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Application and criteria for appointment of resident manager and director

Trust Companies Regulations

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—(1) For the purposes of section 13(1) of the Act, a licensed trust company shall submit to the Authority an application in Form 4 for approval of the appointment of a person (referred to in this regulation as the appointee) as its resident manager or director.(2) For the purposes of section 13(3) of the Act, the criteria to which the Authority may have regard in determining whether to grant its approval in respect of an application made under paragraph (1) are —(a)whether the licensed trust company has provided the Authority with such information relating to the appointee as the Authority may require;(b)whether the appointee is an undischarged bankrupt in Singapore or elsewhere;(c)whether an enforcement order against the appointee in respect of a judgment debt has been returned unsatisfied in whole or in part;(d)whether the appointee has, in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;(e)whether the appointee has been convicted of any offence whether in Singapore or elsewhere;(f)the educational or other qualification, experience or expertise of the appointee, having regard to the nature of the duties he is to perform as a resident manager or director, as the case may be, of the licensed trust company;(g)whether the appointee is a fit and proper person, in the opinion of the Authority, to be a resident manager or director, as the case may be, of the licensed trust company;(h)the financial standing of the appointee;(i)the past performance of the appointee, having regard to the nature of the duties the appointee is to perform as a resident manager or director, as the case may be, of the licensed trust company; and(j)whether there is reason to believe that the appointee will not conduct himself professionally or act in an ethical manner in discharging the duties he is to perform as a resident manager or director, as the case may be, of the licensed trust company.

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