On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 31/07/2006.
15.
—(1) Subject to subsection (9), the following persons shall be exempt from the requirement to hold a trust business licence in respect of the carrying on of trust business:
(a)
any bank licensed under the Banking Act (Cap. 19) in respect of —
(i)
the provision of services in relation to the creation of an express trust;
(ii)
the arrangement for any person to act as trustee in relation to an express trust; or
(iii)
the provision of trust administration services which are procedural and non-discretionary;
(b)
any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186) in respect of —
(i)
the provision of services in relation to the creation of an express trust;
(ii)
the arrangement for any person to act as trustee in relation to an express trust; or
(iii)
the provision of trust administration services which are procedural and non-discretionary;
(c)
any holder of a capital markets services licence, or any person who is exempt from holding a capital markets services licence, for providing fund management or custodial services for securities under the Securities and Futures Act (Cap. 289), in respect of the provision of fund management or custodial services for securities;
(d)
such other person or class of persons as may be prescribed; and
(e)
any other person not falling within the description of paragraphs (a) to (d) whom the Authority may, on the application of the person, by notice in writing so exempt.
(2) Any bank providing any trust business service referred to in subsection (1)(a)(i) or (ii) shall —
(a)
within 3 months from the date of commencement of this Act or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and
(b)
as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14 days from the date of cessation.
(3) Any merchant bank providing any trust business service referred to in subsection (1)(b)(i) or (ii) shall —
(a)
within 3 months from the date of commencement of this Act or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and
(b)
as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14 days from the date of cessation.
(4) The Authority may prescribe the provisions of this Act that apply to persons referred to in subsection (1)(a), (b) and (c).
(5) The Authority may prescribe or specify in written directions the provisions of this Act that apply to persons referred to in subsection (1)(d) and (e).
(6) The Authority may prescribe or specify in written directions such conditions or restrictions as it thinks fit to impose on an exempt person in relation to the conduct of trust business or any related matter as the Authority thinks fit and the exempt person shall comply with such conditions or restrictions.
(7) The Authority may at any time vary, rescind or revoke any written direction issued under subsection (5) or (6).
(8) Any exempt person who contravenes —
(a)
subsection (2) or (3);
(b)
any applicable provision of this Act as prescribed under subsection (4) or (5) in relation to him; or
(c)
any condition or restriction imposed under subsection (6),
shall be guilty of an offence and shall be liable on conviction —
(i)
in the case of a contravention of any applicable provision of this Act, to the same penalties as are prescribed under this Act for any such contravention; and
(ii)
in the case of a contravention of subsection (2) or (3) or a contravention of any condition or restriction imposed under subsection (6), to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
(9) The Authority may revoke an exemption conferred on any person by this section if —
(a)
the person contravenes any applicable provision of this Act or any condition or restriction imposed on that person under subsection (6);
(b)
the person contravenes any written direction issued to it by the Authority; or
(c)
the Authority considers that the person is carrying on trust business in a manner that is, in the opinion of the Authority, contrary to the public interest.
(10) Where the Authority revokes an exemption conferred on any person by this section, the Authority need not give the person an opportunity to be heard.
(11) The revocation under subsection (9) of the exemption conferred on any person by this section shall not operate so as to —
(a)
avoid or affect any agreement, transaction or arrangement relating to any trust business entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the revocation of the exemption; or
(b)
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
(12) Any person who is aggrieved by a decision of the Authority made under subsection (9) may, within 30 days after being notified of the decision of the Authority, appeal to the Minister whose decision shall be final.