Trust Companies Act 2005

Source: Singapore Statutes Online | Archived by Legal Wires

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]
PART 2
LICENSING OF TRUST COMPANIES
Restriction on carrying on trust business
3.—(1)  Subject to subsection (3), a person must not carry on any trust business or hold himself, herself or itself out as carrying on any trust business in or from within Singapore unless that person is a licensed trust company.
(2)  A licensed trust company must not, without the prior approval of the Authority, establish a place of business outside Singapore to carry on any business which, if carried on in Singapore, would constitute trust business.
(3)  Subsection (1) does not apply to any person specified in the Second Schedule.
(4)  Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 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 $7,500 for every day or part of a day during which the offence continues after conviction.
Application for trust business licence
4.—(1)  An application for a trust business licence must —
(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.
(2)  The Authority may require an applicant to provide it with such information or documents as it considers necessary in relation to the application.
Grant of trust business licence
5.—(1)  The Authority must not grant a trust business licence to an applicant therefor unless the applicant is —
(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.
(2)  A trust business licence may only be granted if the applicant meets such minimum financial and other requirements as the Authority may prescribe.
(3)  Subject to regulations made under this Act, where an application is made for the grant of a trust business licence, the Authority may refuse the application if —
(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.
(4)  The Authority must not refuse an application for a trust business licence without giving the applicant an opportunity to be heard, except in the following circumstances:
(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.
Licence fee
6.—(1)  Every licensed trust company must pay to the Authority such licence fee as may be prescribed.
(2)  Any licence fee paid to the Authority under this Act is not to be refunded or remitted if —
(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.
(3)  Despite subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any licence fee paid to it.
Power of Authority to impose conditions or restrictions
7.—(1)  The Authority may grant a trust business licence subject to such conditions or restrictions as it thinks fit.
(2)  The Authority may, at any time, by written notice to a licensed trust company, vary or revoke any condition or restriction or attach such further condition or restriction as it thinks fit.
(3)  Any licensed trust company which contravenes any condition or restriction attached to its trust business licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
False statements in relation to application for grant of licence
8.  Any person who, in connection with an application for a trust business licence and without reasonable excuse —
(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.
Notification of change of particulars
9.—(1)  Where —
(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.
(2)  Any licensed trust company that, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence.
[Act 12 of 2024 wef 24/01/2025]
(3)  [Deleted by Act 12 of 2024 wef 24/01/2025]
Lapsing, revocation and suspension of licence
10.—(1)  The trust business licence of a licensed trust company lapses —
(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.
(2)  The Authority may revoke or suspend the trust business licence of a licensed trust company in respect to all or any of the trust business services that are provided by the licensed trust company if —
(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]
(3)  The Authority must not revoke or suspend the trust business licence of a licensed trust company under subsection (2) without giving the licensed trust company an opportunity to be heard, except in any of the following circumstances:
(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.
Restriction on cessation of business
11.—(1)  A licensed trust company must not, without the sanction of the court and for so long as any trust in respect of which the licensed trust company is a trustee remains in whole or in part unadministered, cease to carry on its trust business.
(a)[Deleted by Act 12 of 2024 wef 24/01/2025]
(b)[Deleted by Act 12 of 2024 wef 24/01/2025]
[Act 12 of 2024 wef 24/01/2025]
(2)  Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
[Act 12 of 2024 wef 24/01/2025]
General provisions as to winding up
12.—(1)  The persons who may apply under the Insolvency, Restructuring and Dissolution Act 2018 for the winding up of the affairs of a licensed trust company, or for the continuance of the winding up of the affairs of a licensed trust company subject to the supervision of the court, include the Authority.
[40/2018]
(2)  The Authority may, in accordance with the provisions of the Insolvency, Restructuring and Dissolution Act 2018, apply for the winding up of a licensed trust company if the licensed trust company has contravened any provision of this Act.
[40/2018]
(3)  The Authority is to be a party to any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a licensed trust company.
[40/2018]
(4)  The liquidator in any winding up mentioned in subsection (3) must give to the Authority such information as the Authority may, from time to time, require about the affairs of the licensed trust company.
(5)  Any liquidator who contravenes subsection (4) shall be guilty of an offence.
Approval of resident manager and director of licensed trust company
13.—(1)  A licensed trust company must not appoint a person as —
(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.
(2)  Where a licensed trust company has obtained the approval of the Authority to appoint a person as its resident manager or director under subsection (1), the person may be re‑appointed as resident manager or director (as the case may be) of the licensed trust company immediately upon the expiry of the earlier term without the approval of the Authority.
(3)  Without affecting any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such requirements as may be prescribed or as may be specified in written directions.
(4)  The Authority must not refuse an application for approval under subsection (1) without giving the licensed trust company an opportunity to be heard, except where the person proposed to be appointed —
(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.
(5)  Where the Authority refuses an application for approval under subsection (1), the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
(6)  Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Disqualification or removal of officer of licensed trust company
14.—(1)  Despite the provisions of any other written law —
(a)a licensed trust company must not, without the prior written consent of the Authority, permit an individual to act as its officer, executive officer or resident manager; and
(b)a licensed trust company which is incorporated in Singapore must not, without the prior written consent of the Authority, permit an individual to act as its director,
if the individual —
(c)has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after the date of commencement of section 97(b) of the Financial Institutions (Miscellaneous Amendments) Act 2024, being an offence —
(i)involving fraud or dishonesty;
(ii)the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; or
(iii)that is specified in the Third Schedule to the Registration of Criminals Act 1949;
(d)is an undischarged bankrupt, whether in Singapore or elsewhere;
(e)has had an enforcement order against him or her in respect of a judgment debt returned unsatisfied in whole or in part;
(f)has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation;
(g)has had a related Acts prohibition order or an FSMA prohibition order made against him or her that remains in force; or
(h)has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
(i)which is being or has been wound up by a court; or
(ii)the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked (without any application by the regulated financial institution for withdrawal, cancellation or revocation) by the Authority or, in the case of a regulated financial institution in a foreign country or jurisdiction, by the regulatory authority in that foreign country or jurisdiction.
[Act 12 of 2024 wef 24/01/2025]
(2)  Despite the provisions of any other written law, where the Authority is satisfied that a director of a licensed trust company which is incorporated in Singapore, or an officer, executive officer or resident manager of a licensed trust company is not a fit and proper person to be a director, officer, executive officer or resident manager (as the case may be) of the licensed trust company, the Authority may, by notice in writing to the licensed trust company, direct it to remove the director, officer, executive officer or resident manager from his or her office or employment within such period as the Authority may specify in the notice, and the licensed trust company must comply with the notice.
[Act 12 of 2024 wef 24/01/2025]
(3)  For the purpose of subsection (2), the Authority may consider any matter which it considers relevant, including (but not limited to) whether —
(a)the individual has wilfully contravened or wilfully caused the licensed trust company to contravene any provision of this Act;
(b)the individual has, without reasonable excuse, failed to secure the compliance of the licensed trust company with this Act, the Monetary Authority of Singapore Act 1970, or any of the written laws set out in the Schedule to that Act;
(c)the individual has failed to discharge any of the duties of his or her office or employment;
(d)the individual’s removal is necessary in the public interest or for the protection of protected parties of the licensed trust company; or
(e)the individual comes within any of the grounds mentioned in subsection (1).
[Act 12 of 2024 wef 24/01/2025]
(4)  The Authority must, in determining whether an individual has failed to discharge the duties of his or her office or employment for the purposes of subsection (3)(c), have regard to such criteria as may be prescribed.
[Act 12 of 2024 wef 24/01/2025]
(4A)  The Authority must not direct a licensed trust company to remove an individual from his or her office or employment under subsection (2) without giving the licensed trust company and that individual an opportunity to be heard, except in any of the following circumstances:
(a)the individual is an undischarged bankrupt, whether in Singapore or elsewhere;
(b)an FSMA prohibition order against the individual has been made that remains in force;
(c)the individual has been convicted, whether in Singapore or elsewhere, of an offence, committed before, on or after the date of commencement of section 97(b) of the Financial Institutions (Miscellaneous Amendments) Act 2024 —
(i)involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and
(ii)punishable with imprisonment for a term of 3 months or more.
[Act 12 of 2024 wef 24/01/2025]
(4B)  A licensed trust company must, as soon as practicable after receiving a direction under subsection (2), notify the affected director, officer, executive officer or resident manager of the direction.
[Act 12 of 2024 wef 24/01/2025]
(4C)  A licensed trust company who receives a direction under subsection (2), or any director, officer, executive officer or resident manager of a licensed trust company in relation to whom a direction under subsection (2) is given, may, within 30 days after the licensed trust company receives the direction, appeal to the Minister whose decision is final.
[Act 12 of 2024 wef 24/01/2025]
(4D)  Despite the lodging of an appeal under subsection (4C), any direction under subsection (2) continues to have effect pending the Minister’s decision.
[Act 12 of 2024 wef 24/01/2025]
(4E)  The Minister may, when deciding an appeal under subsection (4C), modify the direction under subsection (2), and such modified action has effect starting on the date of the Minister’s decision.
[Act 12 of 2024 wef 24/01/2025]
(5)  No civil or criminal liability is incurred by —
(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.
(6)  Any licensed trust company who, without reasonable excuse, contravenes subsection (1) or fails to comply with a notice issued under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
[Act 12 of 2024 wef 24/01/2025]
(7)  In this section —
“FSMA prohibition order” means a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;
“regulated financial institution” means a person who carries on a business the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority”, in relation to a foreign country or jurisdiction, means an authority of the foreign country or jurisdiction exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;
“related Acts prohibition order” means —
(a)a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
(g)a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or
(h)a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022.
[Act 12 of 2024 wef 24/01/2025]
Exempt persons
15.—(1)  Subject to subsection (9), the following persons are exempt from the requirement to hold a trust business licence in respect of the carrying on of trust business:
(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]
(2)  Any bank providing any trust business service referred to in subsection (1)(a)(i) or (ii) must —
(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.
(3)  Any merchant bank providing any trust business service referred to in subsection (1)(b)(i) or (ii) must —
(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.
(4)  The Authority may prescribe the provisions of this Act that apply to persons referred to in subsection (1)(a), (b) and (c).
(5)  The Authority may prescribe or specify in written directions the provisions of this Act that apply to persons mentioned in subsection (1)(d) and (e).
(6)  The Authority may prescribe or specify in written directions such conditions or restrictions as it thinks fit to impose on an exempt person in relation to the conduct of trust business or any related matter as the Authority thinks fit and the exempt person must comply with such conditions or restrictions.
(7)  The Authority may at any time vary, rescind or revoke any written direction issued under subsection (5) or (6).
(8)  Any exempt person who contravenes —
(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.
(9)  The Authority may revoke an exemption conferred on any person by this section if —
(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.
(10)  Where the Authority revokes an exemption conferred on any person by this section, the Authority need not give the person an opportunity to be heard.
(11)  The revocation under subsection (9) of the exemption conferred on any person by this section does not operate so as to —
(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.
(12)  Any person who is aggrieved by a decision of the Authority made under subsection (9) may, within 30 days after being notified of the decision of the Authority, appeal to the Minister whose decision is final.
PART 3
CONTROL OF SHAREHOLDINGS AND VOTING POWERS
Control of shareholdings and voting power in licensed trust company
16.—(1)  A person must not become —
(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.
(2)  Where any person becomes a controller of a licensed trust company that is incorporated outside Singapore, the licensed trust company must notify the Authority in writing as soon as practicable after the acquisition of the control.
(3)  In this section —
“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.
(4)  For the purposes of subsection (3) —
(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]
(5)  In subsection (4)(c), “subsidiary” has the meaning given by section 5 of the Companies Act 1967.
[35/2014]
Application for approval of Authority to become controller of licensed trust company
17.—(1)  An application for the approval of the Authority as required under section 16(1) must be made to the Authority in such form and manner as the Authority may require and the Authority may grant such approval to the applicant therefor if the Authority is satisfied that —
(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.
(2)  Any approval under this section may be granted to any person subject to such conditions as the Authority may determine, including but not limited to any condition —
(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.
(3)  Any condition imposed under subsection (2) has effect despite any provision of the Companies Act 1967 or anything contained in the memorandum or articles of association of the licensed trust company.
Objection to existing control
18.—(1)  The Authority may serve a written notice of objection on any person mentioned in section 16 if the Authority is satisfied that —
(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.
(2)  The Authority must not serve a notice of objection on any person without giving the person an opportunity to be heard, except in the following circumstances:
(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.
(3)  Any person served with a notice of objection under this section must comply with the requirements of the notice.
Licensed trust company to provide to Authority information relating to controllers, etc.
19.  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.
Offences, penalties and defences
20.—(1)  Any person who contravenes section 16(1), 18(3) or 19 or any condition imposed under section 17(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(2)  Where a person is charged with an offence in respect of a contravention of section 16(1), it is a defence for the person to prove that —
(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.
(3)  Where a person is charged with an offence in respect of a contravention of section 16(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —
(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.
(4)  Except as provided in subsections (2) and (3), it is not a defence for a person charged with an offence in respect of a contravention of section 16(1) to prove that the person did not intend to or did not knowingly contravene that provision.
Shareholding or control in other corporations
21.—(1)  A licensed trust company must not, without obtaining the prior approval of the Authority, acquire or hold more than —
(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.
(2)  Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
PART 3A
CONTROL OVER LICENSED TRUST COMPANY
Interpretation of this Part
21A.  In this Part, unless the context otherwise requires —
“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]
Information of insolvency, etc.
21B.—(1)  Any licensed trust company which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority of that fact.
[10/2013]
(2)  Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction 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.
[10/2013]
Action by Authority if licensed trust company unable to meet obligations, etc.
21C.—(1)  The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where —
(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]
(2)  Subject to subsections (1) and (3), the Authority may —
(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]
(3)  In the case of a licensed trust company incorporated outside Singapore, any appointment of a statutory adviser or statutory manager or any assumption of control by the Authority of any business of the licensed trust company under subsection (2) must only be in relation to —
(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]
(4)  Where the Authority appoints 2 or more persons as the statutory manager of a licensed trust company, the Authority must specify, in the terms and conditions of the appointment, which of the duties, functions and powers of the statutory manager —
(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]
(5)  Where the Authority has exercised any power under subsection (2), it may, at any time and without affecting its power under section 10(2)(e), do one or more of the following:
(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]
(6)  No liability shall be incurred by a statutory manager or a statutory adviser for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
(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]
(7)  Any licensed trust company that fails to comply with a requirement imposed by the Authority under subsection (2)(a) shall be guilty of an offence and shall be liable on conviction 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.
[10/2013]
Effect of assumption of control under section 21C
21D.—(1)  Upon assuming control of the relevant business of a licensed trust company, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.
[10/2013]
(2)  During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company, the Authority or statutory manager —
(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]
(3)  In managing the relevant business of a licensed trust company, the Authority or statutory manager —
(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]
(4)  Despite any written law or rule of law, upon the assumption of control of the relevant business of a licensed trust company by the Authority or statutory manager, any appointment of a person as the chief executive or a director of the licensed trust company, which was in force immediately before the assumption of control, is deemed to be revoked, unless the Authority gives its approval, by written notice to the person and the licensed trust company, for the person to remain in the appointment.
[10/2013]
(5)  Despite any written law or rule of law, during the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company, except with the approval of the Authority, a person must not be appointed as the chief executive or a director of the licensed trust company.
[10/2013]
(6)  Where the Authority has given its approval under subsection (4) or (5) to a person to remain in the appointment of, or to be appointed as, the chief executive or a director of a licensed trust company, the Authority may at any time, by written notice to the person and the licensed trust company, revoke that approval, and the appointment is deemed to be revoked on the date specified in the notice.
[10/2013]
(7)  Despite any written law or rule of law, if any person, whose appointment as the chief executive or a director of a licensed trust company is revoked under subsection (4) or (6), acts or purports to act after the revocation as the chief executive or a director of the licensed trust company during the period when the Authority or statutory manager is in control of the relevant business of the licensed trust company —
(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]
(8)  Despite any written law or rule of law, if any person who is appointed as the chief executive or a director of a licensed trust company in contravention of subsection (5) acts or purports to act as the chief executive or a director of the licensed trust company during the period when the Authority or statutory manager is in control of the relevant business of the licensed trust company —
(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]
(9)  During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company —
(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,
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]
(10)  Any person who is guilty of an offence under subsection (7) or (8) 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]
(11)  In this section, “constitution”, in relation to a licensed trust company, means the memorandum of association and articles of association of the licensed trust company.
[10/2013]
Duration of control
21E.—(1)  The Authority must cease to be in control of the relevant business of a licensed trust company when the Authority is satisfied that —
(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]
(2)  A statutory manager is deemed to have assumed control of the relevant business of a licensed trust company on the date of the statutory manager’s appointment as a statutory manager.
[10/2013]
(3)  The appointment of a statutory manager in relation to the relevant business of a licensed trust company may be revoked by the Authority at any time —
(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]
(4)  The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of —
(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]
Responsibilities of officers, member, etc., of licensed trust company
21F.—(1)  During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company —
(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]
(2)  Any person who —
(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]
Remuneration and expenses of Authority and others in certain cases
21G.—(1)  The Authority may at any time fix the remuneration and expenses to be paid by a licensed trust company —
(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]
(2)  The licensed trust company must reimburse the Authority any remuneration and expenses payable by the licensed trust company to a statutory manager or statutory adviser.
[10/2013]
PART 3B
VOLUNTARY TRANSFER OF BUSINESS
Interpretation of this Part
21H.  In this Part, unless the context otherwise requires —
“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]
Voluntary transfer of business
21I.—(1)  A transferor may transfer the whole or any part of its business (including any business that is not trust business) to a transferee, if —
(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]
(2)  Subsection (1) does not affect the right of a licensed trust company to transfer the whole or any part of its business under any law.
[10/2013]
(3)  The Authority may consent to a transfer under subsection (1)(a) if the Authority is satisfied that —
(a)the transferee is a fit and proper person; and
(b)the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act.
[10/2013]
(4)  The Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Part.
[10/2013]
(5)  The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally.
[10/2013]
(6)  The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee.
[10/2013]
(7)  The Authority may require a person to provide, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of its duties or functions, or the exercise of its powers, under this Part.
[10/2013]
(8)  Any person who —
(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]
(9)  Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (7), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (8).
[10/2013]
Approval of transfer
21J.—(1)  A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under this Part.
[10/2013]
(2)  Before making an application under subsection (1) —
(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]
(3)  The Authority and any person who, in the opinion of the Court, is likely to be affected by the transfer —
(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]
(4)  The Court must not approve the transfer if the Authority has not consented under section 21I(1)(a) to the transfer.
[10/2013]
(5)  The Court may, after taking into consideration the views (if any) of the Authority on the transfer —
(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]
(6)  If the transferee is not granted a trust business licence by the Authority, the Court may approve the transfer on terms that the transfer takes effect only in the event of the transferee being granted a trust business licence by the Authority.
[10/2013]
(7)  The Court may by the order approving the transfer or by any subsequent order provide for all or any of the following matters:
(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]
(8)  Any order under subsection (7) may —
(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]
(9)  Subject to subsection (10), where an order made under subsection (7) provides for the transfer to the transferee of the whole or any part of the transferor’s business, then by virtue of the order the business (or part thereof) of the transferor specified in the order is transferred to and vests in the transferee, free in the case of any particular property (if the order so directs) from any charge which by virtue of the transfer is to cease to have effect.
[10/2013]
(10)  No order under subsection (7) has any effect or operation in transferring or otherwise vesting land in Singapore until the appropriate entries are made with respect to the transfer or vesting of that land by the appropriate authority.
[10/2013]
(11)  If any business specified in an order under subsection (7) is governed by the law of any foreign country or territory, the Court may order the transferor to take all necessary steps for securing that the transfer of the business to the transferee is fully effective under the law of that country or territory.
[10/2013]
(12)  Where an order is made under this section, the transferor and the transferee must each lodge within 7 days after the order is made —
(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]
(13)  A transferor or transferee which contravenes subsection (12), and every officer of the transferor or transferee (as the case may be) who fails to take all reasonable steps to secure compliance by the transferor or transferee (as the case may be) with that subsection, shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $2,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction.
[10/2013]
PART 4
PROBATE AND ADMINISTRATION
Licensed trust company may act as executor
22.  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.
Licensed trust company may be authorised to apply for probate or administration
23.—(1)  Subject to subsection (3), where any person is entitled to apply for probate of the will of any testator without leave being reserved to any other person to apply for probate, it is lawful for the person, whether absent from Singapore or not, and despite the provisions of any other written law, instead of the person applying for probate, to authorise a licensed trust company to apply to the court for a grant of administration with the will of the testator annexed, and such a grant may be made to the licensed trust company upon its own application, when so authorised.
(2)  Subject to subsection (3), where any person is entitled to apply for letters of administration with the will of any testator annexed, it is lawful for the person, whether absent from Singapore or not, and despite the provisions of any other written law, to authorise a licensed trust company, either alone or jointly with any other person, to apply to the court for a grant of letters of administration with the will of the testator annexed, and such a grant may be made to the licensed trust company upon its own application, when so authorised.
(3)  Subsections (1) and (2) do not apply to a case in which a will provides that the licensed trust company must not act as executor or in the trusts thereof.
(4)  Despite the provisions of any other written law, any person or persons entitled to apply for letters of administration of the estate of any intestate, whether the person or persons are absent from Singapore or not, may authorise a licensed trust company to apply to the court for such letters of administration, either alone or jointly with any other person, and administration of the estate of the intestate may be granted to the licensed trust company, either alone or jointly, upon its own application, when so authorised.
(5)  For the purposes of any application to the court for letters of administration of the estate of any deceased person, the court is to consider a licensed trust company, when authorised under subsection (4), to be in law entitled equally with any other person or class of persons to apply for and obtain a grant, but a licensed trust company, being so entitled, is not on that account alone to be preferred to the widower, widow or next of kin of any intestate.
(6)  A grant of probate or of letters of administration is not to be made to an agent or a nominee on behalf of a licensed trust company.
Procedure as to probate applications
24.—(1)  In all cases in which a licensed trust company is empowered under this Act to apply for probate or for letters of administration, any application, declaration, account or affidavit or other necessary document may be made or sworn by any officer of the company duly authorised by the licensed trust company in that behalf.
[42/2005]
(2)  Subject to subsection (3), any officer of a licensed trust company appointed by the licensed trust company for that purpose may, on behalf of the licensed trust company, sign any application, account or statement, take any oath, swear any affidavit, make any declaration, verify any act, attend at any court or place, and do any act or thing whatsoever, which may be required to be signed, taken, sworn, made, verified, given or done on behalf of the licensed trust company.
[42/2005]
(3)  Nothing in this Act confers upon any person, not otherwise entitled thereto, any right to appear or be heard before or in any court on behalf of a licensed trust company or to do any act whatsoever on behalf of a licensed trust company which could otherwise be lawfully done only by an advocate and solicitor.
Licensed trust company not to provide security
25.—(1)  Despite the provisions of the Probate and Administration Act 1934, a licensed trust company to which a grant of letters of administration has been made is not required to provide security for the due administration of the estate.
(2)  Despite the provisions of the Probate and Administration Act 1934 or any other written law, a licensed trust company appointed by the court to perform the duties of receiver, guardian, committee or any other office or trust is not required to provide security for the due performance of such duties.
Guardianship of person prohibited
26.—(1)  A licensed trust company must not be any of the following:
(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]
(2)  Any licensed trust company which accepts any appointment in contravention of subsection (1) shall be guilty of an offence.
PART 5
CONDUCT OF BUSINESS
Priority to orders of protected parties
27.—(1)  A licensed trust company or any of its employees involved in the management of the assets of an express trust must not enter into any transaction for the purchase or sale of any capital markets products for its, his or her own account unless all instructions to purchase or sell the capital markets products of the same class for the account of the trust have been fulfilled.
[4/2017]
(2)  Any person who contravenes subsection (1) 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.
PART 6
BOOKS, ACCOUNTS AND AUDIT
Division 1 — Books and accounts
Keeping of books and providing of returns
28.—(1)  Where a licensed trust company acts as a trustee of any express trust, the licensed trust company must keep, or cause to be kept, such books as will sufficiently explain the transactions entered into by the licensed trust company on behalf of the trust and the financial position of the trust.
(2)  A licensed trust company must keep, or cause to be kept, the books relating to the company as will —
(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.
(3)  An entry in the books of a licensed trust company required to be kept in accordance with this section is deemed to have been made by, or with the authority of, the licensed trust company.
(4)  A licensed trust company must retain such books as may be required to be kept under this Act for a period of at least 5 years.
[2/2007]
(5)  A licensed trust company must —
(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.
(6)  The Authority may, without limiting section 82(1), make regulations in respect of all or any of the matters in this section, including the keeping of such books, by a licensed trust company, in such form and manner as the Authority may prescribe.
(7)  Any licensed trust company which, without reasonable excuse, contravenes subsection (1), (2) or (4) or any regulations made under subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(8)  Any licensed trust company which, without reasonable excuse, contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction 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.
Division 2 — Audit
Appointment of auditors
29.—(1)  A licensed trust company must appoint an auditor to audit its accounts and where, for any reason, the auditor ceases to act for the licensed trust company, the licensed trust company must, as soon as practicable thereafter, appoint another auditor.
(2)  Despite any other provision of this Act or any other written law, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed trust company —
(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.
(3)  Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Lodgment of annual accounts, etc.
30.—(1)  A licensed trust company must, in respect of each financial year —
(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.
(2)  Where an application for an extension of the period of 5 months specified in subsection (1) has been made by a licensed trust company to the Authority and the Authority is satisfied that there is a special reason for requiring the extension, the Authority may extend that period by not more than 4 months, subject to such conditions or restrictions as the Authority may think fit to impose.
(3)  A licensed trust company must submit to the Authority, at such intervals and in such manner as the Authority may specify, consolidated statements or information relating to the trusts that are administered by the licensed trust company or for which it provides trust administration services.
(4)  Any licensed trust company which contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 for every day or part of a day that the lodgment is late, subject to a maximum fine of $50,000.
(5)  Any licensed trust company which contravenes any condition or restriction imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Reports by auditor to Authority in certain cases
31.—(1)  Where the auditor of a licensed trust company, in the performance of his, her or its duties as such auditor, becomes aware of —
(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.
(2)  Any auditor who contravenes subsection (1) shall be guilty of an offence.
Power of Authority to appoint auditor
32.—(1)  Where —
(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.
(2)  Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by the Authority under subsection (1) should be borne by the licensed trust company, the Authority may by written notice, direct the licensed trust company to pay a specified amount, being the whole or part of such costs and expenses, within such time and in such manner as may be specified in the direction.
(3)  Where a licensed trust company fails to comply with a direction under subsection (2), the amount specified in the direction may be recovered by the Authority as a civil debt.
(4)  An auditor appointed under subsection (1) must, on the conclusion of the examination and audit, submit a report to the Authority.
(5)  Any auditor who contravenes subsection (4) shall be guilty of an offence.
Offence to destroy, conceal, alter, etc., books
33.—(1)  Any person who, with intent to prevent, delay or obstruct the carrying out of any audit under this Part —
(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.
(2)  If, in any proceedings for an offence under subsection (1), it is proved that the person charged with the offence —
(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.
Safeguarding of books
34.—(1)  A licensed trust company must take reasonable precautions —
(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.
(2)  Any licensed trust company which contravenes subsection (1) shall be guilty of an offence.
Restriction on auditor’s and employee’s right to communicate certain matters
35.—(1)  Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal, an auditor appointed under section 32 or carrying out any duty imposed under section 36, and any employee of such an auditor, must not disclose any information which may come to his, her or its knowledge or possession in the course of performing his, her or its duties as such auditor or employee (as the case may be) to any person other than —
(a)the Authority; and
(b)in the case of an employee of such auditor, the auditor.
(2)  Any auditor who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(3)  Any employee of an auditor who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
Additional powers of Authority in respect of auditors
36.—(1)  The Authority may impose all or any of the following duties on an auditor of a licensed trust company:
(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.
(2)  A licensed trust company must remunerate the auditor in respect of the discharge of such additional duty or duties as the Authority may impose under subsection (1).
(3)  Any auditor who contravenes subsection (1) shall be guilty of an offence.
(4)  Any licensed trust company which contravenes subsection (2) shall be guilty of an offence.
Defamation
37.—(1)  An auditor of a licensed trust company or employee of such auditor is not, in the absence of malice on the auditor’s or employee’s part, liable to any action for defamation at the suit of any person in respect of —
(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).
(2)  Subsection (1) does not restrict or otherwise affect any right, privilege or immunity that, apart from this section, the auditor or the auditor’s employee has as a defendant in an action for defamation.
PART 7
SUPERVISION AND INVESTIGATION
Division 1 — Inspection powers of Authority
[Act 12 of 2024 wef 24/01/2025]
Self-incrimination
38.—(1)  A person is not excused from disclosing any information to the Authority, pursuant to a requirement made of that person under this Division, on the ground that the disclosure of the information might tend to incriminate the person.
[Act 12 of 2024 wef 24/01/2025]
(2)  Where a person claims, before making a statement disclosing any information that the person is required to disclose by a requirement made of the person under this Division, that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings under this Act.
[Act 12 of 2024 wef 24/01/2025]
Savings for advocates and solicitors
39.—(1)  Nothing in this Division —
(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.
[Act 12 of 2024 wef 24/01/2025]
(2)  An advocate and solicitor who refuses to disclose the information or produce the document or other material referred to in subsection (1) is nevertheless obliged to give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
(3)  Any advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
Inspection by Authority
40.—(1)  The Authority may, for the purpose of ensuring that the provisions of this Act have been or are being complied with, from time to time inspect, under conditions of secrecy, the books in the possession, custody or control of a licensed trust company and of any branch, agency or office outside Singapore opened by a licensed trust company that is incorporated in Singapore.
(2)  For the purposes of an inspection under this section —
(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.
(3)  A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4)  Subject to Part 8, while the books of a licensed trust company are in the possession of the Authority, the Authority —
(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.
(5)  The Authority may require a person who produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6)  Any person who, without reasonable excuse, contravenes subsection (2) or any requirement of the Authority under subsection (5) 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 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.
Division 2 — Investigative powers of Authority
Subdivision (1) — Preliminary
Interpretation of this Division
41.  In this Division —
“auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004;
“computer” and “data” have the meanings given by section 2(1) of the Computer Misuse Act 1993;
“law enforcement agency” means any authority or person charged with the duty of investigating offences or charging offenders under any written law;
“legal counsel” has the meaning given by section 3(7) of the Evidence Act 1893;
“officer”  —
(a)in relation to the Authority, includes any person employed by the Authority in an executive capacity; and
(b)in relation to any corporation (other than a law enforcement agency), has the meaning given by section 4(1) of the Companies Act 1967;
“prescribed written law” means this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:
(a)Banking Act 1970;
(b)Credit Bureau Act 2016;
(c)Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(d)Finance Companies Act 1967;
(e)Financial Advisers Act 2001;
(f)Financial Holding Companies Act 2013;
(g)Financial Services and Markets Act 2022;
(h)Insurance Act 1966;
(i)Monetary Authority of Singapore Act 1970;
(j)Payment Services Act 2019;
(k)Securities and Futures Act 2001;
(l)such other Act as the Authority may prescribe by regulations made under section 82.
[Act 12 of 2024 wef 24/01/2025]
Subdivision (2) — General
Investigation by Authority
42.—(1)  The Authority may conduct such investigation, under conditions of secrecy, as it considers necessary or expedient for any of the following purposes:
(a)to perform any of its functions and duties under this Act;
(b)to ensure compliance with this Act or any written direction issued under this Act;
(c)to investigate an alleged or suspected contravention of any provision of this Act or any written direction issued under this Act.
(2)  The Authority may exercise any of its powers under this Division for the purposes of conducting an investigation under subsection (1) despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.
(3)  Subject to subsection (5), a requirement imposed by the Authority under this Division has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(4)  Subject to subsection (5), any person who complies with a requirement imposed by the Authority under this Division is not treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(5)  Nothing in this section requires a person to disclose any information subject to legal privilege.
(6)  No civil or criminal action, other than proceedings for an offence under section 46L, shall lie against any person —
(a)for giving assistance to the Authority, including answering questions, if the person had given the assistance or answered the questions in good faith in compliance with a requirement imposed by the Authority under this Division;
(b)for providing information, producing books or giving access to data to the Authority, if the person had done so in good faith in compliance with a requirement imposed by the Authority under this Division; or
(c)for 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.
(7)  In this section, a reference to a requirement imposed by the Authority under this Division includes a reference to a requirement imposed by an investigator or authorised person under Subdivision (3) or (4).
[Act 12 of 2024 wef 24/01/2025]
Confidentiality of investigation reports
43.—(1)  Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 42 and is provided by the Authority to the person under investigation (called in this section the investigated person), the report must not be disclosed by the investigated person or, if the investigated person is a corporation, by any of its officers or auditors, to any other person except in the circumstances provided under subsection (2).
(2)  Disclosure of the report mentioned in subsection (1) may be made —
(a)by the investigated person to any officer or auditor of that investigated person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that investigated person;
(b)by any officer or auditor of the investigated person to any other officer or auditor of that investigated person, solely in connection with the performance of their duties in that investigated person; or
(c)to such other person as the Authority may approve in writing.
(3)  In granting written approval for any disclosure under subsection (2)(c), the Authority may impose such conditions or restrictions as it thinks fit on the investigated person, any of its officers or auditors or the person to whom disclosure is approved, and that person must comply with such conditions or restrictions.
(4)  The obligation on an officer or auditor mentioned in subsection (1) continues after the termination or cessation of his or her employment or appointment by the investigated person.
(5)  Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both.
(6)  Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500, unless the person proves that —
(a)the disclosure was made contrary to the person’s desire;
(b)where the disclosure was made in any written or printed form, the person had, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and
(c)where the disclosure was made in an electronic form, the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report had been deleted and that the report and all copies of the report in other forms had been surrendered to the Authority.
[Act 12 of 2024 wef 24/01/2025]
Self‑incrimination and saving for advocates and solicitors
44.—(1)  A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (3) or (4), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might tend to incriminate the person.
(2)  Where a person claims, before making a statement disclosing information that the person is required to disclose under any provision of this Division to the Authority or to an investigator or authorised person mentioned in Subdivision (3) or (4), that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 46L(4).
(3)  For the purposes of any proceedings for an offence under this Act, the making of a statement by an accused person made pursuant to a requirement mentioned in subsection (1), is not to be regarded under section 258(3) of the Criminal Procedure Code 2010 as caused by any inducement, threat or promise merely because the Authority, investigator or authorised person had earlier informed the accused person that the accused person was not excused from disclosing information on the ground that the disclosure of the information might tend to incriminate the accused person, if the Authority, investigator or authorised person (as the case may be) believed in good faith, when so informing the accused person, that —
(a)the accused person was concerned in an offence under this Act; or
(b)a reasonable complaint has been made, or credible information has been received, or a reasonable suspicion exists, that the accused person was concerned in an offence under this Act.
(4)  Nothing in this Division —
(a)compels an advocate and solicitor or legal counsel to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; or
(b)authorises the taking of any such book or other material which is in the possession of an advocate and solicitor or legal counsel.
(5)  Despite subsection (4), an advocate and solicitor or legal counsel —
(a)who is required under this Division to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; and
(b)who refuses to disclose or produce the privileged communication, book or other material,
must give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
[Act 12 of 2024 wef 24/01/2025]
Subdivision (3) — Examination of persons
Requirement to appear for examination
45.—(1)  For the purpose of an investigation under this Division, the Authority may, in writing, require a person —
(a)to give to the Authority all reasonable assistance in connection with the investigation; and
(b)to appear before an officer of the Authority duly authorised by the Authority for examination and to answer questions.
(2)  A written requirement imposed under subsection (1) must state the general nature of the matter mentioned in that subsection.
[Act 12 of 2024 wef 24/01/2025]
Proceedings at examination
46.  The provisions of this Subdivision apply where, pursuant to a requirement made under section 45 for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examination.
[Act 12 of 2024 wef 24/01/2025]
Requirements made of examinee
46A.—(1)  The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.
(2)  The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make are true.
(3)  The investigator may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Authority is investigating, or is to investigate, under this Division.
[Act 12 of 2024 wef 24/01/2025]
Examination to take place in private
46B.—(1)  The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.
(2)  A person must not be present at the examination unless the person is —
(a)the investigator or the examinee;
(b)a person approved by the Authority; or
(c)entitled to be present by virtue of a direction under subsection (1).
[Act 12 of 2024 wef 24/01/2025]
Record of examination
46C.—(1)  The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.
(2)  If a record made under subsection (1) is in writing or is reduced to writing —
(a)the investigator may require the examinee to read the record, or to have it read to the examinee, and may require the examinee to sign it; and
(b)the investigator must, if requested in writing by the examinee to give to the examinee a copy of the written record, provide a copy of the written record without charge within a reasonable time, subject to such conditions as the investigator may impose.
[Act 12 of 2024 wef 24/01/2025]
Giving copies of record to other persons
46D.—(1)  The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in good faith, a legal proceeding in respect of a matter to which the examination relates.
(2)  If the Authority gives a copy of a written record or book to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a further copy of the copy, must not, except in connection with preparing, beginning or carrying on, or in the course of, any legal proceeding —
(a)use the copy or a further copy of the copy; or
(b)publish, or communicate to a person, the copy, a further copy of the copy, or any part of the contents of the copy.
(3)  The Authority may, subject to such conditions or restrictions as it may impose, give to a person other than a person mentioned in subsection (1), a copy of a written record of the examination, or the copy together with a copy of any related book.
[Act 12 of 2024 wef 24/01/2025]
Copies given subject to conditions
46E.  If a copy of any written record or book is given to a person under section 46C(2) or 46D(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or the further copy of the copy, must comply with the conditions or restrictions.
[Act 12 of 2024 wef 24/01/2025]
Subdivision (4) — Powers to obtain information
Power of Authority to order production of books, provision of information or giving of access to data
46F.  For the purpose of an investigation under this Division, the Authority may, in writing, require —
(a)a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or
(b)a person who is believed to have power to access any data relating to any matter under investigation,
to —
(c)produce the book or a copy of the book, or to provide the information, at the time and place specified in the written requirement;
(d)give the Authority or any officer of the Authority who is authorised by the Authority for this purpose (called in this section an investigator) access to the book or data; or
(e)provide such reasonable assistance as the Authority or an investigator may require for the purposes of accessing the book or data.
[Act 12 of 2024 wef 24/01/2025]
Power to enter premises without warrant
46G.—(1)  In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each called in this section an authorised person) may enter any premises.
(2)  An investigator or authorised person accompanying the investigator must not enter any premises in the exercise of the powers under this section unless the investigator has given the occupier of the premises a written notice which —
(a)gives at least 2 working days’ notice of the intended entry;
(b)indicates the subject matter and purpose of the investigation; and
(c)indicates the nature of the offences investigated.
(3)  Subsection (2) does not apply —
(a)if the investigation relates to an alleged or suspected contravention of any provision of this Act and the investigator has reasonable grounds for suspecting that the premises are, or have been, occupied by a person who is being investigated in relation to the contravention; or
(b)if the investigator has taken all such steps as are reasonably practicable to give notice under subsection (2)(a) but has not been able to do so.
(4)  Where subsection (3) applies, the power of entry conferred by subsection (1) may only be exercised upon production of —
(a)evidence of the investigator’s authorisation and the authorisation of every authorised person accompanying the investigator; and
(b)a document containing information indicating the subject matter and purpose of the investigation and the nature of the offences investigated.
(5)  Without affecting section 46F, an investigator or authorised person entering any premises under this section may —
(a)bring with him or her to the premises such items as appear to him or her to be necessary;
(b)require any person on the premises to produce any book or copy of any book or to give access to any data which the investigator or authorised person considers relates to any matter relevant to the investigation;
(c)require any person on the premises to state, to the best of the person’s knowledge and belief, where any such book or data is to be found; and
(d)take any step, or issue to any person on the premises any requirement, which appears to be necessary for the purpose of preserving or preventing interference with any such book or data.
[Act 12 of 2024 wef 24/01/2025]
Warrant to seize books, etc.
46H.—(1)  A Magistrate may, on the application of the Authority —
(a)issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available —
(i)being any book or data the production of which, or access to which, has been required under section 46F or 46G, but which has not been produced, or access to which has not been given, in compliance with that requirement; or
(ii)being any book or data which, if production of which or access to which is required under section 46F or 46G, will be concealed, removed, tampered with or destroyed; and
(b)if the Magistrate is also satisfied that there are reasonable grounds to suspect that there is, on those premises, any other book, or a computer in which any other data is contained or to which any other data is available, which relates to any matter relevant to the investigation concerned, direct that the powers exercisable under the warrant extend to such other book or computer.
(2)  A warrant issued under subsection (1) authorises the Authority or any person named in the warrant, with or without assistance —
(a)to enter the premises specified in the warrant, using such force as is reasonably necessary for the purpose;
(b)to search the premises and to break open and search anything, whether a fixture or not, in the premises;
(c)to take possession of, or secure against interference, any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b);
(d)to require any person to provide an explanation of any book or data that appears to be any book or data mentioned in subsection (1)(a) or (b), or to state, to the best of that person’s knowledge and belief, where any such book or data may be found;
(e)to search any person on those premises, if there are reasonable grounds to suspect that the person has in his or her possession any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b), or any equipment or article which relates to any matter relevant to the investigation concerned;
(f)to remove from those premises for examination any book that appears to be a book mentioned in subsection (1)(a) or (b), or any equipment (including a computer) or article which relates to any matter relevant to the investigation concerned;
(g)to access, inspect and check the operation of a computer on the premises specified in the warrant, if there are reasonable grounds to suspect that any data mentioned in subsection (1)(a) or (b) is or has been contained in or available to the computer, or that the computer is a computer mentioned in subsection (1)(a) or (b);
(h)to use any computer mentioned in paragraph (g), or cause any such computer to be used —
(i)to search any book or data that appears to be a book or any data mentioned in subsection (1)(a) or (b), that is contained in or available to such computer; and
(ii)to make a copy of any such book or data;
(i)to prevent any other person from gaining access to, or using, any computer mentioned in paragraph (g) (including by changing any username, password or other authentication information required to gain access to the computer);
(j)to order any person —
(i)to stop accessing or using or to not access or use any computer mentioned in paragraph (g); or
(ii)to access or use any such computer only under such conditions as the Authority or any person named in the warrant may specify; and
(k)to order —
(i)any person whom the Authority or any person named in the warrant reasonably suspects of using, or of having used, a computer mentioned in paragraph (g);
(ii)any person having charge of, or otherwise concerned with the operation of, any such computer; or
(iii)any person whom the Authority or any person named in the warrant reasonably believes has knowledge of or access to any username, password or other authentication information required to gain access to any such computer,
to provide any of the following types of assistance to the Authority:
(iv)assistance to gain access to the computer (including assistance through the provision of any username, password or other authentication information required to gain access to the computer);
(v)assistance to prevent a person (other than the Authority or any person named in the warrant) from gaining access to, or using, the computer, including assistance in changing any username, password or other authentication information required to gain access to the computer.
(3)  The Authority or any person named in the warrant may allow any equipment or article mentioned in subsection (2)(f) to be retained on the premises specified in the warrant, subject to such conditions as the Authority or that person may require.
(4)  Any person entering any premises by virtue of a warrant issued under subsection (1) may bring with him or her to the premises such items as appear to him or her to be necessary.
(5)  Where a warrant is issued under subsection (1), and there is no one present at the premises specified in the warrant when the Authority or any person named in the warrant proposes to execute the warrant, the Authority or that person must, before executing the warrant —
(a)take such steps as are reasonable in all the circumstances to inform the occupier of the premises of the intended entry into the premises; and
(b)subject to subsection (6), give the occupier or the occupier’s legal or other representative a reasonable opportunity to be present when the warrant is executed.
(6)  If the Authority or any person named in the warrant is unable to inform the occupier of the premises of the intended entry into the premises, the Authority or that person must, when executing the warrant, leave a copy of the warrant in a prominent place on the premises.
(7)  On leaving any premises specified in a warrant issued under subsection (1), the Authority or any person named in the warrant must, if the premises are unoccupied or if the occupier of the premises is temporarily absent, leave the premises as effectively secured as the Authority or that person found the premises.
(8)  The powers conferred by this section are in addition to, and not in derogation of, any other powers conferred by any other written law or rule of law.
(9)  In this section —
“occupier”, in relation to any premises specified in a warrant issued under subsection (1), includes any person whom the Authority or any person named in the warrant reasonably believes to be the occupier of those premises;
“premises” includes any structure, building, aircraft, vehicle or vessel.
[Act 12 of 2024 wef 24/01/2025]
Powers where books are produced, etc.
46I.—(1)  This section applies where —
(a)any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —
(i)pursuant to a requirement under section 46F; or
(ii)during an entry into any premises by an investigator or authorised person under section 46G;
(b)under a warrant issued under section 46H(1), the Authority or a person named therein —
(i)takes possession of any book or computer; or
(ii)secures any book or computer against interference; or
(c)under a previous application of subsection (6), any book or computer is delivered into the possession of the Authority or a person authorised by it.
(2)  If subsection (1)(a) applies, the Authority may take possession of any book or computer mentioned in that provision.
(3)  The Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) may —
(a)inspect, and make copies of, or take extracts from, a book, or any data contained in or available to the computer, mentioned in that subsection;
(b)use, or permit the use of, a book, or any data contained in or available to the computer, mentioned in that subsection for the purposes of any proceedings;
(c)retain possession of a book or computer mentioned in that subsection for so long as is necessary —
(i)for the purposes of exercising a power conferred by this section;
(ii)for a decision to be made about whether or not any proceedings to which the book or any data contained in or available to the computer would be relevant should be instituted; or
(iii)for such proceedings to be instituted and carried on; and
(d)require any book stored in any electronic form, or any data, which the Authority or person mentioned in subsection (1)(b) or (c) is satisfied relates to any matter relevant to an investigation under this Division, to be produced in a form which can be taken away and which is visible and legible.
(4)  No person is entitled, as against the Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) to claim a lien on any book or computer mentioned in that subsection, but such a lien is not otherwise prejudiced.
(5)  While any book or computer is in the possession of the Authority or (where applicable) the person mentioned in subsection (1)(b) or (c), the Authority or the person —
(a)must permit another person to inspect at all reasonable times the book or computer as the second-mentioned person would be entitled to inspect if the book or computer were not in the possession of the Authority or the firstmentioned person; and
(b)may permit any other person to inspect the book or computer.
(6)  If subsection (1)(a) or (b)(i) applies, an investigator or authorised person mentioned in subsection (1)(a) or a person mentioned in subsection (1)(b) may deliver any book or computer into the possession of the Authority or of a person authorised by the Authority to receive them.
(7)  If subsection (1)(a) or (b) or (6) applies, the Authority, an investigator or authorised person mentioned in subsection (1)(a), a person mentioned in subsection (1)(b) or a person into whose possession any book or computer is delivered under subsection (6), may require —
(a)if subsection (1)(a) applies — a person who produced the book or gave access to the book or the data contained in or available to the computer; or
(b)if subsection (1)(b) applies — a person who was a party to the preparation of the book or any data contained in or available to the computer,
to explain, to the best of his or her knowledge and belief, any matter about the preparation of the book or data or any matter to which the book or data relates.
[Act 12 of 2024 wef 24/01/2025]
Powers where books not produced, information not provided or access to book or data not given
46J.  Where a person fails to comply with a requirement imposed by the Authority under section 46F to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief —
(a)the place where such book, or any computer in which such data is contained or to which such data is available, may be found;
(b)the person who last had possession, custody or control of such book, or any computer in which such data is contained or to which such data is available, and the place where that person may be found; or
(c)the person who possesses such information and the place where that person may be found.
[Act 12 of 2024 wef 24/01/2025]
Copies of or extracts from books to be admitted in evidence
46K.—(1)  Subject to this section, a copy of or extract from any book referred to in this Division that is proved to be a true copy of the book, or of the relevant part of the book, is admissible in evidence as if it were the original book, or the relevant part of the original book.
(2)  For the purposes of subsection (1), evidence that a copy of or extract from any book is a true copy of the book or of a part of the book, may be given by a person who has compared the copy or extract with the book or the relevant part of the book, and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.
[Act 12 of 2024 wef 24/01/2025]
Offences under this Division
46L.—(1)  An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 44(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500.
(2)  A person who, without reasonable excuse, refuses or fails to comply with —
(a)any requirement imposed under section 45(1), 46A(3), 46F, 46G(5)(b), (c) or (d), 46I(3)(d) or (7) or 46J; or
(b)any requirement imposed pursuant to a warrant issued under section 46H(1),
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.
(3)  A person who, without reasonable excuse, refuses or fails to comply with —
(a)any requirement of an investigator under section 46C(2)(a); or
(b)section 46D(2) or 46E,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
(4)  A person who —
(a)in purported compliance with a requirement imposed under section 44(5), 46F, 46G(5)(b), (c) or (d), 46I(3)(d) or (7) or 46J, or pursuant to a warrant issued under section 46H(1); or
(b)in the course of examination of the person,
provides information or makes a statement 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 2 years or to both.
(5)  It is a defence to a prosecution for an offence under subsection (4) if the defendant proves that the defendant believed on reasonable grounds that the information or statement was true and not misleading.
(6)  Any person who, knowing or having reasonable grounds to believe that any book, computer, equipment or article relates to a matter that the Authority is investigating or about to investigate under this Division —
(a)conceals, destroys, mutilates or alters that book, computer, equipment or article; or
(b)if any such book, computer, equipment or article is within the territory of Singapore, takes or sends the book, computer, equipment or article out of Singapore,
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.
(7)  A person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under this Division, or obstructs or hinders a person who is exercising any power under section 46G(1) or (5) or executing a warrant issued under section 46H(1), 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.
(8)  Any occupier or person in charge of any premises who fails to provide, to any person who enters those premises under section 46G(1) or under a warrant issued under section 46H(1), all reasonable facilities and assistance for the effective exercise of that person’s powers under section 46G(1) or (5) or under the warrant (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
[Act 12 of 2024 wef 24/01/2025]
Division 3 — Transfer of evidence
Interpretation of this Division
46M.  In this Division ––
“Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004;
“data” has the meaning given by section 2(1) of the Computer Misuse Act 1993;
“police officer” means a member of the Singapore Police Force.
[Act 12 of 2024 wef 24/01/2025]
Evidence obtained by Authority may be used in criminal investigations and proceedings
46N.—(1)  Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under Division 2 to ––
(a)a police officer;
(b)a Commercial Affairs Officer; or
(c)the Public Prosecutor,
for the purposes of any investigation into or criminal proceedings against a person for an alleged or suspected contravention of any provision under this Act.
(2)  To avoid doubt, any book, written record of examination or other information provided, or any data to which access is provided, by the Authority under subsection (1) is not inadmissible in any criminal proceedings by reason only that it was first obtained by the Authority under this Act, and the admissibility thereof is to be determined in accordance with the rules of evidence under written law and any relevant rules of law.
[Act 12 of 2024 wef 24/01/2025]
Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act
46O.  Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by —
(a)a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or
(b)an authorised person mentioned in section 20(1) or (1A), 39(1) or 40(2) of the Criminal Procedure Code 2010, in the exercise of his or her powers under those sections,
may be provided to the following persons for the following purposes, if it is in the public interest to do so:
(c)to the Authority — for the purpose of any investigation under section 42(1);
(d)to the Minister or to an Appeal Advisory Committee constituted under section 51 — for the purpose of any appeal against a decision of the Authority under this Act.
[Act 12 of 2024 wef 24/01/2025]
PART 8
DISCLOSURE OF INFORMATION
Inspection in Singapore by parent supervisory authority
47.—(1)  In relation to a licensed trust company that is incorporated outside Singapore, the parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books, accounts and transactions of any branch or office of that licensed trust company in Singapore in accordance with this section if the following conditions are satisfied:
(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).
(2)  The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to —
(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.
(3)  Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection (2), a licensed trust company under inspection —
(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.
(4)  A parent supervisory authority may, with the prior written approval of the Authority, appoint another body to conduct the inspection under subsection (1), and in such event the provisions of this section apply to the appointed body as they apply to the parent supervisory authority.
(5)  For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by a parent supervisory authority under this section, section 49(1) applies, with the necessary modifications, to any official of the parent supervisory authority as if the official were an officer of a licensed trust company.
(6)  To avoid doubt, this section, and section 48 in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books, accounts and transactions of any branch or office of a licensed trust company, if —
(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]
(7)  Any licensed trust company which, without reasonable excuse, refuses or neglects to afford access to any book, account or document or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.
Confidentiality of inspection reports
48.—(1)  Where a written report or any part of the written report (called in this section the report) has been produced in respect of any licensed trust company in Singapore —
(a)by the Authority upon an inspection under section 40; or
[Act 12 of 2024 wef 24/01/2025]
(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).
(2)  Disclosure of the report mentioned in subsection (1) may be made —
(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.
(3)  In granting written approval for any disclosure under subsection (2)(d), the Authority may impose such conditions as it considers appropriate.
(4)  The obligation on an officer or auditor referred to in subsection (1) continues after the termination or cessation of the officer’s or auditor’s employment or appointment at the licensed trust company.
(5)  Any person who contravenes subsection (1) or any condition imposed by the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction —
(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.
(6)  Any person who solicits or procures the disclosure to the person or to any other person of any report or any part of the report in contravention of subsection (1) shall be guilty of an offence.
(7)  If any person to whom any report or any part of the report is disclosed knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of that subsection, the person must report the disclosure to the Authority and take any one or more of the following actions, as appropriate, as soon as is practicable:
(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.
(8)  Any person who contravenes subsection (7) shall be guilty of an offence.
[Act 12 of 2024 wef 24/01/2025]
Confidentiality
49.—(1)  Information regarding a protected party or the business or other affairs of the protected party (called in this section protected information) must not, in any way, be disclosed by a licensed trust company in Singapore or any of its officers to any other person except as expressly provided in this Act.
(2)  A licensed trust company in Singapore or any of its officers may, for such purpose as may be specified in the first column of the Third Schedule, disclose protected information to such persons or class of persons as may be specified in the second column of that Schedule, and in compliance with such conditions as may be specified in the third column of that Schedule.
(3)  Where any protected information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part 1 of the Third Schedule, the court may, either of its own motion or on the application of any party to the proceedings or the protected party to which the information relates —
(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.
(4)  Where an order has been made by a court under subsection (3), any person who, contrary to the order, publishes any information that is likely to lead to the identification of any party to the proceedings shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000.
(5)  Any person (including, where the person is a body corporate, an officer of the body corporate) who receives any protected information referred to in Part 2 of the Third Schedule must not, at any time, disclose the information or any part of the information to any other person, except as authorised under that Schedule or if required to do so by an order of court.
(6)  Any person who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction —
(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.
(7)  In this section and in the Third Schedule, unless the context otherwise requires —
(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.
(8)  To avoid doubt, nothing in this section is to be construed to prevent a licensed trust company from entering into an express agreement with a protected party of that licensed trust company for a higher degree of confidentiality than that prescribed in this section and in the Third Schedule.
(9)  Where, in the course of an inspection under section 40 or an investigation under section 42(1) or the carrying out of the Authority’s function of supervising or regulating a licensed trust company, the Authority incidentally obtains any protected information and such protected information is not necessary for the supervision or regulation of the licensed trust company by the Authority, then, such protected information must be treated as secret by the Authority.
[Act 12 of 2024 wef 24/01/2025]
(10)  Nothing in subsection (9) prevents the Authority from disclosing or publishing consolidated statements aggregating any information obtained by the Authority under section 30(3).
PART 9
APPEALS
Appeals
50.  Any applicant or licensed trust company which is aggrieved by —
(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; or
[Act 12 of 2024 wef 24/01/2025]
(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,
[Act 12 of 2024 wef 24/01/2025]
(d)[Deleted by Act 12 of 2024 wef 24/01/2025]
may, within 30 days after it is notified of the decision of the Authority, appeal to the Minister whose decision is final.
Appeals to Minister
51.—(1)  Where an appeal is made to the Minister under this Act, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give any directions in the matter that he or she thinks fit, and the decision of the Minister is final.
(2)  Where an appeal is made to the Minister under this Act, the Minister must, within 28 days of his or her receipt of the appeal, constitute an Appeal Advisory Committee comprising at least 3 members of the Appeal Advisory Panel and refer that appeal to the Appeal Advisory Committee.
(3)  The Appeal Advisory Committee must submit to the Minister a written report on the appeal referred to it under subsection (2), and may make any recommendations that it thinks fit.
(4)  The Minister must consider the report submitted under subsection (3) in making his or her decision under this section but he or she is not bound by the recommendations in the report.
Appeal Advisory Committees
52.—(1)  For the purpose of enabling Appeal Advisory Committees to be constituted under section 51, the Minister must appoint a panel (called in this Part the Appeal Advisory Panel) comprising such members from the financial services industry, and the public and private sectors, as the Minister may appoint.
(2)  A member of the Appeal Advisory Panel is to be appointed for a term of not more than 2 years and is eligible for re‑appointment.
(3)  An Appeal Advisory Committee has the power, in the exercise of its functions, to inquire into any matter or thing relating to any trust business or any licensed trust company and may, for this purpose, summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the inquiry.
(4)  For the purposes of this Act, every member of an Appeal Advisory Committee —
(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.
(5)  Every Appeal Advisory Committee must have regard to —
(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.
(6)  Subject to the provisions of this Part, an Appeal Advisory Committee may regulate its own procedure and is not bound by the rules of evidence.
Disclosure of information
53.  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.
Regulations for purposes of this Part
54.—(1)  The Minister may make regulations for the purposes and provisions of this Part and for the due administration of this Part.
(2)  Without limiting subsection (1), the Minister may make regulations for or with respect to —
(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.
PART 10
MISCELLANEOUS
Registration of trust company as shareholder, etc., not notice of trust
55.—(1)  Neither the application by a licensed trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a licensed trust company in the books of any company or corporation constitutes a notice of trust.
(2)  A company or corporation is not entitled to object to the entering of the name of a licensed trust company in its books by reason only that the licensed trust company may be or is a trustee.
(3)  In dealings with property, the fact that the person or one of the persons dealt with is a licensed trust company does not of itself constitute a notice of trust.
Trusteeship
56.—(1)  Subject to subsection (2), in all cases in which the court or any person or persons has or have power to appoint a trustee, whether as an original or a new or an additional trustee, to perform any legal trust or duty, a licensed trust company may be appointed in the same manner as if the licensed trust company were a private individual.
(2)  A licensed trust company must not be appointed in any case in which the instrument creating the trust, or the power authorising the appointment, forbids the appointment of a company.
Joint tenancy
57.  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.
Licensed trust company may act as agent
58.—(1)  Subject to subsection (2), a licensed trust company may act under any deed or instrument by which the licensed trust company is appointed agent or attorney for any person, and all the powers conferred upon the licensed trust company by any such deed or instrument may be exercised by such officer of the licensed trust company as the licensed trust company may appoint for that purpose.
(2)  Nothing in this section is deemed to authorise any person to confer upon a licensed trust company any power which may not lawfully be delegated by the person.
Trust funds to be kept separate
59.—(1)  Every licensed trust company must ensure that all moneys, property, securities, specified securities‑based derivatives contracts and units in a collective investment scheme received or held by the licensed trust company in a fiduciary capacity are always kept distinct and in separate accounts from its own moneys, property, securities, specified securities‑based derivatives contracts and units in a collective investment scheme and marked in its books for each particular trust, so that they may be distinguished from any other assets shown in the registers and other books of account kept by it and so that the trust moneys do not form part of, or are not mixed with, its general assets.
[4/2017]
(2)  Every licensed trust company must ensure that all investments made by it as trustee are designated so that the trusts to which the investments belong may be readily identified at any time.
(3)  Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction 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.
Unclaimed money to be paid into court
60.—(1)  All moneys and assets which remain in the hands of a licensed trust company, as trustee of a trust constituted in Singapore, and unclaimed by the person entitled to them for a period of 6 years after the time when they became payable to that person (except where payment has been restrained by order of a court of competent jurisdiction), together with interest (if any) that has been received by the licensed trust company in respect of the moneys and assets, less any commission or other charges properly chargeable by the licensed trust company, must be paid by the licensed trust company into court —
(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.
(2)  It is not necessary for a licensed trust company to obtain the concurrence or consent of any person to make payment into court in accordance with subsection (1).
Falsification of records by officer, auditor, employee or agent of licensed trust company
61.  Any officer, auditor, employee or agent of any licensed trust company who —
(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.
Duty not to provide false information to Authority
62.—(1)  Any individual who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading in any material particular.
(2)  Any person, other than an individual, who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading.
(3)  Subsection (1) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection.
(4)  Subsection (2) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection.
(5)  Any individual who —
(a)signs any document lodged with the Authority; or
(b)lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the individual by the Authority,
must use due care to ensure that the document is not false or misleading in any material particular.
(6)  Any person, other than an individual, who —
(a)signs any document lodged with the Authority; or
(b)lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the person by the Authority,
must use due care to ensure that the document is not false or misleading.
(7)  Any individual who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 2 years or to both.
(8)  Any person who contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction —
(a)if the information or document is false or misleading in a material particular — to a fine not exceeding $25,000; or
(b)in any other case — to a fine not exceeding $12,500.
[Act 12 of 2024 wef 24/01/2025]
Jurisdiction of court
63.  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.
Offences by bodies corporate
64.—(1)  Where an offence under this Act committed by a body corporate is proved —
(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.
(2)  Where the affairs of the body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member’s functions of management as if the member were a director of the body corporate.
(3)  In this section, “officer”, in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity.
(4)  Regulations may provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate formed or recognised under the law of a territory outside Singapore.
Offences by officers
65.—(1)  Any person, being an officer of a licensed trust company, who fails to take all reasonable steps to secure —
(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.
(2)  In any proceedings against an officer under subsection (1), it is a defence for the officer to prove that the officer had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate (as the case may be) and that that person was competent, and in a position, to discharge that duty.
(3)  An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, the officer committed the offence wilfully.
General penalty
66.  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.
Penalty for corporations
67.—(1)  Subject to subsections (2) and (3), where a corporation or body corporate is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence.
(2)  Subsection (1) does not apply to —
(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.
(3)  Where an individual is convicted of an offence under this Act by virtue of section 64, he or she shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) does not apply.
Proceedings with consent of Public Prosecutor
68.  Proceedings for an offence under this Act may be taken only with the consent of the Public Prosecutor.
[15/2010]
Composition of offences
69.—(1)  The Authority may compound any offence under this Act that is prescribed as a compoundable offence 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.
[10/2013]
(2)  The Authority may compound any offence under this Act (including an offence under a provision which has been repealed) that —
(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]
(3)  On payment of the sum of money mentioned in subsection (1) or (2), no further proceedings are to be taken against that person in respect of the offence.
[10/2013]
(4)  The Authority may make regulations to prescribe the offences that may be compounded.
(5)  All sums collected by the Authority under subsection (1) or (2) must be paid into the Consolidated Fund.
[10/2013]
Power to make regulations giving effect to treaty, etc., relating to trust business
70.—(1)  Without limiting section 82(1), the Authority may make regulations prescribing the matters necessary or expedient to give effect in Singapore to the provisions of any treaty, convention, arrangement, memorandum of understanding, exchange of letters or other similar instrument relating to trust business, to which Singapore or the Authority is a party.
(2)  Without limiting subsection (1), such regulations may provide for —
(a)exemptions from any requirement relating to —
(i)the licensing or approval of any person; or
(ii)the lodgment or registration of any document,
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.
Opportunity to be heard
71.  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.
Power to reprimand for misconduct
72.—(1)  Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the interest of the public or of the protection of the protected parties of licensed trust companies, reprimand the relevant person.
(1A)  The Authority may, under subsection (1), reprimand a person who has ceased to be a relevant person, if the person was a relevant person at the time of the misconduct.
[Act 12 of 2024 wef 30/08/2024]
(2)  In this section —
“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;
“partner” includes a person purporting to act as a partner;
[Act 12 of 2024 wef 30/08/2024]
“relevant person” means any licensed trust company or exempt person, or any employee, officer or partner of the licensed trust company or exempt person.
Appointment of assistants
73.—(1)  Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.
(2)  The Authority may appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under any of the provisions of this Act as specified in the Fourth Schedule, or to revoke any such exemption.
[Act 5 of 2025 wef 09/03/2025]
(2A)  An appointment under subsection (2) must be published in the Gazette.
[Act 5 of 2025 wef 09/03/2025]
(3)  Any person appointed by the Authority under subsection (1) is deemed to be a public servant for the purposes of the Penal Code 1871.
Codes, guidelines, etc., by Authority
74.—(1)  The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements, practice notes and no-action letters as it considers appropriate for providing guidance —
(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.
(2)  The Authority may publish any such code, guideline, policy statement, practice note or no‑action letter in such manner as it thinks fit.
(3)  The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement, practice note or no‑action letter issued under this section in such manner as it thinks fit.
(4)  Where amendments are made under subsection (3) —
(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.
(5)  Any failure of a person to comply with any provision of a code, guideline, policy statement or practice note issued under this section that applies to the person does not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.
(6)  The issue by the Authority of a no-action letter does not of itself prevent the institution of any criminal proceedings against any person for a contravention of any provision of this Act.
(7)  Any code, guideline, policy statement or practice note issued under this section —
(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.
(8)  It is not necessary to publish any code, guideline, policy statement, practice note or no‑action letter issued under this section in the Gazette.
[10/2013]
(9)  In this section, “no-action letter” means a letter written by the Authority to an applicant for such a letter to the effect that, if the facts are as represented by the applicant, the Authority will not institute proceedings against the applicant in respect of a particular state of affairs or particular conduct.
Power of Authority to publish information
75.—(1)  The Authority may, where it thinks it necessary or expedient in the interest of the public, a section of the public or the protected parties of licensed trust companies, publish in such form and manner as it thinks fit —
(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.
(2)  Without limiting subsection (1), the Authority may publish information relating to —
(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).
Power of Authority to issue written directions
76.—(1)  The Authority may, if it thinks it necessary or expedient in the interest of the public or the protected parties of licensed trust companies, issue written directions, either of a general or specific nature, to —
(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.
(2)  Without limiting subsection (1), any written direction may be issued with respect to —
(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.
(3)  Any person who contravenes any direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part of a day during which the offence continues after conviction.
(4)  It is not necessary to publish any direction issued under subsection (1) in the Gazette.
[10/2013]
(5)  The Authority may at any time vary, rescind or revoke any written direction under subsection (1).
Power of court to make certain orders
77.—(1)  Where on the application of the Authority, it appears to the court that a person —
(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.
(2)  The court may, before making an order under subsection (1), direct that notice of the application be given to such person as the court thinks fit or that notice of the application be published in such manner as it thinks fit, or both.
(3)  Any person who, without reasonable excuse, contravenes an order made under subsection (1) 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.
(4)  Subsection (3) does not affect the powers of the court in relation to the punishment for contempt of court.
(5)  The court may, on the application of an affected person or of its own motion, rescind, vary or discharge an order made by the court under this section or suspend the operation of such an order.
Injunctions
78.—(1)  Where a person has engaged, is engaging or is likely to engage in any conduct that constitutes or would constitute a contravention of this Act, the court may, on the application of the Authority, grant an injunction restraining the person from engaging in the conduct and, if the court is of the opinion that it is desirable to do so, requiring that person to do any act or thing.
(2)  Where a person has refused or failed, is refusing or failing, or is likely to refuse or fail, to do an act or thing that the person is required by this Act to do, the court may, on the application of the Authority, make an order requiring the person to do that act or thing.
(3)  Where an application is made to the court for an injunction under subsection (1) or an order under subsection (2), the court may, if the court is of the opinion that it is desirable to do so, before considering the application, grant an interim injunction restraining a person from engaging in conduct of the kind referred to in subsection (1) or make an interim order requiring a person to do any act or thing, pending the determination of the application.
(4)  Where the court has granted an injunction or interim injunction or made an order or interim order under this section, the court may, on application by the Authority or by any person affected by the injunction, order, interim injunction or interim order, rescind or vary the injunction, order, interim injunction or interim order.
(5)  An injunction, order, interim injunction or interim order granted or made under this section may be expressed to operate for a period specified in the injunction, order, interim injunction or interim order or until the injunction, order, interim injunction or interim order is rescinded.
(6)  Any person who contravenes an injunction, order, interim injunction or interim order that is granted or made by the court under this section that is applicable to the person 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.
(7)  Where an application is made to the court for the grant of an injunction under subsection (1), the power of the court to grant the injunction may be exercised —
(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.
(8)  Where an application is made to the court for the making of an order under subsection (2), the power of the court to make the order may be exercised —
(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.
(9)  Where the Authority makes an application to the court for the grant of an injunction or interim injunction or for the making of an order or interim order under this section, the court is not to require the Authority or any other person, as a condition of granting the injunction, order, interim injunction or interim order, to give any undertaking as to damages.
(10)  Subsection (6) does not affect the powers of the court in relation to the punishment for contempt of court.
Service of documents, etc.
79.—(1)  Any notice, order or document required or authorised by this Act to be served on any person may be served —
(a)in the case of an individual —
(i)by delivering it to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence;
(ii)by leaving it at the individual’s usual or last known place of residence or business in an envelope addressed to him or her;
(iii)by sending it by registered post addressed to the individual at his or her usual or last known place of residence or business; or
(iv)by sending it by email to the individual’s last email address; or
(b)in the case of a body corporate or body of persons —
(i)by delivering it to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business;
(ii)by leaving it at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons;
(iii)by sending it by registered post addressed to the body corporate or body of persons at its registered office or principal place of business; or
(iv)by sending it by email to the last email address of the body corporate or body of persons.
(2)  Any notice, order or document sent by registered post to any person in accordance with subsection (1) is deemed to be duly served on the person at the time when the notice, order or document (as the case may be) would in the ordinary course of post be delivered.
(3)  When proving service of the notice, order or document mentioned in subsection (2), it is sufficient to prove that the envelope containing the notice, order or document (as the case may be) was properly addressed, stamped and posted by registered post.
(4)  Service of a notice, order or document, under subsection (1)(a)(iv) or (b)(iv) takes effect at the time the email becomes capable of being retrieved by the person to whom the notice, order or document is sent.
(5)  A notice, order or document may be served on a person under subsection (1)(a)(iv) or (b)(iv) by email only with that person’s prior written consent.
(6)  This section does not apply to documents to be served in proceedings in court.
(7)  In this section, “last email address” means —
(a)the last email address given by the addressee concerned to the person giving or serving the notice, order or document as the email address for the service of notices, orders or documents under this Act; or
(b)the last email address of the addressee concerned known to the person giving or serving the notice, order or document.
[Act 12 of 2024 wef 24/01/2025]
Electronic service
79A.—(1)  The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be given to or served on any person.
(2)  For the purposes of the electronic service, the Authority may assign to any person —
(a)an authentication code; and
(b)an account with the electronic service.
(3)  Despite section 79, where any person has given the person’s consent for any document to be given to or served on the person through the electronic service, the Authority may give or serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service.
(4)  Where a person has given the person’s consent for a document to be given to or served on the person through the electronic service, the document is deemed to have been given or served at the time when an electronic record of the document enters the person’s account with the electronic service.
(5)  Despite any other written law, in any proceedings under this Act —
(a)an electronic record of any document that was given or served through the electronic service; or
(b)any copy or print‑out of that electronic record,
is admissible as evidence of the facts stated or contained therein if that electronic record, copy or print‑out —
(c)is certified by the Authority to contain all or any information given or served through the electronic service in accordance with this section; and
(d)is duly authenticated in the manner specified in subsection (7) or is otherwise authenticated in the manner provided in the Evidence Act 1893 for the authentication of computer output.
(6)  To avoid doubt —
(a)an electronic record of any document that was given or served through the electronic service; or
(b)any copy or print‑out of that electronic record,
is not inadmissible in evidence merely because the document was given or served without the delivery of any equivalent document or counterpart in paper form.
(7)  For the purposes of this section, a certificate —
(a)giving the particulars of —
(i)any person whose authentication code was used to give or serve the document; and
(ii)any person or device involved in the production or transmission of the electronic record of the document, or the copy or print‑out of the electronic record;
(b)identifying the nature of the electronic record or copy or print-out of the electronic record; and
(c)purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time,
is sufficient evidence that the electronic record, copy or print‑out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue.
(8)  Where the electronic record of any document, or a copy or print‑out of that electronic record, is admissible under subsection (5), it is presumed, until the contrary is proved, that the electronic record, copy or print‑out accurately reproduces the contents of that document.
(9)  The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service, including the procedure in circumstances where there is a breakdown or interruption of the electronic service.
(10)  In this section —
“account with the electronic service”, in relation to any person, means a computer account within the electronic service which is assigned by the Authority to that person for the storage and retrieval of electronic records relating to that person;
“authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure which is assigned to that person for the purposes of identifying and authenticating the access to and use of the electronic service by that person;
“document” includes notice and order;
“electronic record” has the meaning given by section 2(1) of the Electronic Transactions Act 2010.
[Act 12 of 2024 wef 24/01/2025]
Exemption
80.—(1)  The Authority may, by regulations, exempt any person or any class of persons, from all or any of the provisions of this Act, subject to such conditions or restrictions as may be prescribed.
(2)  The Authority may, on the application of any person, by written notice exempt the person from —
(a)all or any of the provisions of this Act; or
(b)all or any of the requirements imposed by the Authority under this Act.
[Act 12 of 2024 wef 30/08/2024]
(3)  An exemption granted under subsection (2) —
(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.
(4)  Any person who contravenes any condition or restriction imposed under subsection (1) or (3)(a) shall be guilty of an offence.
Amendment of Schedules
81.—(1)  The Minister may, by order in the Gazette, amend, add to or vary any of Schedules.
(2)  The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions to the Act as may be necessary or expedient.
(3)  Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.
Regulations
82.—(1)  The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration of this Act.
(2)  Without limiting subsection (1), the Authority may make regulations for or with respect to —
(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.
(3)  Except as otherwise expressly provided in this Act, the regulations made under this Act —
(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.
FIRST SCHEDULE
Sections 2 and 81
Trust business
The following businesses constitute trust business for the purposes of this Act:
(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.
SECOND SCHEDULE
Sections 3(3) and 81
Specified persons
1.  The following persons are specified persons for the purposes of section 3(3):
(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).
2.  In this Schedule —
“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.
THIRD SCHEDULE
Sections 49 and 81
Purposes for which and persons to whom protected information may be disclosed
Part 1
Further Disclosure Not Prohibited
First column
 
Second column
 
Third column
Purposes for which confidential information may be disclosed
 
Persons to whom information may be disclosed
 
Conditions
1.Disclosure —
 
 
 
 
(a)is permitted in writing by a settlor or a protected party about whom the information regards, or if he or she is deceased, his or her appointed personal representative; or
 
Any person as permitted by the settlor or a protected party or, if he or she is deceased, his or her appointed personal representative.
 
 
(b)is solely in connection with a matter which a licensed trust company deems necessary in carrying out its duties in a case where a settlor is deceased and there is no personal representative, unless otherwise provided in the trust deed.
 
Any person whom the licensed trust company deems necessary.
 
 
 
 
 
 
 
2.Disclosure is solely in connection with an application for a grant of probate or letters of administration in respect of a deceased protected party’s estate.
 
Any person whom the licensed trust company in good faith believes is entitled to the grant of probate or letters of administration.
 
 
 
 
 
 
 
3.Disclosure is solely in connection with —
 
 
 
 
(a)where the protected party is an individual, the bankruptcy of the protected party; or
 
All persons to whom the disclosure is necessary for the purpose specified in the first column.
 
Note: Court may order the proceedings to be held in private [see section 49(3) and (4)].
(b)where the protected party is a body corporate, the winding up of the protected party.
 
 
 
 
 
 
 
 
 
4.Disclosure is solely with a view to the institution of, or solely in connection with, the conduct of proceedings relating to a trust that is administered by a licensed trust company.
 
All persons to whom the disclosure is necessary for the purpose specified in the first column.
 
Note: Court may order the proceedings to be held in private [see section 49(3) and (4)].
 
 
 
 
 
5.Disclosure is necessary for —
 
 
 
 
(a)compliance with an order or request made under any specified written law to provide information, for the purposes of an investigation or prosecution, of an offence alleged or suspected to have been committed under any written law; or
 
Any police officer or public officer duly authorised under the specified written law to carry out the investigation or prosecution or to receive the complaint or report, or any court.
 
 
(b)the making of a complaint or report under any specified written law of an offence alleged or suspected to have been committed under any written law.
 
 
 
 
 
 
 
 
 
6.Disclosure is necessary for compliance with an enforcement order for attachment of a debt served on a licensed trust company attaching assets in a trust.
 
All persons to whom the disclosure is required to be made under the enforcement order for attachment of a debt.
 
 
 
 
 
 
 
7.Disclosure is in compliance with any provision of this Act, or any notice or directive issued by the Authority to licensed trust companies.
 
The Authority or any person authorised or appointed by the Authority.
 
 
[Act 25 of 2021 wef 01/04/2022]
Part 2
Further Disclosure Prohibited
First column
 
Second column
 
Third column
Purposes for which confidential information may be disclosed
 
Persons to whom information may be disclosed
 
Conditions
1.Disclosure is solely in connection with the performance of duties as an officer, a professional adviser or a service provider appointed or engaged by a licensed trust company.
 
Any —
(a)officer of the licensed trust company in Singapore;
(b)officer designated in writing by the head office of the licensed trust company; or
(c)auditor, lawyer, consultant or other professional adviser or service provider appointed or engaged by the licensed trust company under a contract for service.
 
 
 
 
 
 
 
2.Disclosure is solely in connection with the conduct of internal audit or the performance of risk management of a licensed trust company.
 
In the case of —
(a)a licensed trust company incorporated outside Singapore —
(i)the head office or parent company of the licensed trust company;
 
 
 
 
(ii)any branch of the licensed trust company outside Singapore designated in writing by the head office of the licensed trust company; or
 
 
 
 
(iii)any related corporation of the licensed trust company designated in writing by the head office of the licensed trust company; or
 
 
 
 
(b)a licensed trust company incorporated in Singapore —
 
 
 
 
(i)the parent company; or
 
 
 
 
(ii)any related corporation of the licensed trust company designated in writing by the head office of the licensed trust company.
 
 
 
 
 
 
 
3.Disclosure is solely in connection with the performance of operational functions of a licensed trust company where the operational functions have been outsourced.
 
Any person, including the head office of the licensed trust company or any branch of the licensed trust company outside Singapore, who is engaged by the licensed trust company to perform the outsourced functions.
 
If any outsourced function is to be performed outside Singapore, the disclosure is subject to such conditions as may be specified in a written direction issued by the Authority or otherwise imposed by the Authority.
 
 
 
 
 
4.Disclosure is solely in connection with —
(a)the merger or proposed merger of a licensed trust company or its holding company with another company; or
(b)any acquisition or issue, or proposed acquisition or issue, of any part of the share capital of a licensed trust company or its holding company,
 
Any person participating or otherwise involved in the merger, acquisition or issue, or proposed merger, acquisition or issue, including any of the person’s lawyers or other professional advisers (whether or not the merger or acquisition is subsequently entered into or completed).
 
 
whether or not the merger, acquisition or issue is subsequently entered into or completed.
 
 
 
 
Part 3
Interpretation
In this Schedule, unless the context otherwise requires —
“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, the Prevention of Corruption Act 1960 and the Trustees Act 1967.
[Act 42 of 2024 wef 20/06/2025]
[40/2018]
 

Archived for legal research. Authoritative version at sso.agc.gov.sg.