Singapore, 19 July 2004...The Monetary Authority of Singapore (MAS) today released a consultation paper on establishing a new regulatory framework for trust companies.

Under the new framework, MAS will regulate trust companies in Singapore. Licensing will become mandatory for trust companies. However, there will be limited exemptions from licensing for certain entities and persons.

The new framework will increase legal clarity and guidance for trust companies in Singapore. It will also ensure high standards of business conduct, professionalism and competence in the trust services industry in Singapore.

MAS seeks comments on both the policy proposals to establish a new regulatory framework for trust companies (Click here for Consultation Paper (94.1 KB) ) and the draft Trust Companies Bill (Click here for Trust Companies Bill (444 KB) ).

MAS requests that comments be submitted by 18 August 2004.  Interested parties may email their comments to trust@mas.gov.sg .

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