasonable and attentive person would use to manage their own financial affairs. The actions of the agent must be consistent for the purposes of the trust. If an agent does not act in this way, he is responsible for the infidelity, whether he acted in good faith. In the United States, the Trust Code uniform provides for appropriate compensation and reimbursement for directors subject to judicial review, although directors may be unpaid. Commercial banks that act as trustees typically calculate about 1% of assets under management.  In the case of a living trust, the licensor may retain some degree of control of the trust, for example. B by appointing it as a protector under the trust instrument. In practice, living trusts are also largely motivated by tax considerations. In the event of a default of a living trust, ownership is usually held for the Grantor/Settlor on the resulting trusts, which has had disastrous tax consequences in some notable cases.
[Citation required] The law contains specific confidentiality obligations vis-à-vis the agent, protector, enforcer or other person, in order to keep confidential information and details of the trust. This right is waived when the law provides for the disclosure of such information or when a judge before whom a case is tried renders a judgment to that effect. Nevertheless, with the changing times, the disclosure of trusts in Cyprus is necessary.  Such public disclosures are necessary: in a relevant sense, a trust can be considered a generic form of a company of which settlors (investors) are also the beneficiaries. This is particularly evident in the Delaware Business Trust, which could theoretically be organized with the language in the „governmental instrument“ as a cooperative or limited liability company,:475-6, although traditionally the Massachusetts Business Trust was often used in the United States. . . .