Singapore legislation
Clause 12
Clause 12
New section 55A
The principal Act is amended by inserting, immediately before the sub-heading “Division 1 — Accounts — Dealer”, the following section:“Interpretation of this Part55A. In this Part —“custodian” means —
a bank licensed under the Banking Act (Cap. 19);
a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
a trust company registered under the Trust Companies Act (Cap. 336);
a depository agent as defined in Division 7A of Part IV of the Companies Act (Cap. 50); or
such other financial institution or corporation as the Authority may prescribe;“foreign custodian” means such financial institution or corporation, having a place of business outside Singapore, as may be prescribed by the Authority;“property” includes securities;“trust account” means a current or deposit account or property account which —
is kept with a custodian or foreign custodian, as the case may be; and
is designated or evidenced as a trust or client’s account.”.