The Monetary Authority of Singapore seeks comments on new regulatory framework for trust companies
Posted on Monday, July 19, 2004 - 08:40 PM
Trust companies in Singapore are currently regulated by the Accounting & Corporate Regulatory Authority ("ACRA") under the current Trust Companies Act ("current TCA"). The Monetary Authority of Singapore ("MAS") seeks comments on establishing a new regulatory framework for trust companies, including a new Trust Companies Act ("TCA"). Under the new framework, MAS will regulate trust companies in Singapore. The new framework seeks to enhance the standards of the trust services industry in Singapore.
There is a consultation paper which sets out the key policies that MAS is considering in establishing the new regulatory framework for trust companies. It also includes a draft legislation.
MAS invites interested parties to forward their views and comments on the issues outlined in the consultation paper and on the draft legislation.
MAS would like all comments and feedback to be submitted by 18 August 2004. Details can eb found at
www.mas.gov.sg.
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