MAS Reprimands TMF Trustees Singapore Limited for Contravention of Section 30(1)(b) of the Trust Companies Act (Cap. 336) ["TCA"] and Regulation 19(2)(a) of the Trust Companies Regulation ["TCR"]

1          On 13 January 2014, MAS reprimanded TMF Trustees Singapore Limited [“TMF Singapore”] for contravention of section 30(1)(b) of the TCA and regulation 19(2)(a) of the TCR.

2          Section 30(1)(b) of the TCA states that a licensed trust company shall, in respect of each financial year, lodge the profit and loss account and balance sheet with the Monetary Authority of Singapore (the “Authority”) within 5 months after the end of the financial year, together with an auditor’s report on that profit and loss account and balance sheet.

3          TMF Singapore has contravened section 30(1)(b) of the TCA as it had failed to lodge the profit and loss account and balance sheet and an auditor’s report on that profit and loss account and balance sheet within 5 months after the end of its financial year ended 31 December 2012.

4          Regulation 19(2)(a) of the TCR states that a licensed trust company shall prepare a statement showing the maintenance of its net asset value or qualifying assets, as the case may be, in Form 5 and lodge the statement so prepared with the Authority within 5 months from the end of each of its financial year.

5          TMF Singapore has contravened regulation 19(2)(a) of the TCR as it had failed to lodge Form 5 within 5 months from the end of its financial year ended 31 December 2012.

6          This is not TMF Singapore’s first breach of the TCA and TCR. TMF Singapore was late in its submission of regulatory returns on two previous occasions, in 2010 and 2012.

MAS expects a licensed trust company to take all reasonable steps to comply with the provisions of the TCA, the TCR and all applicable regulatory requirements at all times.

Last Modified on 26/11/2016