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

An Act to provide for the licensing and regulation of trust companies and for matters connected therewith.

[1 February 2006]

PART 1

PRELIMINARY

Short title

1. This Act is the Trust Companies Act 2005.

Interpretation

2. In this Act, unless the context otherwise requires —

“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]

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