The Business Trusts (Amendment) Act 2022 (“BT(A)A”) is being implemented in two phases. Phase 1 commenced on 12 March 20241. Phase 2 will implement provisions that will be brought into effect concurrently with supporting subsidiary legislation. MAS is now consulting on proposed amendments to the Business Trusts Regulations 2005 (“BTR”) and proposed new regulations2 to support Phase 2 of the implementation of the BT(A)A.
MAS invites comments from interested parties on the proposals set out in the consultation paper.
---------
1 Please refer to the Business Trusts (Amendment) Act 2022 (Commencement) Notification 2024 (No. S 203).
2 Business Trusts (Register of Controllers) Regulations, Securities and Futures (Offers of Investments) (Exemption for Stapled Groups) Regulations, and Business Trusts (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet) Regulations.