1. Have you breached your ‘duty of care’ to beneficiaries if you provide information to revenue authorities pursuant to a request under a TIEA, tax treaty or FATCA if you ought to have known, or you failed to take reasonable steps to know, if the confidentiality standards in the requesting state are adequate to protect your beneficiaries from harm and they do in fact suffer harm?
2. Do you have a duty to refuse to provide the information if the disclosure could result in your beneficiaries’ death, kidnapping, extradition or exposure to non-tax litigation?
3. Does the state’s obligation under public international law as set out in the 1969 Vienna Convention on the Law of Treaties indemnify you from suit or provide an exception to the statutory or common law ‘duty of care’ expected of trustees?
4. Do you feel comfortable providing information to enhance inter-state tax co-operation and transparency without a legal opinion about the scope of your fiduciary duties in this regard and the scope of your possible exposure to litigation if your action – or inaction – causes your beneficiaries harm?