Singapore legislation
Regulation 17
Regulation 17
Prohibition of certain trades
Subregulation 1
A licensed trust company shall not —
Subregulation a
as a trustee, enter into any transaction on behalf of a trust; or
Subregulation b
as a provider of trust administration services, cause the trustee to enter into any transaction,being a transaction to which any of the following is a party:
(i)
the licensed trust company;
(ii)
where the transaction is a personal transaction of a resident manager of the licensed trust company, such resident manager of the licensed trust company;
(iii)
where the transaction is a personal transaction of a director of the licensed trust company, such director of the licensed trust company.
Subregulation 2
Any licensed trust company which contravenes paragraph (1) shall be guilty of an offence.