This Practice Note provides guidance on British Virgin Islands (BVI) trusts. For general information about the BVI, see Practice Note: Private Client—British Virgin Islands—Q&A guide. BVI trusts law is contained primarily in the Trustee Ordinance (Cap 303, Law of BVI) (as amended) (TO) and the Virgin Islands Special Trusts Act 2003 (as amended) (VISTA Law) (the legislation is available in the further reading links to Spitz & Clarke Offshore Service in the related documents pod and on the BVI FSC—Legislation web page). Types of trusts The most common types of trust established in the BVI are: • discretionary trusts • VISTA trusts • life interest trusts • fixed interest trusts Discretionary trusts A discretionary trust generally provides maximum flexibility and is the most widely used and, often, the most effective solution for both settlor and beneficiaries. The trustee is given wide discretionary powers as to when, to what extent and to which beneficiaries the income and capital of the trust should be distributed. Such a trust is useful where, at the

British Virgin Islands Cayman Islands English law/equity Applied by the courts save to the extent modified by British Virgin Islands (BVI) legislation or case law. Applied by the courts save to the extent modified by Cayman Islands legislation or case law. Constitutional status British Overseas Territory—self-governing member of the Commonwealth. British Overseas Territory—self-governing member of the Commonwealth. Principal trusts legislation Trustee Act 1961 (as amended) (Trustee Act)Virgin Islands Special Trusts Act 2003 (VISTA)Trustees’ Relief ActRecognition of Trusts Act (Overseas Territories) Order 1987 Trusts Act (2021 Revision) (Trusts Act)Banks and Trust Companies Act (2013 Revision)Fraudulent Dispositions Act (1996 Revision)Perpetuities Act (2025 Revision) Courts Independent court system and judiciary with the Privy Council as the final court of appeal. Member jurisdiction of the Eastern Caribbean Court System. Independent court system and judiciary with the Privy Council as the final court of appeal. Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (also known as the Hague Trusts Convention) Most of the provisions

Boiling Water Reactor: A reactor design where water is allowed to boil in the core. The resulting steam is used to drive a turbine and electrical generator, thereby producing electricity. Decommissioning BWRs has to take account of the radioactivity of the turbines resulting from leakage from fuel elements into the water and thus the steam which is in direct contact with the turbines.

Boiling Water Reactors Owners Group

Law360, London: German financial regulator BaFin said on 6 November 2025 that it has imposed its largest ever fine of €45m on pan-European bank JP Morgan SE in Frankfurt for breaching anti-money-laundering (AML) rules.

Contentious/disputes-focussed legal work, for example acting for a party in litigation proceedings.

Commercial analysis: Following the heavily criticised draft Business Contract Terms (Assignment of Receivables) Regulations 2017, the government has recently published the revised Business Contract Terms (Assignment of Receivables) Regulations 2018, designed to prohibit contractual clauses which prevent one party from assigning its right to payment to a third party. James Leighton, solicitor at DMH Stallard LLP, discusses the impact of the Regulations on the rights of set-off and considers the practical steps that assignees and debtors should consider to mitigate such impact.

A document qualifying the terms of the main agreement/contract

What are back letters? A back letter is a personal contractual arrangement between the granter and the grantee, ie in the context of a commercial lease, between the landlord and tenant. The terms of back letters are usually intended to be: • legally binding • personal to the parties to the letter or binding on successors in title When are back letters used? A back letter softens the terms of a lease. They are used: • to give the initial tenant a ‘sweetener’ or inducement to help the deal happen. In such cases, the landlord will require that any concession that is not to be available to the tenant’s assignees is contained only in a direct back letter in favour of the initial tenant • to make arrangements and grant concessions (eg in relation to the permitted use, the standards of repair or rental concessions), or • to avoid ambiguity, for example, on assignment or rent review It is often the case that during detailed negotiation

Administrative departments in a bank which are involved in activities such as settlement and accounts

Arbitration analysis: In UniCredit Bank GmbH v Ruschemalliance, the Court of Appeal (CoA) overturned the High Court’s earlier decision in G v R and granted an anti-suit injunction (ASI) to restrain RCA from pursuing substantive proceedings in Russia in breach of an arbitration agreement. This judgment is of particular significance since it brings conformity to recent ASI jurisprudence where the arbitral seat is foreign as it is the first, fully authoritative, appellate court judgment on the issue. Written by Matthew Weiniger KC, partner and global chair of International Arbitration at Linklaters and Karris Graham-Moore, International Arbitration Managing Associate at Linklaters.

A transaction that has a mirror opposite transaction to it which replicates its obligations, liabilities and rights