Definition of “business trust”
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A business trust is a business enterprise structured as a trust. A business trust (“BT”) is a business enterprise structured as a trust....
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- MAS
- Consultations
Last revised date:
- business for up to 30 clients with each clients Monetary Authority of Singapore 3 -------- RESPONSE TO FEEDBACK RECEIVED ON GUIDELINES ON INDIVIDUAL ACCOUNTABILITY AND CONDUCT PROPOSED SCOPE OF APPLICATION 10 SEPTEMBER 2020 exempt over-the-counter
- Paragraph 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). 3 Any practising solicitor, foreign practitioner, Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice carrying out trust
- business for up to 30 clients with each clients trust assets not exceeding S$2 million under Regulation 4(1)(b)(iv) of the Trust Companies (Exemption) Regulations. 9 Corporations carrying on business in dealing in capital markets products that are OTC derivatives contracts with only
- MAS
- Guidelines
Last revised date:
- How to apply for a trust business licence and pay fees. These guidelines set out the administrative procedures on how to apply for a trust business licence and pay fees.
- Applicants who wish to apply for a trust business licence should submit Form 1 (application for licence) and Form 4 (approval of director/resident manager) under the Regulations. 7.
- Upon approval of a licence application, MAS will issue the applicant a Section 3 requires a person who carries on trust business to be a 2 -------- The first licence fee payable is computed based on the pro-rated 9.
- MAS
- Forms and Templates
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- Form for licensed trust companies to submit an auditor's report on the licensed trust companys business within 5 months from the end of its financial year. Form 7 should be completed and lodged online via FormSG .
- all conditions and restrictions stated in the trust business licence issued by the Authority to the licensed trust company have not been complied with; f. all financial requirements prescribed under section 5 of the Trust Companies Act (Cap. 336) have not been complied with; and g.
- MAS
- Consultations
Last revised date:
- business licence; (b) the revocation or suspension of a trust business licence by the Authority; (c) the refusal of the Authority to grant an approval to a licensed trust company to appoint a person as its director or resident manager; or (d) the direction of the Authority to a licensed
- business; (ca) the requirements applicable to a licensed trust company, an exempt person or any person who is granted an exemption under section 80, in relation to the provision of trust business and matters incidental thereto; (d) the particulars to be recorded in, or in respect of, books kept
- under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. 4 -------- [] PART IX APPEALS Appeals 50.(1) Any applicant or licensed trust company which is aggrieved by (a) the refusal of the Authority to grant a trust
- MAS
- Consultations
Last revised date:
- trust that is registered under the Business Trusts Act (Cap. 31A).
- trust that is registered under the Business Trusts Act (Cap. 31A); MONETARY AUTHORITY OF SINGAPORE 29 -------- CONSULTATION PAPER ON AMENDMENTS TO THE MONETARY AUTHORITY OF SINGAPORE ACT DECEMBER 2012 336); (k) any licensed trust company under the Trust Companies Act
- Trust Act (Cap 31A) 3 Section 111 of the Business Trust Act is repealed and the following section substituted therefor: Composition of Offences 111.(1) The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence
- MAS
- Notices
Last revised date:
- (e) Where an approved trustee establishes any contact (including the undertaking of any transaction) with a DNFBP in Singapore or elsewhere, relating to the provision of any trust business services by the approved trustee to a customer, the approved trustee shall disclose to the DNFBP
- Where an approved trustee establishes any contact (including the undertaking of any transaction) with a variable capital company in Singapore or elsewhere, relating to the provision of any trust business services by the approved trustee to a customer, the approved trustee shall disclose
- business as specified in the First Schedule to the Trust Companies Act 2005; [MAS Notice SFA13-N01 (Amendment) 2022] TSOFA means the Terrorism (Suppression of Financing) Act 2002 (Cap. 325); and [MAS Notice SFA13-N01 (Amendment) 2022] variable capital company means a body corporate
- MAS
- Speeches
Last revised date:
- In February, Singapore saw the listing of CitySpring Infrastructure Trust, our first infrastructure business trust utilizing both the legislation and incentive. This complements two other landmark transactions in 2005.
- THE SINGAPORE INFRASTRUCTURE FUND MARKET 13 Similarly, the opportunity also exists for infrastructure developers to utilize a trust structure to realise full value for completed assets. 14 MAS introduced the Business Trust Act in 2004 and the infrastructure finance tax incentive last year.
- Secondly, the pioneer concurrent dual-listing of a stapled infrastructure trust and company called SP Ausnet related to Singapore power used the Business Trust structure to securitize Australian Assets on the Australian Stock Exchange as well as the SGX. 15 Again, the market in Singapore provides the
- MAS
- Speeches
Last revised date:
- We will give legal effect to these require-ments by amending the relevant sections of the Companies Act and Companies Regulations. 26 Currently, the Registry of Companies and Businesses approves unit trusts, with MAS giving its input on policy matters.
- SSO
- Legislation
Last revised date:
- entity other than a corporation — any right or interest (whether legal or equitable) in that entity, by whatever name called; ( c ) in relation to a business trust — a unit in that business trust; and ( d ) in relation to a trust other than a business trust — any right or interest (whether legal or
- trust” has the meaning given by section 2 of the Business Trusts Act (Cap. 31A); “corporation” and “related corporation” have the meanings given by section 4(1) of the Companies Act (Cap. 50); “interest” means — ( a ) in relation to a corporation — a share in that corporation; ( b ) in relation to an
- other than any personal data to be disclosed under paragraph 1(1) or 2(1), as the case may be; and ( b ) includes — (i) the amalgamation of a corporation with one or more related corporations; and (ii) the transfer or disposal of any of the business or assets of a corporation to a related corporation; “business
- MAS
- Consultations
Last revised date:
- REIT managers can refer to the relevant requirements for listed companies and business trusts in the Companies Act and Business Trusts Act, respectively, for guidance.
- Currently, all public companies1 and business trusts are required to 1.2. hold annual general meetings (AGMs) under the Companies Act and the Business Trusts Act, respectively.
- Two respondents noted that the agenda might need to deviate from those of listed companies and business trusts as REITs are inherently different from them and the same considerations may not apply.