Definition of “business trust”

Universal
A business trust is a business enterprise structured as a trust. A business trust (“BT”) is a business enterprise structured as a trust....
What is a Business Trust?

Showing 22 Q&A Sections for "business trust"

  • Nature of Business Trusts
    • Singapore
      • What is a Business Trust?
        A business trust is a business enterprise structured as a trust. business trust (“BT”) is a business enterprise structured as a trust. A BT that is constituted in Singapore and whose units or derivatives of units are offered to the public will be required to register with MAS under the Business Trust Act ("BTA").
        FinReg
  • Regulations for Offers of Business Trusts
    • Singapore
      • Requirements for offers of business trusts
        In order for a business trust to offer units/derivatives, it must be registed with MAS (if constituted in Singapore), and must contain a prospectus and product highlights sheet. Offers of units or derivatives of units in a BT to investors in Singapore are regulated under Division 1 of Part XIII of the SFA . Unless otherwise exempted, an offer of units or derivatives of units in a BT must comply with the following requirements: A BT must be registered by MAS if it is co
        FinReg
      • Exemption from requirements for offers of business trusts
        Registration and prospectus requirements may be exempted under certain criteria. Exempted Offers Registration of a BT and prospectus registration requirements do not apply to certain offers of units in or derivatives of units in a BT (“exempted offers ”). These offers include: Offers where the minimum transaction amount is S$200,000 Small Offers – Total amount raised is S$5 million or less in 12 months Private Placement – Offers made to no more than 50 persons
        FinReg
      • What should a prospectus for a business trust contain?
        According to Prospectus.com Generally, a prospectus is a formal legal document that is required by and filed with the relevant government financial securities regulator, such as Monetary Authority of Singapore (MAS), and provides details about an investment offering for sale to qualified institutional investors or to the public at large, known as retail investors Please see here for more information on the specific requirements for a prospectus
        FinReg
      • What does "trustee manager" mean?
        According to Business Trust Act 2004 “trustee-manager”, in relation to a registered business trust, includes a replacement trustee-manager and temporary trustee-manager; “replacement trustee-manager” means a company that has consented in writing to its election by the unitholders of a registered business trust to replace the resigning trustee-manager or temporary trustee-manager, as the case may be, of the registered business trust; “temporary trustee-manager” means a company that h
        FinReg
  • Application for Business Trust Registration
    • Singapore
      • Application process for registration of business trust
        You may apply for the registration of a BT using Form 2 on OPERA. According to Business Trusts Act 2004 Application for registration 3.—(1) The proposed trustee-manager of a business trust may apply to register the business trust by lodging an application with the Authority in such form and manner as the Authority may prescribe. (2) An application made under subsection (1) must be accompanied — (a) by such information or record as the Authority may require; and (b) by a prescribed applica
        FinReg
      • What are my options if my application to register a BT is refused by MAS?
        The trustee-manager may lodge an appeal to MAS within 30 days of the decision. Business Trusts Act 2004 The proposed trustee‑manager of any business trust who is aggrieved by the refusal of the Authority to register the business trust under subsection (2) may, within 30 days after it is notified of the decision, appeal to the Minister whose decision is final. (6) For the purpose of determining whether subsection (2) is satisfied in relation to the business trust — (a) r
        FinReg
  • Nature of Financial Advisory services
    • Singapore
      • What is the definition of advising on corporate finance?
        Securities and Futures Act 2001 “advising on corporate finance” means giving advice — (a) to any person (whether as principal or agent, or as trustee of a trust) concerning compliance with or in respect of laws or regulatory requirements (including the listing rules of an approved exchange) relating to the raising of funds by any entity, trustee of a trust on behalf of the trust or responsible person of a collective investment scheme on behalf of the collective investme
        FinReg
  • Overview of Capital Markets Services in Singapore
    • Singapore
      • How are capital markets regulated?
        According to Ravi Menon's speech on Singapore's approach to the regulation of capital markets The purpose of regulating capital markets is to safeguard the interests of investors, ensure that risks are kept to an acceptable level, promote efficient price discovery, and maintain confidence in the market. In Singapore, the regulatory framework for capital markets is underpinned by the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA). Consumers who invest in products or deal w
        FinReg
      • What type of investment products are regulated in Singapore?
        Securities would include shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership, and debentures. Section 2(1) of the Securities and Futures Act (Cap. 289)
        KGP Legal LLC
  • Regulations for Offers of Securities (prospectus requirements)
    • Singapore
      • What is a prospectus and what are the requirements of issuing one?
        A prospectus is a document that presents a business to the investing public. It includes information such as the businesses assets and the nature of the company in order to give investors an informed decision on whether or not to purchase the companies securities. MAS has the final say as to whether or not to register or decline a prospectus if it does not comply with the SFA or for any other specified reasons. Legal Definition “prospectus” means any prospectus, notice, circular, material, a
        FinReg
      • What should a prospectus for an offer of securities contain?
        Detailed provisions of what a prospectus must contain can be found under section 243 of the Securities and Futures Act (SFA); specifically subsection (3) below. 243.—(1) A prospectus for an offer of securities or securities-based derivatives contracts shall contain — (a) all the information that investors and their professional advisers would reasonably require to make an informed assessment of the matters specified in subsection (3); and (b) the matters prescribed by t
        FinReg
  • Nature of NFTs
    • Singapore
      • What type of non-fungible tokens (NFTs) will be regulated like securities?
        (which includes shares, debentures and units in a business trust), units in a collective investment scheme, derivatives contracts (which includes derivatives of shares, debentures and units in a business trust), spot foreign exchange contracts for the purposes of leveraged foreign exchange trading, and such other products as MAS may prescribe as capital markets products.
        FinReg
  • Offers of Security Tokens
    • Singapore
      • Are offers and issues of security tokens regulated?
        (which includes shares, debentures and units in a business trust), units in a collective investment scheme, derivatives contracts (which includes derivatives of shares, debentures and units in a business trust), spot foreign exchange contracts for the purposes of leveraged foreign exchange trading, and such other products as MAS may prescribe as capital markets products.
        FinReg
  • Nature of Securities
    • Singapore
      • Definition of Securities in Singapore
        Securities generally means shares, units in a business trust or debentures. The Securities and Futures Act 2001 (SFA) prescribes the following definition of securities. “securities” means — (a) shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership; (b) debentures; or (c) any other product or class of products as may be prescribed,
        FinReg
  • Regulations for Single Family Offices
    • Singapore
      • What are designated investments?
        stocks and shares of any company, other than a company that is — (i) in the business of trading or holding of Singapore immovable properties (other than the business of property development); and (ii) not listed on a stock exchange in Singapore or elsewhere; bonds, notes, commercial papers, treasury bills and certificates of deposit, but excluding those which are not qualifying debt securities and which are issued by any company that is — (i) in the business of trading or holding o
        EisnerAmper Singapore
  • Nature of Security Tokens
  • Nature of Moneylending services
    • Singapore
      • How is moneylending regulated in Singapore?
        An “excluded moneylender” includes a lender that lends money solely to corporations, limited liability partnerships, trustees or trustee-managers of business trusts, trustees of real estate investment trusts and/or accredited investors." moneylending "The activity of money lending is regulated under the Moneylenders Act, and requires a licence." "Although lending itself is not regulated, the business of lending is regulated by the Moneylenders Act.
        FinReg
  • Offers of Digital Tokens (DTs)
  • Overview of Personal Data and the PDPA in Singapore
    • Singapore
      • How does the PDPA benefit business?
        The PDPA is intended to support business innovation while ensuring that businesses use personal data responsibly and consumer interests are safeguarded. This will strengthen Singapore's overall economic competitiveness and enhance Singapore's status as a trusted hub and choice location for global data management and processing services. The law provides clarity on the rules and requirements for businesses hosting personal data in Singapore. This will complement Singapore's
        FinReg
  • Regulations for Fund Management Companies
    • Singapore
      • Annual audit requirements for RFMC and LFMC?
        Both RFMC's and LFMC's must have their accounts audited. As part of the audit compliance for RFMC's auditors must provide confirmation in form 25B - Auditor's Report for a Registered Fund Management Company for LFMC's, auditors must provide confirmation in form 5 - Auditor's Report for a holder of a CMS License, and form 6 Auditor's Certification for a Holder of a CMS License. This includes negative assurance that there is nothing that leads the auditor to believe that the following have not bee
        EisnerAmper Singapore
      • How should customer monies received by a fund manager be handled?
        Funds Management Companies must not commingle monies received on account of its customer with other funds, or use the monies as margin or guarantee for, or to secure any transaction of, or to extend the credit of, any person other than the customer. The holder must, no later than the business day immediately following the day on which the holder receives money on account of its customer or is notified of the receipt of such money (whichever is later) — deposit the money in a trust account or
        EisnerAmper Singapore
  • Fund Management Company (FMC): Application
    • Singapore
      • Who is exempt from the requirement to hold a CMS licence for fund management?
        If the scope of a company’s fund management activities falls within certain categories, it may be eligible for an exemption from licensing or registration to conduct fund management. Examples of such companies are those that: - Manage a pool of immovable assets for accredited and institutional investors; - Manage funds for related corporations; or - Manage moneys belonging to a single group of related family members. In certain scenarios, companies may need to apply to MAS specifically for exemption
        Millennium Law LLCKGP Legal LLC
  • Getting started: Setting up a business
    • Hong Kong
      • Steps to incorporating in Hong Kong
        1. Conduct a name search. It is the initial step before submitting the companies’ registration documents. 2. Submit incorporation documents that include the application form, the company’s Memorandum and Articles of association, and statutory declaration form. 3. Apply for the business registration certificate. The business Registration Ordinance requires that an incorporated company should apply for a business registration certificate from the Business Registration office. The steps to inco
        Paul Hype Page & Co
  • Nature of offshore companies
    • Universal
      • What is an offshore company? What are its features?
        Technically speaking, an offshore company is defined as a company that is incorporated in a jurisdiction that is other than where the beneficial owner resides. This means that if you can incorporate a company in Singapore while you live in Australia, it’s considered an offshore company. It’s not that big of a deal, except decades of bad press has successfully associated the term “offshore companies” with “tax haven”, especially in jurisdictions like BVI or Cayman that are shrouded i
        Paul Hype Page & Co
  • Standard & Major Payment institution licence
    • Comparison
      • Standard vs Major Payment Institution
        Defining what licence type applies to your business follows the threshold stated below. Standard payment institutions are licensed and regulated under the Payment Services Act ("PS Act") to provide payment services below the specified thresholds. Specified financial threshold factors: Transaction Value* – Average monthly payment transactions for any activity > $3 million (average over a calendar year) E-Money Float – Average daily e-mone
        FinReg
  • Nature of crypto funds
    • Singapore
      • What do I need to do to set up a “crypto fund” in Singapore?
        Step 1: Incorporation of a Singapore Legal Entity A popular fund structure would be the Variable Capital Company for the “crypto-focused fund”. The Legal Entity could be a Variable Capital Company, Unit Trust, Limited Partnership and Limited Liability Company. Step 2: Obtain the relevant licences Fund Management Licence For an overview on fund management licences, entities engaged in fund management activities must hold either a Capital Market Services (CMS) licence for fund management as a Licensed
        PDLegal LLC
  • Regulations for Offers of Collective Investment Schemes (CIS)
    • Singapore
      • What are restricted schemes?
        Restricted schemes are exempted from CIS authorisation/recognition and prospectus requirements. They are offered only to "relevant persons" as defined in the Securities and Futures Act (SFA). Restricted Schemes Restricted schemes are schemes that are offered only to “relevant persons” as defined in section 305(5) SFA, or at a minimum of S$200,000 per transaction. Restricted schemes are exempted from scheme authorisation or recognition and prospectus requirements, su
        FinReg
  • Liquidity risks associated with cryptocurrency exchange services
    • Singapore
      • What are MAS' proposed regulatory measures to address DPT risks to customers?
        In light of recent cryptocurrency market turmoil, MAS released a consultation paper in October 2022 outlining its proposed regulatory changes for digital payment token (DPT) service providers. In this paper, it sets out observations, policy considerations, and proposed regulatory measures in key areas: (a) consumer access; (b) business conduct; and (c) technology. MAS reaffirms that it aims to develop a responsible digital asset ecosystem but discourages retail cryptocurrency speculation. Read more
        FinReg