Question on trustees taking responsibility for assets held by nominee organisations
Been asked a very tricky question about assets held by nominee organisations.. .see below for full question.
"Should a trustee take responsibility for assets held by nominee organisations (with no majority owner), or I understand that it is potentially possible for Jersey-based trustees to exercise a loophole with regards to nominee organisations removing assets from their participating portfolios and thus avoiding participation costs?
I appreciate that this would all hinge on how the assets held by the nominee organisation are treated. Would the CRC organisation rules look straight through nominee organisations to the beneficiaries? (though there could be many beneficiaries e.g. individuals, none of whom have majority control, so this rule is not very practicable in reality as who would take responsibility?)"
The common sense response would seem to be for the trustee to take responsibility, but the 'right' thing to do in the CRC does not always come down to common sense as we well know, so I wondered if anyone had any thoughts on what they would advise in this situation?