3. Regulation 4(1) of the principal Regulations is amended —| (a) | by deleting sub‑paragraph (b) and substituting the following sub‑paragraph:| “(b) | any practising solicitor, foreign practitioner, Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, 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 a trustee in respect of an express trust; | | (iii) | the provision, in relation to an express trust, of trust administration services —| (A) | which are procedural and non‑discretionary; or | | (B) | which relate to the drafting of legal documentation, and the giving of professional legal advice in connection with the drafting of legal documentation; or |
| | (iv) | the carrying out of any trust business that is not described in sub‑paragraphs (i), (ii) and (iii), if all of the following conditions are complied with:| (A) | the total amount of financial assets, excluding real property, settled by any client in one or more trusts in connection with the trust business does not exceed $2 million; | | (B) | the practising solicitor or foreign practitioner, or each practising solicitor or foreign practitioner in the Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, as the case may be, has not more than 30 clients; | | (C) | each client of the practising solicitor or foreign practitioner, or each client of a practising solicitor or foreign practitioner in the Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, as the case may be, is not also the client of another practising solicitor or foreign practitioner in the same Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, as the case may be; | | (D) | the practising solicitor or foreign practitioner (through his Singapore law practice, Joint Law Venture or Qualifying Foreign Law Practice), or the Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, as the case may be, notifies the Authority in Form 8 that he, or it, is carrying on such trust business within one month after the date of commencement of the trust business;”; |
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| | (b) | by inserting, immediately after the word “provision” in sub‑paragraph (c)(iii), the words “, in relation to an express trust,”; | | (c) | by deleting the words “section 130CA of the Companies Act (Cap. 50)” in sub‑paragraph (h) and substituting the words “section 81SI of the Securities and Futures Act”; and | | (d) | by inserting, immediately after the word “provision” in sub‑paragraph (j)(iii), the words “, in relation to an express trust,”. |
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