5.—(1) Sections 40 to 46, 61 and 62 of the Act and regulation 16 of the Trust Companies Regulations 2005 (G.N. No. S 836/2005) shall apply, with the necessary modifications, to the exempt persons referred to in section 15 of the Act and in regulation 4.
(2) Where any of the requirements under sections 40 to 46, 61 and 62 of the Act and regulation 16 of the Trust Companies Regulations 2005 (G.N. No. S 836/2005) is inconsistent with any requirement under the Accountants Act (Cap. 2), the Banking Act (Cap. 19), the Monetary Authority of Singapore Act (Cap. 186), the Legal Profession Act (Cap. 161) or the Securities and Futures Act (Cap. 289), the requirement under the Accountants Act, the Banking Act, the Monetary Authority of Singapore Act, the Legal Profession Act or the Securities and Futures Act, as the case may be, shall prevail.
(3) A person who is exempt under section 15 (1)(a) or (b) of the Act shall —
(a)
within 3 months from 1st February 2006 or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in Form 8 that it is providing trust business service;
(b)
whenever there is any change in its relevant particulars, lodge with the Authority a notice in Form 9 to inform the Authority of the change not later than 14 days after the date of the change; and
(c)
upon the cessation of any trust business in respect of which that person has been so exempt, lodge with the Authority a notice in Form 10 to inform the Authority of the cessation not later than 14 days after the cessation has taken place.
(4) A person who is exempt under regulation 4(1)(b)(iv) shall —
(a)
lodge with the Authority a statement in Form 6, in respect of each calendar year or such other period as the Authority may allow, within 60 days after the end of each calendar year;
(b)
whenever there is any change in his relevant particulars, lodge with the Authority a notice in Form 9 to inform the Authority of the change not later than 14 days after the date of the change; and
(c)
upon the cessation of any trust business in respect of which that person has been so exempt, lodge with the Authority a notice in Form 10 to inform the Authority of the cessation not later than 14 days after the cessation has taken place.
(5) For the purposes of paragraph (4), where the exempt person is an advocate and solicitor, the advocate and solicitor shall lodge the relevant Forms with the Authority through his law firm.