The CDD Final Rule states that the definition of Legal Entity Customer excludes Trusts, "other than statutory trusts created by a filing with a Secretary of State or similar office". The only section I could find on trusts in the MA Corporations Division website refers to "Voluntary Associations and Certain Trusts", which states that the definition of Trust "means a trust operating under a written instrument or declaration of trust, the beneficial interest under which is divided into transferable certificates of participation or shares, other than a trust established for the sole purpose of exercising voting rights pertaining to corporate stock or other securities in accordance with the terms of a written instrument". The Corporations Division (and MGL 182.12) requires such trusts to be registered - does this make them "statutory" under the CDD final rule definition? How can frontline staff determine if an account established for a trust is a statutory trust, and therefore must be registered with the Commonwealth and requires the completion of the Beneficial Ownership form? Looking for guidance.
Nothing difficult is ever easy.