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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  New Legislation 41
 
Strengthening Corporate Governance Regulations
 
& Guidelines  
41
 
 
Box 5 – Enhancing Corporate Governance Framework  
41
 
Box 6 – Deposit Insurance Scheme  
42
 
Box 7 – Nomination of Beneficiaries Framework  
43
 
Box 8 – New Framework for Trust Companies
 
to Facilitate Wealth Management  
44
 
  NEW LEGISLATION

Box 8 New Framework for Trust Companies to
Facilitate Wealth Management
 

In February 2005, the new Trust Companies Act (TCA) was passed in Parliament. MAS subsequently published the Regulations, Notices and Guidelines pursuant to the TCA on 22 December 2005. The TCA framework was operationalised on 1 February 2006.

Under the new TCA framework, MAS takes over the regulation of trust companies from the Accounting and Corporate Regulatory Authority (ACRA), the administrator of the previous Trust Companies Act (Cap.336). This transfer of responsibilities allows for a single regulator, MAS, to supervise the complementary activities of trust services, private banking and wealth management.

This move is aimed at establishing a sound framework for the regulation of the trust services industry and at attracting top professionals and their clients to do more trust business in Singapore.

To ensure high standards of probity, professionalism and business conduct in the trust services industry, licensing is now mandatory for trust companies. Higher standards of regulation and supervision have also been established to ensure fit and proper persons operating in the industry, and the industry’s observance of anti-money laundering requirements.

MAS is also working closely with industry and the Institute of Banking and Finance (IBF) to expand the talent pool of trust professionals, and to raise their level of expertise, skills and competency.