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
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- of unitholders of the registered business trust.
- ) Bill 2023 Annex C: Key clauses on virtual general meetings of business trusts and variable capital companies in the draft Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill 2023 2 Companies, Business Trusts and Other Bodies (Miscellaneous
- B-5 KEY CLAUSES ON VIRTUAL GENERAL MEETINGS OF BUSINESS TRUSTS AND VARIABLE CAPITAL COMPANIES IN THE DRAFT COMPANIES, BUSINESS TRUSTS AND OTHER BODIES (MISCELLANEOUS AMENDMENTS) BILL Clause 3.
- MAS
- Speeches
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- Investors will also have the same statutory protections that subscribers to share offers have. 7 Registration of business trusts under the Business Trusts Bill will be voluntary.
- P roperty trusts fall within both the CIS and business trust regimes. Rather than prescribe a specific approach, the Bill will allow a listed property trust to choose to be structured and regulated as either a CIS or a business trust.
- Regulation of Offers of Units and Derivatives of Units in Business Trusts 6 The Bill introduces a new Division 1A in Part XIII of the SFA to regulate the public offers of units and derivatives of units in business trusts in the same way as offers of shares in corporations.
- MAS
- Forms and Templates
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- Licensed trust company having not commenced trust business within 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence Cessation of trust business of licensed trust company Where the licensed trust company ceases to provide trust
- business activities, please indicate the reason(s) for the cessation.
- For the purposes of this Form licensee refers to a holder of a trust business licence under the Trust Companies Act 2005 (the Act); and a controller and substantial shareholder is as defined in sections 2 of the Act. All questions must be answered and all fields must be filled.
- MAS
- External Publications
Last revised date:
- Two individuals responsible for approx. 70% of the trust and corporate business clients voluntarily took a leave of absence and subsequently left.
- An internal remediation process was undertaken and a regulatory consulting firm was engaged to perform an independent review of the corporate governance and customer files in respect of the trust company business.
- The on-site examination, co-signatories report and consultants report identified a lack of effective governance and lack of appropriate compliance oversight in relation to the trust company business.
- MAS
- Consultations
Last revised date:
- (VI) On-going monitoring 4.21 Every trust company shall monitor on an ongoing basis, its business contacts with trust relevant parties. 4.22 A trust company shall, to the fullest extent practicable and within the scope of the trust business services being provided
- business service for which the trust company was engaged, in relation to identification information, and other documents relating to the provision of trust business services, as well as account files and business correspondence; and a period of at least 6 years following the
- MAS Response 1.2 MAS agrees and has replaced this requirement with a requirement for trust companies to monitor on an ongoing basis its business contacts with trust relevant parties, as well as scrutinise transactions undertaken to ensure that the transactions are consistent with the
- MAS
- Forms and Templates
Last revised date:
- TRUST COMPANIES ACT 2005 TRUST COMPANIES (EXEMPTION) REGULATIONS 2005 FORM 10 NOTICE OF CESSATION OF TRUST BUSINESS OF PERSONS EXEMPTED FROM HOLDING A TRUST BUSINESS LICENCE UNDER SECTION 15(1)(a), 15(1)(b), OR REGULATION 4(1)(b)(iv) NOTICE OF CESSATION OF TRUST BUSINESS OF PERSONS EXEMPTED FROM
- There have been changes in the exempt person's business model such that it is no longer in the business of conducting trust business activities.
- HOLDING A TRUST BUSINESS LICENCE UNDER SECTION 15(1)(a), 15(1)(b), OR REGULATION 4(1)(b)(iv) Explanatory Notes Explanatory Notes For the purposes of this Form exempt person refers to a person exempt from holding a trust business licence under section 15(1)(a) or 15(1)(b) of the Trust Companies
- MAS
- Guidelines
Last revised date:
- Who needs to apply for a trust business licence 4.
- GRANT OF A TRUST BUSINESS LICENCE Purpose of these Guidelines 1.
- Any person that carries on trust business as defined in the First Schedule to the Act is required to hold a trust business licence under the Act unless that person is a person specified under the Second Schedule or is exempted. 5.
- MAS
- Media Releases
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- Under the new regulatory framework, licensing will be mandatory for anyone engaging in trust business. Trust business is defined broadly to include any business of creating or administering an express trust or of acting as or arranging for a person to act as, a trustee of an express trust.
- Trust business has grown in tandem with the growth of the wealth management and private banking industry in Singapore. As a result, the number of trust companies has grown significantly.
- Locally-incorporated licensed trust companies will be required to maintain minimum capital levels depending on the size of the business. Licensed trust companies that are branches of foreign trust companies will be required to maintain assets in Singapore according to the size of the business.
- MAS
- Consultations
Last revised date:
- of the business trust
- MAS
- Consultations
Last revised date:
- the settlor has constituted the trust before establishing business contact with the trust company, the trust company shall verify the identities of the settlor and trustee of the trust before the provision of any trust business services; in respect of each beneficiary of
- [TCA-N03 (Amendment) 2009] No trust company shall rely on an intermediarya third party to conduct ongoing monitoring of business contact with trust relevant parties.
- before establishing business contact with the trust company, the trust company shall verify the identities of the effective controllers before the provision of any trust business services), using the relevant information or data obtained from reliable, independent sources.