Trustees Act 1967 · 2020 Revised Edition · Part 7 · Transparency and Effective Control
84O. Codes of practice, guidelines and standards of performance
Feedback & supportLast amended by an amending law of 2024.
The Commissioner may issue, approve, amend or revoke one or more codes of practice, guidelines or standards of performance for all or any of the following purposes:
to provide guidance to trustees of relevant trusts in relation to the operation or administration of any provision of this Part;
to set out best practices —
for trustees of relevant trusts with respect to measures for the prevention of money laundering, terrorism financing and financing of proliferation of weapons of mass destruction; and
for giving effect to the relevant FATF Recommendations.
If any provision in any code of practice, guideline or standard of performance is inconsistent with this Part, that provision, to the extent of the inconsistency, does not have effect.
Where a code of practice, guideline or standard of performance is issued, approved, amended or revoked by the Commissioner under subsection (1), the Commissioner must —
publish a notice of the issue, approval, amendment or revocation (as the case may be) in a manner that will secure adequate publicity for the issue, approval, amendment or revocation;
specify in the notice the date of the issue, approval, amendment or revocation, as the case may be; and
ensure that, so long as the code of practice, guideline or standard of performance remains in force, copies of that code, guideline or standard, and of all amendments to it, are available free of charge to any trustee of a relevant trust to whom that code, guideline or standard applies.
No code of practice, guideline or standard of performance, or amendment or revocation, has any effect until the notice relating to it is published in accordance with subsection (3).
Any code of practice, guideline or standard of performance has no legislative effect.
Any failure by a trustee of a relevant trust to comply with any code of practice, guideline or standard of performance applicable to the trustee does not of itself render the trustee liable to criminal proceedings, but the failure may, in any proceedings (criminal or otherwise), be relied on by any party to those proceedings as tending to establish or negate any liability which is in question in those proceedings.