Trust Companies Act 2005
2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021. Prepared and Published by THE LAW REVISION COMMISSION UNDER THE AUTHORITY OF THE REVISED EDITION OF THE LAWS ACT 1983
An Act to provide for the licensing and regulation of trust companies and for matters connected therewith. [1 February 2006]
ARRANGEMENT OF SECTIONS PART 1 PRELIMINARY Section 1. Short title 2. Interpretation PART 2 LICENSING OF TRUST COMPANIES 3. Restriction on carrying on trust business 4. Application for trust business licence 5. Grant of trust business licence 6. Licence fee 7. Power of Authority to impose conditions or restrictions 8. False statements in relation to application for grant of licence 9. Notification of change of particulars 10. Lapsing, revocation and suspension of licence 11. Restriction on cessation of business or surrender of licence 12. General provisions as to winding up 13. Approval of resident manager and director of licensed trust company 14. Removal of officer of licensed trust company 15. Exempt persons PART 3 CONTROL OF SHAREHOLDINGS AND VOTING POWERS 16. Control of shareholdings and voting power in licensed trust company 17. Application for approval of Authority to become controller of licensed trust company 18. Objection to existing control 19. Licensed trust company to provide to Authority information relating to controllers, etc. Section 20. Offences, penalties and defences 21. Shareholding or control in other corporations PART 3A CONTROL OVER LICENSED TRUST COMPANY 21A. Interpretation of this Part 21B. Information of insolvency, etc. 21C. Action by Authority if licensed trust company unable to meet obligations, etc. 21D. Effect of assumption of control under section 21C 21E. Duration of control 21F. Responsibilities of officers, member, etc., of licensed trust company 21G. Remuneration and expenses of Authority and others in certain cases PART 3B VOLUNTARY TRANSFER OF BUSINESS 21H. Interpretation of this Part 21I. Voluntary transfer of business 21J. Approval of transfer PART 4 PROBATE AND ADMINISTRATION 22. Licensed trust company may act as executor 23. Licensed trust company may be authorised to apply for probate or administration 24. Procedure as to probate applications 25. Licensed trust company not to provide security 26. Guardianship of person prohibited PART 5 CONDUCT OF BUSINESS 27. Priority to orders of protected parties PART 6 BOOKS, ACCOUNTS AND AUDIT Division 1 — Books and accounts Section 28. Keeping of books and providing of returns Division 2 — Audit 29. Appointment of auditors 30. Lodgment of annual accounts, etc. 31. Reports by auditor to Authority in certain cases 32. Power of Authority to appoint auditor 33. Offence to destroy, conceal, alter, etc., books 34. Safeguarding of books 35. Restriction on auditor’s and employee’s right to communicate certain matters 36. Additional powers of Authority in respect of auditors 37. Defamation PART 7 SUPERVISION AND INVESTIGATION Division 1 — General 38. Self-incrimination 39. Savings for advocates and solicitors Division 2 — Inspection powers of Authority 40. Inspection by Authority Division 3 — Investigative powers of Authority 41. Investigation by Authority 42. Power to order production of books 43. Application for warrant to seize books not produced 44. Powers where books are produced or seized 45. Powers where books not produced 46. Offences under this Division PART 8 DISCLOSURE OF INFORMATION 47. Inspection in Singapore by parent supervisory authority Section 48. Confidentiality of inspection and investigation reports 49. Confidentiality PART 9 APPEALS 50. Appeals 51. Appeals to Minister 52. Appeal Advisory Committees 53. Disclosure of information 54. Regulations for purposes of this Part PART 10 MISCELLANEOUS 55. Registration of trust company as shareholder, etc., not notice of trust 56. Trusteeship 57. Joint tenancy 58. Licensed trust company may act as agent 59. Trust funds to be kept separate 60. Unclaimed money to be paid into court 61. Falsification of records by officer, auditor, employee or agent of licensed trust company 62. Duty not to provide false information to Authority 63. Jurisdiction of court 64. Offences by bodies corporate 65. Offences by officers 66. General penalty 67. Penalty for corporations 68. Proceedings with consent of Public Prosecutor 69. Composition of offences 70. Power to make regulations giving effect to treaty, etc., relating to trust business 71. Opportunity to be heard 72. Power to reprimand for misconduct 73. Appointment of assistants 74. Codes, guidelines, etc., by Authority 75. Power of Authority to publish information 76. Power of Authority to issue written directions Section 77. Power of court to make certain orders 78. Injunctions 79. Service of documents 80. Exemption 81. Amendment of Schedules 82. Regulations First Schedule — Trust business Second Schedule — Specified persons Third Schedule — Purposes for which and persons to whom protected information may be disclosed Fourth Schedule — Specified provisions
This Act is the Trust Companies Act 2005.
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; “book” includes any record, register, account, deed, writing and information, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise; “capital markets products” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “chief executive”, in relation to a licensed trust company, means any person, by whatever name described, who — (a) is in the direct employment of, or acting for or by arrangement with, the licensed trust company; and (b) is principally responsible for the management and conduct of the business of the licensed trust company; “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “controller”, in relation to a licensed trust company, means a 20% controller, a 50% controller or an indirect controller as defined in section 16(3); “corporation” has the meaning given by section 4(1) of the Companies Act 1967; “director” has the meaning given by section 4(1) of the Companies Act 1967; “executive officer”, in relation to a licensed trust company, means any person, by whatever name described, who — (a) is in the direct employment of, or acting for or by arrangement with, the licensed trust company; and (b) is concerned with or takes part in the management of the licensed trust company on a day‑to‑day basis; “exempt person” means a person who is exempt under section 15 from holding a licence for the carrying on of any trust business; “financial year” has the meaning given by section 4(1) of the Companies Act 1967; “futures contract” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “licensed trust company” means a corporation holding a trust business licence; “officer” has the meaning given by section 4(1) of the Companies Act 1967; “parent supervisory authority”, in relation to a licensed trust company incorporated outside Singapore, means the supervisory authority which is responsible, under the laws of the country or territory where the licensed trust company is incorporated, formed or established, for supervising the licensed trust company; “protected party”, in relation to a trust company, means a trust for which the trust company provides trust business services and includes the settlor and beneficiary under the trust; “related corporation” has the meaning given by section 4(1) of the Companies Act 1967; “resident manager” means an individual resident in Singapore who, under the immediate authority of the directors of a licensed trust company, is responsible for the conduct of the trust business of the licensed trust company; “securities” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “specified securities-based derivatives contract” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “substantial shareholder” has the meaning given by Division 4 of Part 4 of the Companies Act 1967; “trust business” means any business specified in the First Schedule; “trust business licence” means a licence granted by the Authority under section 5 that authorises the holder of the licence to carry on trust business; “trust business service” means any service in respect of any business specified in the First Schedule; “unit” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “written directions” means written directions issued by the Authority under section 76. [2/2007; 10/2013; 4/2017]
(a) be made to the Authority in such form and manner as the Authority may require; and (b) be accompanied by the prescribed application fee, which is non‑refundable and which must be paid in the manner specified by the Authority.
(a) a company incorporated under the Companies Act 1967; or (b) a foreign company registered under Division 2 of Part 11 of the Companies Act 1967.
(a) the applicant has not provided the Authority with such information or document as the Authority may require in relation to — (i) the applicant or any person employed by or associated with the applicant for the purposes of its trust business; or (ii) any circumstances likely to affect the manner in which the applicant conducts its trust business; (b) any information or document that is provided by the applicant to the Authority is false or misleading; (c) the applicant or its substantial shareholder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; (d) an enforcement order against the applicant or its substantial shareholder in respect of a judgment debt has been returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] (e) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant or its substantial shareholder; (f) the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation; (g) the applicant or its substantial shareholder, or any officer of the applicant — (i) has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the applicant, substantial shareholder or officer had acted fraudulently or dishonestly; or (ii) has been convicted of an offence under this Act; (h) the Authority is not satisfied as to the educational or other qualification or experience of the officers or employees of the applicant having regard to the nature of the duties they are to perform if the applicant were granted the trust business licence; (i) the applicant fails to satisfy the Authority that it is a fit and proper person to be licensed or that all of its officers, employees and substantial shareholders are fit and proper persons; (j) the Authority has reason to believe that the applicant may not be able to act in the best interests of any protected party having regard to the reputation, character, financial integrity and reliability of the applicant or its officers, employees or substantial shareholders; (k) the Authority is not satisfied as to the financial standing of the applicant or its substantial shareholders or the manner in which the applicant’s trust business is to be conducted; (l) the Authority is not satisfied as to the record of past performance or expertise of the applicant, having regard to the nature of the trust business which the applicant may carry on if granted the trust business licence; (m) there are other circumstances which are likely — (i) to lead to the improper conduct of the applicant’s trust business by the applicant or any of its officers, employees or substantial shareholders; or (ii) to reflect discredit on the manner in which the applicant or its substantial shareholders conduct its trust business; (n) the Authority has reason to believe that the applicant, or any of its officers or employees, will not efficiently, honestly or fairly perform any of the activities or provide any of the services for which the applicant seeks to be licensed; or (o) the Authority is of the opinion that it would be contrary to the interests of the public to grant the trust business licence to the applicant.
(a) the applicant is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant; or (c) the applicant has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.
(a) the licence is revoked or suspended or lapses during the period to which the licence fee relates; or (b) the licensed trust company ceases to carry on trust business during the period to which the licence fee relates.
(a) makes any statement which is false or misleading in a material particular; or (b) omits to state any matter or thing without which the application is misleading in a material respect, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.
(a) a licensed trust company ceases to carry on any trust business; (b) any person has ceased to be a resident manager or a controller of a licensed trust company; (c) any civil or criminal proceedings have been instituted against a licensed trust company or any officer of the licensed trust company; (d) any change occurs in the name of a licensed trust company or the address of the principal place of business at which the licensed trust company carries on its trust business; (e) a licensed trust company has ceased to fulfil the minimum financial or other requirements prescribed by the Authority; or (f) any change occurs in relation to any other matters that may be prescribed, the licensed trust company must, not later than 14 days after the occurrence of the event, provide particulars of the event to the Authority in the prescribed form and manner.
(a) if the licensed trust company is wound up or otherwise dissolved, whether in Singapore or elsewhere; or (b) in the event of such other occurrence or in such other circumstances as may be prescribed.
(a) there exists a ground on which the Authority may refuse an application under section 5(3); (b) the licensed trust company fails or ceases to carry on any trust business; (c) the Authority has reason to believe that the licensed trust company, or any of its officers or employees, has not performed its, his or her duties efficiently, honestly or fairly; (d) the licensed trust company has contravened or is contravening — (i) any condition or restriction attached to its trust business licence; (ii) any direction issued to it by the Authority under this Act; or (iii) any provision of this Act; (e) upon the Authority exercising any power under section 21C(2) or the Minister exercising any power under Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022 in relation to the licensed trust company, the Authority considers that it is in the public interest to revoke or suspend the trust business licence; [Act 18 of 2022 wef 10/05/2024] (f) any information or document that is provided by the licensed trust company to the Authority is false or misleading; or (g) the interests of the public or of the protected parties of the licensed trust company are in any way prejudiced. [10/2013; 31/2017]
(a) the licensed trust company is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the licensed trust company; (c) the licensed trust company has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.
(a) cease to carry on its trust business; or (b) surrender its trust business licence to the Authority.
(a) its resident manager; or (b) its director where, upon appointment, the person — (i) resides or is to reside in Singapore, whether or not he or she is directly responsible for its business in Singapore or any part of such business; or (ii) is directly responsible for its business in Singapore or any part of such business, whether he or she resides in Singapore or elsewhere, unless it has obtained the approval of the Authority.
(a) is an undischarged bankrupt, whether in Singapore or elsewhere; or (b) has been convicted, whether in Singapore or elsewhere, of an offence — (i) involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; and (ii) punishable with imprisonment for a term of 3 months or more.
(a) has wilfully contravened or wilfully caused the licensed trust company to contravene this Act; (b) has, without reasonable excuse, failed to enforce compliance with this Act; (c) has failed to discharge the duties or functions of the officer’s office; (d) is an undischarged bankrupt, whether in Singapore or elsewhere; (e) has had an enforcement order against the officer in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] (f) has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the officer’s creditors, being a compromise or scheme of arrangement that is still in operation; or (g) has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly, the Authority may, if it thinks it necessary in the interest of the public or of the protected parties of the licensed trust company, by written notice direct that licensed trust company to remove the officer from office or employment, and that licensed trust company must comply with the notice despite the provisions of section 152 of the Companies Act 1967.
(a) the officer is an undischarged bankrupt, whether in Singapore or elsewhere; (b) the officer has been convicted, whether in Singapore or elsewhere, of an offence — (i) involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly; and (ii) punishable with imprisonment for a term of 3 months or more.
(a) a licensed trust company; or (b) any person acting on behalf of the licensed trust company, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.
(a) any bank licensed under the Banking Act 1970 in respect of — (i) the provision of services in relation to the creation of an express trust; (ii) the arrangement for any person to act as trustee in relation to an express trust; or (iii) the provision of trust administration services which are procedural and non‑discretionary; (b) any merchant bank licensed under the Banking Act 1970 in respect of — (i) the provision of services in relation to the creation of an express trust; (ii) the arrangement for any person to act as trustee in relation to an express trust; or (iii) the provision of trust administration services which are procedural and non-discretionary; (c) any holder of a capital markets services licence, or any person who is exempt from holding a capital markets services licence, for providing fund management or custodial services under the Securities and Futures Act 2001, in respect of the provision of fund management or custodial services; (d) any other person or class of persons that may be prescribed; (e) any other person not falling within the description of paragraphs (a) to (d) whom the Authority may, on the application of the person, by written notice so exempt. [4/2017; 1/2020]
(a) within 3 months from 1 February 2006 or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and (b) as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14 days from the date of cessation.
(a) within 3 months from 1 February 2006 or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and (b) as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14 days from the date of cessation.
(a) subsection (2) or (3); (b) any applicable provision of this Act as prescribed under subsection (4) or (5) in relation to the exempt person; or (c) any condition or restriction imposed under subsection (6), shall be guilty of an offence and shall be liable on conviction — (d) in the case of a contravention of any applicable provision of this Act, to the same penalties as are prescribed under this Act for any such contravention; and (e) in the case of a contravention of subsection (2) or (3) or a contravention of any condition or restriction imposed under subsection (6), to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(a) the person contravenes any applicable provision of this Act or any condition or restriction imposed on that person under subsection (6); (b) the person contravenes any written direction issued to it by the Authority; or (c) the Authority considers that the person is carrying on trust business in a manner that is, in the opinion of the Authority, contrary to the public interest.
(a) avoid or affect any agreement, transaction or arrangement relating to any trust business entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the revocation of the exemption; or (b) affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
(a) a 20% controller; (b) a 50% controller; or (c) an indirect controller, of a licensed trust company incorporated in Singapore without obtaining the prior approval of the Authority in accordance with section 17.
“20% controller” means a person who, alone or together with the person’s associates — (a) holds 20% or more but less than 50% of the total number of issued shares in the licensed trust company; or (b) is in a position to control voting power of 20% or more but less than 50% in the licensed trust company; “50% controller” means a person who, alone or together with the person’s associates — (a) holds 50% or more of the total number of issued shares in the licensed trust company; or (b) is in a position to control voting power of 50% or more in the licensed trust company; “indirect controller” means any person, whether acting alone or together with any other person and whether with or without holding shares or controlling voting power in a licensed trust company — (a) in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed or under an obligation, whether formal or informal, to act; or (b) who is in a position to determine the policy of the licensed trust company, but does not include any person — (c) who is a director or other officer of the licensed trust company whose appointment has been approved by the Authority; or (d) in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity.
(a) a person holds a share if — (i) the person is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act 1967; or (ii) the person otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7(6) to (10) of the Companies Act 1967; (b) a reference to the control of a percentage of the voting power in a licensed trust company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the licensed trust company; and (c) a person, A, is an associate of another person, B, if — (i) A is the spouse or a parent, remoter lineal ancestor or step‑parent or a son, daughter, remoter issue, stepson or stepdaughter or a brother or sister, of B; (ii) A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B; (iii) A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B; (iv) A is a subsidiary of B; (v) A is a body corporate in which B, alone or together with other associates of B as described in sub‑paragraphs (ii), (iii) and (iv), is in a position to control at least 20% of the voting power in A; or (vi) A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their voting power in relation to, the licensed trust company. [35/2014]
(a) the applicant is a fit and proper person; and (b) having regard to the applicant’s likely influence, the licensed trust company is likely to continue to conduct its business prudently and comply with the provisions of this Act and directions made under this Act.
(a) restricting the person’s disposal or further acquisition of shares or voting power in the licensed trust company; or (b) restricting the person’s exercise of voting power in the licensed trust company.
(a) any condition of approval imposed on the person under section 17(2) has not been complied with; (b) the person is not or ceases to be a fit and proper person; (c) having regard to the likely influence of the person, the licensed trust company is not able to or is no longer likely to conduct its business prudently or to comply with the provisions of this Act or any direction made under this Act; (d) the person has provided false or misleading information or documents in connection with an application under section 17; or (e) the Authority would not have granted its approval under section 17 had it been aware, at that time, of circumstances relevant to the person’s application for such approval.
(a) the person is in the course of being wound up or otherwise dissolved, or in the case of an individual, in the course of bankruptcy proceedings, whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person; (c) the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.
A licensed trust company must provide to the Authority, in such form and manner as the Authority may prescribe, information relating to its controllers and the quantity of their control in the licensed trust company.
(a) the person was not aware that the person had contravened that provision; and (b) the person has, within 14 days of becoming aware that the person had contravened that provision, notified the Authority of the contravention and, within the time determined by the Authority, taken such actions in relation to the person’s shareholding or control of the voting power in the licensed trust company as the Authority may direct.
(a) the contravention occurred as a result of an increase in the shareholding as described in section 16(4)(a) or in the voting power controlled by any of the person’s associates described in section 16(4)(c)(i); (b) the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the licensed trust company; and (c) the person has, within 14 days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such action in relation to the person’s shareholding or control of the voting power in the licensed trust company as the Authority may direct.
(a) 20% of the total number of issued shares; or (b) 20% of the voting power, in a corporation, unless it acquires or holds such shares or voting power in the course of acting as a trustee.
“business” includes affairs and property; “office holder”, in relation to a licensed trust company, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the licensed trust company, or acting in an equivalent capacity in relation to the licensed trust company; “relevant business” means any business of a licensed trust company — (a) which the Authority has assumed control of under section 21C; or (b) in relation to which a statutory adviser or a statutory manager has been appointed under section 21C; “statutory adviser” means a statutory adviser appointed under section 21C; “statutory manager” means a statutory manager appointed under section 21C. [10/2013]
(a) a licensed trust company informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments; (b) a licensed trust company becomes unable to meet its obligations, or is insolvent, or suspends payments; (c) the Authority is of the opinion that a licensed trust company — (i) is carrying on its business in a manner likely to be detrimental to the interests of the public or a section of the public or of the protected parties of the licensed trust company; (ii) is or is likely to become insolvent, or is or is likely to become unable to meet its obligations, or is about to suspend payments; (iii) has contravened any of the provisions of this Act; or (iv) has failed to comply with any condition or restriction attached to its trust business licence; or (d) the Authority considers it in the public interest to do so. [10/2013]
(a) require the licensed trust company immediately to take any action or to do or not to do any act or thing whatsoever in relation to its business as the Authority may consider necessary; (b) appoint one or more persons as statutory adviser, on such terms and conditions as the Authority may specify, to advise the licensed trust company on the proper management of such of the business of the licensed trust company as the Authority may determine; or (c) assume control of and manage such of the business of the licensed trust company as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms and conditions as the Authority may specify. [10/2013]
(a) the business or affairs of the licensed trust company carried on in, or managed in or from, Singapore; or (b) the property of the licensed trust company located in Singapore, or reflected in the books of the licensed trust company in Singapore (as the case may be) in relation to its operations in Singapore. [10/2013]
(a) may be discharged or exercised by such persons jointly and severally; (b) must be discharged or exercised by such persons jointly; and (c) must be discharged or exercised by a specified person or such persons. [10/2013]
(a) vary or revoke any requirement of, any appointment made by or any action taken by the Authority in the exercise of such power, on such terms and conditions as it may specify; (b) further exercise any of the powers under subsection (2); (c) add to, vary or revoke any term or condition specified by the Authority under this section. [10/2013]
(a) the exercise or purported exercise of any power under this Act; (b) the performance or purported performance of any function or duty under this Act; or (c) the compliance or purported compliance with this Act. [10/2013]
(a) must manage the relevant business of the licensed trust company in the name of and on behalf of the licensed trust company; and (b) is deemed to be an agent of the licensed trust company. [10/2013]
(a) must take into consideration the interests of the public or the section of the public mentioned in section 21C(1)(c)(i), or of the protected parties of the licensed trust company; and (b) has all the duties, powers and functions of the members of the board of directors of the licensed trust company (collectively and individually) under this Act, the Companies Act 1967 and the constitution of the licensed trust company, including powers of delegation, in relation to the relevant business of the licensed trust company; but nothing in this paragraph requires the Authority or statutory manager to call any meeting of the licensed trust company under the Companies Act 1967 or the constitution of the licensed trust company. [10/2013]
(a) the act or purported act of the person is invalid and of no effect; and (b) the person shall be guilty of an offence. [10/2013]
(a) the act or purported act of the person is invalid and of no effect; and (b) the person shall be guilty of an offence. [10/2013]
(a) if there is any conflict or inconsistency between — (i) a direction or decision given by the Authority or statutory manager (including a direction or decision to a person or body of persons referred to in sub‑paragraph (ii)); and (ii) a direction or decision given by any chief executive, director, member, executive officer, employee, agent or office holder, or the board of directors, of the licensed trust company, (a) the direction or decision mentioned in sub‑paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and (b) a person must not exercise any voting or other right attached to any share in the licensed trust company in any manner that may defeat or interfere with any duty, function or power of the Authority or statutory manager, and any such act or purported act is invalid and of no effect. [10/2013]
(a) the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or (b) it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company. [10/2013]
(a) if the Authority is satisfied that — (i) the reasons for the appointment have ceased to exist; or (ii) it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company; or (b) on any other ground, and upon the revocation, the statutory manager ceases to be in control of the relevant business of the licensed trust company. [10/2013]
(a) the Authority’s assumption of control of the relevant business of a licensed trust company; (b) the cessation of the Authority’s control of the relevant business of a licensed trust company; (c) the appointment of a statutory manager in relation to the relevant business of a licensed trust company; and (d) the revocation of a statutory manager’s appointment in relation to the relevant business of a licensed trust company. [10/2013]
(a) the General Division of the High Court may, on an application by the Authority or statutory manager, direct any person who has ceased to be or who is still any chief executive, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the licensed trust company to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property or book of the licensed trust company which is comprised in, forms part of or relates to the relevant business of the licensed trust company, and which is in the person’s possession or control; and (b) any person who has ceased to be or who is still any chief executive, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the licensed trust company must give to the Authority or statutory manager such information as the Authority or statutory manager may require for the discharge of the Authority’s or statutory manager’s duties or functions, or the exercise of the Authority’s or statutory manager’s powers, in relation to the licensed trust company, within such time and in such manner as may be specified by the Authority or statutory manager. [10/2013; 40/2019]
(a) without reasonable excuse, fails to comply with subsection (1)(b); or (b) in purported compliance with subsection (1)(b), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. [10/2013]
(a) to a statutory manager or statutory adviser appointed in relation to the licensed trust company, whether or not the appointment has been revoked; and (b) where the Authority has assumed control of the relevant business of the licensed trust company, to the Authority and any person appointed by the Authority under section 73 in relation to the Authority’s assumption of control of the relevant business, whether or not the Authority has ceased to be in control of the relevant business. [10/2013]
“business” includes affairs, property, right, obligation and liability; “Court” means the General Division of the High Court; “debenture” has the meaning given by section 4(1) of the Companies Act 1967; “property” includes property, right and power of every description; “Registrar of Companies” means the Registrar of Companies appointed under the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies appointed under that Act; “transferee” means a licensed trust company, or a corporation which has applied or will be applying for a trust business licence, to which the whole or any part of a transferor’s business is, is to be or is proposed to be transferred under this Part; “transferor” means a licensed trust company the whole or any part of the business of which is, is to be, or is proposed to be transferred under this Part. [10/2013; 40/2019]
(a) the Authority has consented to the transfer; (b) the transfer involves the whole or any part of the trust business of the transferor; and (c) the Court has approved the transfer. [10/2013]
(a) the transferee is a fit and proper son; and (b) the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act. [10/2013]
(a) without reasonable excuse, fails to comply with any requirement under subsection (7); or (b) in purported compliance with any requirement under subsection (7), knowingly or recklessly provides any information or document that is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. [10/2013]
(a) the transferor must lodge with the Authority a report setting out such details of the transfer and provide such supporting documents as the Authority may specify; (b) the transferor must obtain the consent of the Authority under section 21I(1)(a); (c) the transferor and the transferee must, if they intend to serve on their respective protected parties a summary of the transfer, obtain the Authority’s approval of the summary; (d) the transferor must, at least 15 days before the application is made but not earlier than one month after the report mentioned in paragraph (a) is lodged with the Authority, publish in the Gazette and in such newspaper or newspapers as the Authority may determine a notice of the transferor’s intention to make the application and containing any other particulars that may be prescribed; (e) the transferor and the transferee must keep at their respective offices in Singapore, for inspection by any person who may be affected by the transfer, a copy of the report mentioned in paragraph (a) for a period of 15 days after the publication of the notice mentioned in paragraph (d) in the Gazette; and (f) unless the Court directs otherwise, the transferor and the transferee must serve on their respective protected parties affected by the transfer, at least 15 days before the application is made, a copy of the report mentioned in paragraph (a) or a summary of the transfer approved by the Authority under paragraph (c). [10/2013]
(a) have the right to appear before and be heard by the Court in any proceedings relating to the transfer; and (b) may make any application to the Court in relation to the transfer. [10/2013]
(a) approve the transfer without modification or subject to any modification agreed to by the transferor and the transferee; or (b) refuse to approve the transfer. [10/2013]
(a) the transfer to the transferee of the whole or any part of the business of the transferor; (b) the allotment or appropriation by the transferee of any share, debenture, policy or other interest in the transferee which under the transfer is to be allotted or appropriated by the transferee to or for any person; (c) the continuation by (or against) the transferee of any legal proceedings pending by (or against) the transferor; (d) the dissolution, without winding up, of the transferor; (e) the provisions to be made for persons who are affected by the transfer; (f) such incidental, consequential and supplementary matters as are, in the opinion of the Court, necessary to secure that the transfer is fully effective. [10/2013]
(a) provide for the transfer of any business, whether or not the transferor otherwise has the capacity to effect the transfer in question; (b) make provision in relation to any property which is held by the transferor as trustee; and (c) make provision as to any future or contingent right or liability of the transferor, including provision as to the construction of any instrument under which any such right or liability may arise. [10/2013]
(a) a copy of the order with the Registrar of Companies and with the Authority; and (b) where the order relates to land in Singapore, an office copy of the order with the appropriate authority concerned with the registration or recording of dealings in that land. [10/2013]
Where a licensed trust company is appointed executor of the will of any testator, the licensed trust company may apply to the court for probate of the will and, if probate is granted, to exercise and discharge all the powers and duties of an executor.
(a) a guardian of the person of an infant; (b) a donee of a lasting power of attorney which is granted by an individual under the Mental Capacity Act 2008, and under which that individual confers on the donee authority to make decisions in relation to the personal welfare of that individual; (c) a deputy who is appointed or deemed to be appointed for an individual by the court under the Mental Capacity Act 2008, and who is conferred power to make decisions in relation to the personal welfare of that individual. [16/2016]
(a) sufficiently explain the transactions and financial position of its business; and (b) enable true and fair profit and loss accounts and balance sheets to be prepared from time to time, and its books must be kept in such a manner as will enable them to be conveniently and properly audited.
(a) provide such returns and records in such form and manner as may be prescribed or as may be notified by the Authority in writing; and (b) provide such information relating to its business as the Authority may require.
(a) at any time direct the licensed trust company to remove the auditor; and (b) direct the licensed trust company, as soon as practicable thereafter, to appoint another auditor, and the licensed trust company must comply with the direction.
(a) prepare a true and fair profit and loss account and a balance sheet in relation to its business made up to the last day of the financial year; and (b) lodge the profit and loss account and balance sheet with the Authority within 5 months, or any extension thereof permitted by the Authority under subsection (2), after the end of the financial year, together with an auditor’s report on that profit and loss account and balance sheet.
(a) any matter which, in the auditor’s opinion, adversely affects or may adversely affect the financial position of the licensed trust company to a material extent; (b) any matter which, in the auditor’s opinion, constitutes or may constitute a contravention of any provision of this Act or an offence involving fraud or dishonesty; or (c) any irregularity that has or may have a material effect upon the accounts, including any irregularity that may affect or jeopardise the moneys or other assets of any protected party of the licensed trust company, the auditor must immediately thereafter send a report in writing of the matter or irregularity to the Authority.
(a) a licensed trust company fails to lodge an auditor’s report under section 31; or (b) the Authority receives a report under section 31, the Authority may, without affecting its powers under section 36, if it is satisfied that it is in the interests of the licensed trust company, any protected party of the licensed trust company or the public, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books of the licensed trust company.
(a) destroys, conceals or alters any book relating to the business of a licensed trust company or any trust that is administered by the licensed trust company; or (b) sends, or conspires with any other person to send, out of Singapore, any book or asset of any description belonging to, in the possession of or under the control of a licensed trust company, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(a) destroyed, concealed or altered any book mentioned in subsection (1)(a); or (b) sent, or conspired to send, out of Singapore, any book or asset mentioned in subsection (1)(b), the onus of proving that, in so doing, the person did not act with intent to prevent, delay or obstruct the carrying out of an examination and audit under this Part lies on the person.
(a) to prevent falsification of the books required to be kept by it under this Act; and (b) to facilitate the discovery of any falsification of any such book.
(a) the Authority; and (b) in the case of an employee of such auditor, the auditor.
(a) a duty to submit to the Authority such additional information in relation to the auditor’s audit as the Authority considers necessary; (b) a duty to enlarge or extend the scope of the auditor’s audit of the business and affairs of the licensed trust company; (c) a duty to carry out any other examination or establish any procedure in any particular case; (d) a duty to submit a report to the Authority on any of the matters referred to in paragraphs (b) and (c), and the auditor must carry out such additional duty or duties.
(a) any statement made orally or in writing in the discharge of the auditor’s or employee’s duties under this Part; or (b) the submission of any report to the Authority under section 31(1), 32(4) or 36(1)(d).
(a) compels an advocate and solicitor to disclose or produce a privileged communication, or a document or other material containing a privileged communication, made by or to him or her in that capacity; or (b) authorises the taking of any such document or other material which is in his or her possession.
(a) the licensed trust company, or any person who is in possession of the books of the licensed trust company, must produce the books to the Authority and give such information or facilities as may be required by the Authority; (b) the licensed trust company must procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and (c) the Authority may — (i) make copies of, or take possession of, any of the books; (ii) use, or permit the use of, any of the books for the purposes of any proceedings under this Act; and (iii) retain possession of any of the books for so long as is necessary — (A) for the purposes of exercising a power conferred by this section (other than subsection (4)); (B) for a decision to be made on whether or not proceedings should be commenced under this Act in relation to the books; or (C) for such proceedings to be commenced and carried on.
(a) must permit another person to inspect at all reasonable times any of the books that the other person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority; and (b) may permit any other person to inspect any of the books.
(a) to perform any of the Authority’s functions under this Act; (b) to ensure compliance with this Act or any written direction; (c) to investigate any alleged or suspected contravention of any provision of this Act.
(a) providing information or producing books to the Authority if the person had provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this Division; or (b) doing or omitting to do any act, if the person had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division.
For the purpose of an investigation under this Division, the Authority may by written notice require any person to provide information or produce any book relating to any matter under investigation at a specified time and place, and the person must immediately comply with that requirement.
(a) which has not been produced in compliance with that requirement; or (b) which the Authority has reasonable grounds to believe will not be produced in compliance with that requirement, the Authority may apply to a Magistrate for the issue of a warrant to search the premises for such book.
(a) which has not been produced in compliance with that requirement; or (b) which the Magistrate has reasonable grounds to suspect will not be produced in compliance with that requirement, the Magistrate may issue a warrant authorising the Authority or any person named in the warrant, with or without assistance — (c) to enter and search the premises and to break open and search anything, whether a fixture or not, in the premises; and (d) to take possession of, or secure against interference, any book that appears to be a book the production of which was so required.
(a) books are produced to the Authority under a requirement imposed under section 42; (b) under a warrant issued under section 43, the Authority or a person named in the warrant — (i) takes possession of books; or (ii) secures books against interference; or (c) under a previous application of subsection (6), books are delivered into the possession of the Authority or a person authorised by the Authority to receive them.
(a) inspect, and make copies of, or take extracts from, any of the books; (b) use, or permit the use of, any of the books for the purposes of any proceedings; and (c) retain possession of any of the books for so long as is necessary — (i) for the purposes of exercising a power conferred by this section (other than subsection (5)); (ii) for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such book; or (iii) for such proceedings to be commenced and carried on.
(a) must permit another person to inspect at all reasonable times any of the books that the second‑mentioned person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority or the firstmentioned person; and (b) may permit any other person to inspect any of the books.
(a) if subsection (1)(a) applies, a person who so produced any of the books; or (b) in any other case, a person who was a party to the compilation of any of the books, to explain, to the best of the person’s knowledge and belief, any matter about the compilation of any of the books or to which any of the books relate.
(a) the place where the book may be found; or (b) the person who last had possession, custody or control of the book and the place where that person may be found.
(a) the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions; (b) the parent supervisory authority — (i) is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or (ii) has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine; (c) the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection (2).
(a) the classes of information to which the parent supervisory authority is or is not to have access in the course of the inspection; (b) the conduct of the inspection; (c) the use or disclosure of any information obtained in the course of the inspection; and (d) any other matters that the Authority may determine.
(a) must afford the parent supervisory authority access to the books, accounts and documents of the branch or office of the licensed trust company under inspection, and provide such information (including information relating to the licensed trust company’s internal control systems) and facilities as may be required to conduct the inspection; and (b) is not required to afford the parent supervisory authority access to its books, accounts and documents or to provide information or facilities at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensed trust company.
(a) the parent supervisory authority is an AML/CFT authority as defined in section 17 of the Financial Services and Markets Act 2022, and exercises consolidated supervision authority as defined in that section over that licensed trust company; and [Act 18 of 2022 wef 28/04/2023] (b) the inspection is solely for the purpose of such consolidated supervision. [31/2017]
(a) by the Authority upon an inspection under section 40 or an investigation under section 41; or (b) by a parent supervisory authority upon an inspection under section 47, the report must not be disclosed by the licensed trust company, or any officer or auditor of the licensed trust company, to any other person except in the circumstances provided under subsection (2).
(a) by the licensed trust company in Singapore to any officer or auditor of that licensed trust company solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that licensed trust company; (b) by any officer or auditor of the licensed trust company in Singapore to any other officer or auditor of that licensed trust company, solely in connection with the performance of their duties in that licensed trust company; (c) to the Authority if requested by the Authority, where the report has been produced by a parent supervisory authority; or (d) to any other person as the Authority may approve in writing.
(a) in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) in any other case, to a fine not exceeding $150,000.
(a) where the disclosure was made in any written form, to surrender or take all reasonable steps to surrender the report and all copies of the report to the Authority; (b) where the disclosure was made in an electronic form, to take all reasonable steps to ensure that all electronic copies of the report received by the person are deleted; (c) to take any other action that the Authority may direct.
(a) direct that the proceedings be held in private; and [Act 25 of 2021 wef 01/04/2022] (b) make any further orders that the court considers necessary to ensure the confidentiality of the information.
(a) in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) in any other case, to a fine not exceeding $150,000.
(a) where disclosure of any protected information is authorised under the Third Schedule to be made to any person which is a body corporate, such information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; and (b) the obligation of any officer or other person who receives any protected information referred to in Part 2 of the Third Schedule continues after the termination or cessation of the officer’s or other person’s appointment, employment, engagement or other capacity or office in which the officer or other person had received such information.
(a) the refusal of the Authority to grant a trust 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 trust company to remove an officer from office or employment, may, within 30 days after it is notified of the decision of the Authority, appeal to the Minister whose decision is final.
(a) is deemed to be a public servant for the purposes of the Penal Code 1871; and (b) in case of any suit or legal proceedings brought against the member for any act done or omitted to be done in the execution of the member’s duty under the provisions of this Act, has the like protection and privileges as are by law given to a Judge in the execution of his or her office.
(a) the interest of the public; (b) the interest of the protected parties of licensed trust companies; and (c) the safeguarding of sources of information.
Nothing in this Act requires the Minister or any public servant to disclose any information which he or she considers to be against the interest of the public to disclose.
(a) the appointment of members to, and procedures of, the Appeal Advisory Panel and Appeal Advisory Committees; (b) the form and manner in which an appeal to the Minister under this Act is to be made; (c) the fees to be paid in respect of any appeal made to the Minister under this Act, including the refund or remission, whether in whole or in part, of such fees; (d) the remuneration of the members of the Appeal Advisory Panel and Appeal Advisory Committees; and (e) all matters and things which by this Part are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to any provision of this Part.
A licensed trust company, acting in a fiduciary capacity, is capable of acquiring and holding any property in joint tenancy in the same manner as if it were a private individual.
(a) under and in accordance with section 62 of the Trustees Act 1967; and (b) within such time or at such intervals as may be prescribed.
(a) wilfully makes, or causes to be made, a false entry in any book of the licensed trust company; (b) wilfully omits to make, or causes to be omitted, an entry in any such book; or (c) wilfully alters, extracts, conceals or destroys, or causes to be altered, extracted, concealed or destroyed, an entry in any such book, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of the offence.
(a) to have been committed with the consent or connivance of an officer; or (b) to be attributable to any neglect on the officer’s part, the officer as well as the body corporate shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
(a) compliance with any provision of this Act; or (b) the accuracy and correctness of any statement submitted under this Act, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
Any person who is guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $12,500.
(a) offences under section 7(3), 11(2), 13(6), 14(6), 21(2), 28(7) or (8), 29(3), 30(4) or (5), 47(6), 48(5)(b) or 49(6)(b); and (b) offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection (1) does not apply to those offences.
Proceedings for an offence under this Act may be taken only with the consent of the Public Prosecutor. [15/2010]
(a) was compoundable under this section at the time the offence was committed; but (b) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed. [10/2013]
(a) exemptions from any requirement relating to — (i) the licensing or approval of any person; or (ii) the lodgment or registration of any document, (a) under this Act; (b) exemptions from any other requirement in this Act; (c) the application of this Act with such modifications as may be necessary; (d) the revocation or withdrawal of any exemption granted; and (e) the variation of any condition or restriction imposed in connection with the granting of any exemption under this Act.
Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given an opportunity to be heard.
“misconduct” means — (a) the contravention of — (i) any provision of this Act; (ii) any condition or restriction of a licence or an exemption granted under this Act; (iii) any written direction issued by the Authority under this Act; or (iv) any code, guideline, policy statement or practice note issued or published under section 74; (b) the failure by an officer of a licensed trust company or an exempt person to discharge any duty or function of his or her office; or (c) the commission of an offence under section 64 or 65(1); “officer” — (a) in relation to a body corporate, means a director, chief executive, manager, resident manager, secretary or other similar officer of the body corporate, and includes a person purporting to act in any such capacity; or (b) in relation to an unincorporated association (other than a partnership), means the president, the secretary, a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity; “relevant person” means any licensed trust company or exempt person, or any employee, officer or partner of the licensed trust company or exempt person.
(a) in furtherance of its regulatory objectives; (b) in relation to any matter relating to any of the functions of the Authority under any provision of this Act; or (c) in relation to the operation of any provision of this Act.
(a) the other provisions of this section apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement, practice note or no‑action letter; and (b) any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no‑action letter however expressed is, unless the context otherwise requires, a reference to the code, guideline, policy statement, practice note or no‑action letter as so amended.
(a) may be of general or specific application; and (b) may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.
(a) any information relating to — (i) any licensed trust company; (ii) any exempt person; or (iii) any other person or class of persons granted an exemption under section 80; or (b) any other information which the Authority has acquired in the exercise of its functions or the performance of its duties under this Act.
(a) the lapsing, revocation or suspension of the approval, licence or exemption granted to any person referred to in subsection (1); (b) the removal of an officer of any person referred to in subsection (1); (c) the composition of any offence — (i) under this Act committed by any person; or (ii) under any other law (whether of Singapore or any territory or country outside Singapore) involving a person referred to in subsection (1); (d) any civil or criminal proceedings brought — (i) under this Act against any person and the outcome of the proceedings, including any settlement, whether in or out of court; or (ii) under any other law, whether of Singapore or any territory or country outside Singapore, against any person referred to in subsection (1) and the outcome of the proceedings, including any settlement, whether in or out of court; (e) any disciplinary proceedings brought by the Authority against any person referred to in subsection (1) and the outcome of the proceedings; and (f) any other action as may have been taken by the Minister or the Authority against any person referred to in subsection (1).
(a) any licensed trust company; (b) any exempt person; (c) any officer of a licensed trust company or an exempt person; or (d) any class of the persons referred to in paragraphs (a), (b) or (c), to comply with such requirements as the Authority may specify in the written directions.
(a) the standards to be maintained by the licensed trust company or exempt person concerned in the conduct of the business of the licensed trust company or exempt person; (b) the type and frequency of submission of financial returns and other information to be submitted to the Authority; and (c) the qualifications, experience and training of the officers of the licensed trust company or exempt person, and the person to whom the direction is issued must comply with the direction.
(a) has committed an offence under this Act; (b) has contravened any condition or restriction of a trust business licence; or (c) is about to do an act that, if done, would be such an offence or contravention, the court may, without affecting any order it would be entitled to make otherwise than under this section, make one or more of the following orders: (d) in the case of a persistent or continuing breach of this Act or of any condition or restriction of a licence, an order restraining a person from carrying on all or any of the trust business or from holding the person out as so carrying on all or any of the trust business or so acting; (e) for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act; (f) any ancillary order deemed to be necessary or desirable in consequence of the making of any of these orders.
(a) if the court is satisfied that the person has engaged in conduct of that kind referred to in that subsection, whether or not it appears to the court that the person intends to engage again, or to continue to engage, in conduct of that kind; or (b) if it appears to the court that, in the event that an injunction is not granted, it is likely that the person will engage in conduct of that kind referred to in that subsection, whether or not the person has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person engages in conduct of that kind.
(a) if the court is satisfied that the person has refused or failed to do that act or thing mentioned in that subsection, whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or (b) if it appears to the court that, in the event that an order is not made, it is likely the person will refuse or fail to do that act or thing mentioned in that subsection, whether or not the person has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person refuses or fails to do that act or thing.
(a) if it is a company incorporated in Singapore, the address of its registered office in Singapore; or (b) if it is a foreign company, the address of its registered office in Singapore or the registered address of its authorised representative, referred to in section 366(1) of the Companies Act 1967, or, if it does not maintain a place of business in Singapore, its registered office in the place of its incorporation. [35/2014]
(a) may be granted subject to such conditions or restrictions as the Authority may specify by written notice; (b) need not be published in the Gazette; and (c) may be withdrawn at any time by the Authority.
(a) applications for the grant of licences under this Act and matters incidental thereto; (b) the minimum financial and other requirements that an applicant must fulfil for it to be issued a licence under this Act; (c) the activities of, and standards to be maintained by, a licensed trust company, an exempt person or any person who is granted an exemption under section 80, including the manner, method and place of conducting trust business; (d) the particulars to be recorded in, or in respect of, books kept by a licensed trust company; and (e) the requirements and restrictions relating to the granting of any unsecured advance, unsecured loan or unsecured credit facility by a licensed trust company.
(a) may be of general or specific application; (b) may provide that a contravention of any specified provision thereof shall be an offence; and (c) may provide for penalties not exceeding a fine of $25,000 or imprisonment for a term not exceeding 12 months or both for each offence.
(a) the provision of services with respect to the creation of an express trust; (b) acting as trustee in relation to an express trust; (c) arranging for any person to act as trustee in respect of an express trust; (d) the provision of trust administration services in relation to an express trust.
(a) a bare trustee; (b) a person acting as a trustee or an administrator of a business trust; (c) the trustee-manager of a registered business trust; (d) a person preparing or advising on a will; (e) a person acting as the executor or as the administrator of the estate of a deceased person (including the person acting in any matter that arises in consequence of the execution of the will or the administration of the estate of the deceased person, as the case may be).
“bare trustee” means a trustee who has a nominal interest in the subject matter of a trust; “business trust” has the meaning given by section 2 of the Business Trusts Act 2004; “trustee-manager” has the meaning given by section 2 of the Business Trusts Act 2004.
“appointed personal representative”, in relation to a deceased person, means a person appointed as executor or administrator of the estate of the deceased person; “lawyer” means an advocate and solicitor of the Supreme Court of Singapore, a foreign lawyer or any person who is duly authorised or registered to practise law in a country or territory other than Singapore by a foreign authority having the function conferred by law of authorising or registering persons to practise law in that country or territory; “public officer” includes any officer of a statutory board; “specified written law” means the Companies Act 1967, the Criminal Procedure Code 2010, the Goods and Services Tax Act 1993, the Income Tax Act 1947, the Internal Security Act 1960, the Insolvency, Restructuring and Dissolution Act 2018, the Kidnapping Act 1961 and the Prevention of Corruption Act 1960. [40/2018]
This Legislative History is a service provided by the Law Revision Commission on a best-efforts basis. It is not part of the Act.
Date of First Reading : 6 September 1926 (Published on 10 September 1926) Date of Second and Third Readings : 1 November 1926 Date of commencement : 26 November 1926
Date of operation : 1 September 1936
Date of First Reading : 20 January 1941 (Published on 3 January 1941) Date of Second and Third Readings : 3 February 1941 Date of commencement : 21 February 1941
Date of First Reading : 23 August 1949 (Published on 26 August 1949) Date of Second and Third Readings: 20 September 1949 Date of commencement: 30 September 1949
Date of First Reading : 16 September 1952 (Bill No. 32/52 published on 19 September 1952) Date of Second and Third Readings : 14 October 1952 Date of commencement : 30 April 1955
Date of operation : 1 May 1955
Date of commencement : 29 May 1959
Date of operation : 1 July 1971
Date of operation : 30 March 1987
Date of First Reading : 25 January 2005 (Bill No. 1/2005 published on 26 January 2005) Date of Second and Third Readings : 18 February 2005 Date of commencement : 1 February 2006
Note: The Trust Companies Act 2005 repealed and re-enacted with amendments the Trust Companies Act (Chapter 336, 1985 Revised Edition).
Date of First Reading : 17 October 2005 (Bill No. 30/2005 published on 18 October 2005) Date of Second and Third Readings : 21 November 2005 Date of commencement : 1 April 2006 (items (2) to (7), (9), (11), (12), (13), (15), (16), (22), (25), (31), (34)(a) and (36) in the First Schedule; and the Third Schedule)
Date of operation : 31 July 2006
Date of First Reading : 8 November 2006 (Bill No. 14/2006 published on 9 November 2006) Date of Second and Third Readings : 22 January 2007 Date of commencement : 1 March 2007 (item (12) in the Schedule)
Date of First Reading : 21 July 2008 (Bill No. 11/2008 published on 22 July 2008) Date of Second and Third Readings : 15 September 2008 Date of commencement :1 March 2010 (item 1(50) in the Schedule)
Date of First Reading :26 April 2010 (Bill No. 11/2010 published on 26 April 2010) Date of Second and Third Readings :19 May 2010 Date of commencement : 2 January 2011
Date of First Reading : 4 February 2013 (Bill No. 4/2013 published on 4 February 2013) Date of Second and Third Readings :15 March 2013 Date of commencement : 18 April 2013 (section 10 — Amendment of Trust Companies Act)
Bill : 24/2014 First Reading : 8 September 2014 Second and Third Readings :7 October 2014 Commencement :1 July 2015 3 January 2016
Bill : 15/2016 First Reading : 14 April 2016 Second and Third Readings : 9 May 2016 Commencement : 10 June 2016
Date of First Reading : 7 November 2016 (Bill No. 35/2016) Date of Second and Third Readings : 9 January 2017 Date of commencement : 8 October 2018
Date of First Reading : 8 May 2017 (Bill No. 25/2017) Date of Second and Third Readings : 4 July 2017 Date of commencement : 5 June 2018 29 October 2018
Bill : 32/2018 First Reading : 10 September 2018 Second and Third Readings : 1 October 2018 Commencement : 30 July 2020
Date of First Reading : 7 October 2019 (Bill No. 32/2019) Date of Second and Third Readings : 5 November 2019 Date of commencement : 2 January 2021
Date of First Reading : 4 November 2019 (Bill No. 35/2019) Date of Second and Third Readings : 6 January 2020 Date of commencement : 1 July 2021
Operation : 31 December 2021
(Amendments made by section 217 of the above Act) Bill : 18/2021 First Reading : 26 July 2021 Second and Third Readings : 14 September 2021 Commencement : 1 April 2022 :
Date of First Reading : 14 February 2022 (Bill No. 4/2022) Date of Second and Third Readings : 5 April 2022 Date of commencement : 28 April 2023 (Section 210(2)) 10 May 2024 (Section 210(1))
(updated on 29 August 2022) G.N. Gazette Notification G.N. Sp. Gazette Notification (Special Supplement) L.A. Legislative Assembly L.N. Legal Notification (Federal/Malaysian) M. Malaya/Malaysia (including Federated Malay States, Parl. S S.I. S (N.S.) Malayan Union, Federation of Malaya and Federation of Malaysia) Parliament Subsidiary Legislation Statutory Instrument (United Kingdom) Subsidiary Legislation (New Series) S.S.G.G. Straits Settlements Government Gazette S.S.G.G. (E) Straits Settlements Government Gazette (Extraordinary)
This Act has undergone renumbering in the 2020 Revised Edition. This Comparative Table is provided to help readers locate the corresponding provisions in the last Revised Edition.
