FAQs on Trust Companies Act and Trust Companies Regulations

Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.

Applies to: Licensed Trust Company , Exempt Trust Company , Exempt Person Providing Trust Services

View Document FAQs on Trust Companies Act and Trust Companies Regulations (228.9 KB)

01 Mar 2023: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 01 Mar 2023 (228.9 KB)
24 Nov 2022: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 24 Nov 2022 (707.6 KB)
1 Mar 2022: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 1 Mar 2022 (195.7 KB)
29 Nov 2019: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 29 Nov 2019 (476.7 KB)
08 Oct 2018: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 08 Oct 2018. (341.3 KB)
30 Dec 2016: FAQs on Trust Companies Act and Trust Companies Regulations last revised on 30 Dec 2016. (220.2 KB)

Forms and Templates

Last Revised Date: 23 March 2023

Form 10 - Notice of Cessation of Trust Business of Persons Exempted from Holding a Trust Business Licence under Section 15(1)(a), 15(1)(b), or Regulation 4(1)(b)(iv)

Form for banks, merchant banks and other exempt persons providing trust services to notify MAS of their cessation of trust business within 14 days of the date of cessation.

Licensing, Authorisation and Registration Notifications
Forms and Templates

Last Revised Date: 23 March 2023

Form 8 - Notice of Commencement of Trust Business of Persons Exempted from Holding a Trust Business Licence under Section 15(1)(a), 15(1)(b), or Regulation 4(1)(b)(iv)

Form for banks, merchant banks and other exempt persons providing trust services to notify MAS of their commencement of trust business within 1 month from the date of commencement of trust business.

Licensing, Authorisation and Registration Notifications Exemptions
Forms and Templates

Last Revised Date: 23 March 2023

Form 9 - Notice of Change of Particulars of Persons Exempted from Holding a Trust Business Licence under Section 15(1)( a), 15(1)(b), or Regulation 4(1)(b)(iv)

Form for exempt trust companies and exempt person providing trust services to notify MAS of any change in particulars within 14 days of the date of change.

Notifications
Forms and Templates

Last Revised Date: 04 November 2022

Form 2 - Notice of Change of Particulars under Section 9 and Regulation 5

Form for licensed trust companies to notify MAS of any changes in particulars of the licensed trust company, its Resident Manager, Director or Controller within 14 days of the date of change.

Notifications
Forms and Templates

Last Revised Date: 07 October 2021

Form 1 - Application for a Trust Business Licence under Section 4

Form for entities to apply for a trust business licence under the Trust Companies Act.

Licensing, Authorisation and Registration
Guidelines

Last Revised Date: 07 October 2021

Guidelines on Licence Application and Payment of Fees [TCA-G01]

How to apply for a trust business licence and pay fees.

Licensing, Authorisation and Registration
Forms and Templates

Last Revised Date: 12 August 2021

Form 6 – Omnibus Statement of Trust Accounts under Regulation 19(1) of Trust Companies Regulations and Regulation 5 of Trust Companies (Exemption) Regulations

Form for licenced trust companies and exempt persons providing trust services to provide information on assets under trusteeship, within 60 days from the end of the calendar year.

Statistical Returns
Forms and Templates

Last Revised Date: 10 May 2021

Form 3 - Application for Approval of Controller under Section 17(1)

Form for a person to apply to become a controller of a licensed trust company.

Key Appointments Fit and Proper Criteria Licensing, Authorisation and Registration
Guidelines

Last Revised Date: 05 October 2018

Guidelines on Outsourcing

Guidelines for financial institutions on risk management of outsourcing arrangements.

Operational Risk Guidelines on Risk Management Practices
Regulations

Last Revised Date: 14 August 2018

Trust Companies Regulations

Set out requirements for licensing, financial resources and conduct of business requirements for licensed trust companies.

Licensing, Authorisation and Registration Capital and Financial Resources Security Deposit and PII Key Appointments Fit and Proper Criteria Record Keeping Financial Returns
Consultations

Published Date: 18 September 2015

Public Consultation on Proposed Amendments to the Securities and Futures Act, Financial Advisers Act and Trust Companies Act

Proposed amendments to enhance and harmonise MAS authorisation and supervisory powers across the SFA, FAA and TCA. MAS also sought comments on allowing the pledging of securities held in CDP direct accounts for collateralised trading.

Fit and Proper Criteria Key Appointments Appointment of Auditors Licensing, Authorisation and Registration Notifications

Consultation number:

P015 - 2015

Start date:

18 September 2015

Closing date:

16 October 2015

MAS response date:

09 July 2018

Status:

Responded
Notices

Last Revised Date: 23 January 2013

Notice TCA-N04 Reporting of Suspicious Activities and Incidents of Fraud

When to report suspicious activities and incidents of fraud.

AML/CFT Operational Risk Technology Risk Notifications Fraud Risk
Guidelines

Published Date: 24 August 2010

Guidelines on Criteria for the Grant of a Trust Business Licence [TCA-G02]

How to qualify to be a licensed trust company

Fit and Proper Criteria Key Appointments Capital and Financial Resources Security Deposit and PII Licensing, Authorisation and Registration
Forms and Templates

Published Date: 14 May 2009

Form 5 - Maintenance of Net Asset Value and Qualifying Assets under Regulation 12

Form for licensed trust companies to provide a breakdown of its net asset value or qualifying assets within 14 days from the grant of its licence and thereafter, within 5 months from the end of its financial year.

Financial Returns
Forms and Templates

Published Date: 09 February 2007

Form 7 - Auditor's Report under Regulation 19

Form for licensed trust companies to submit an auditor's report on the licensed trust companys business within 5 months from the end of its financial year.

Capital and Financial Resources Financial Returns
Regulations

Last Revised Date: 30 November 2006

Trust Companies (Exemption) Regulations

Sets out the groups of persons exempted from the requirement to hold a trust business licence and the regulatory requirements for these exempt persons.

Licensing, Authorisation and Registration Exemptions
Acts

Published Date: 31 July 2006

Trust Companies Act 2005

Governs the licensing and regulation of trust companies in Singapore.

Licensing, Authorisation and Registration
Notices

Last Revised Date: 22 December 2005

Notice TCA-N02 on Qualifying Assets and Reduction Percentages

Sets out the requirements to maintain qualifying assets for licensed trust companies incorporated outside Singapore.

Capital and Financial Resources
Guidelines

Published Date: 22 December 2005

Guidelines on Scope of Regulation [TCA-G04]

Guidelines on the scope of regulation and exemption under the Trust Companies Act.

Licensing, Authorisation and Registration
Notices

Last Revised Date: 22 December 2005

Notice TCA-N01 Effecting Arrangements through Licensed Trust Companies or Exempt Persons under Section 15(1)(a) and 15(1)(b) of the Act

Sets out the requirements which apply when licensed or exempt trust companies enter into certain trust arrangements with certain specified persons

AML/CFT Operational Risk Fit and Proper Criteria Record Keeping