Singapore legislation
Regulation 5
Regulation 5
Requirements for exempt persons
Subregulation 1
Sections 40 to 46, 61 and 62 of the Act and regulation 16 of the Trust Companies Regulations (Rg 4) shall apply, with the necessary modifications, to the exempt persons referred to in section 15 of the Act and in regulation 4.
Subregulation 2
Where any of the requirements under sections 40 to 46, 61 and 62 of the Act and regulation 16 of the Trust Companies Regulations is inconsistent with any requirement under the Accountants Act 2004, the Banking Act 1970, the Financial Services and Markets Act 2022, the Insurance Act 1966, the Legal Profession Act 1966, the Monetary Authority of Singapore Act 1970 or the Securities and Futures Act 2001, the requirement under the Accountants Act 2004, the Banking Act 1970, the Financial Services and Markets Act 2022, the Insurance Act 1966, the Legal Profession Act 1966, the Monetary Authority of Singapore Act 1970 or the Securities and Futures Act 2001, as the case may be, shall prevail.
Subregulation 3
The notification in writing to be given to the Authority under section 15 (2)(a) or (3) (a) of the Act by a person who is exempt under section 15 (1)(a) or (b) of the Act shall be in Form 8.
Subregulation 4
A person who is exempt under section 15 (1)(a) or (b) of the Act shall, whenever there is any change in its relevant particulars, lodge with the Authority a notice in Form 9 to inform the Authority of the change not later than 14 days after the date of the change.
Subregulation 5
The notification in writing to be given to the Authority under section 15 (2)(b) or (3)(b) of the Act by a person who is exempt under section 15 (1)(a) or (b) of the Act shall be in Form 10.
Subregulation 6
A person who is exempt under regulation 4(1)(b)(iv) shall —
lodge with the Authority a statement in Form 6, in respect of each calendar year or such other period as the Authority may allow, within 60 days after the end of each calendar year;
whenever there is any change in his relevant particulars, lodge with the Authority a notice in Form 9 to inform the Authority of the change not later than 14 days after the date of the change; and
upon the cessation of any trust business in respect of which that person has been so exempt, lodge with the Authority a notice in Form 10 to inform the Authority of the cessation not later than 14 days after the cessation has taken place.
Subregulation 7
For the purposes of paragraph (6), where the exempt person is a practising solicitor or foreign practitioner, the practising solicitor or foreign practitioner must lodge the relevant Forms with the Authority through his Singapore law practice, Joint Law Venture or Qualifying Foreign Law Practice.
Subregulation 8
Any person who contravenes paragraph (4) or (6) shall be guilty of an offence.