Singapore legislation
Regulation 8
of Trustees (Transparency and Effective Control) Regulations 2017
Regulation 8
Obligation to disclose that trustee is acting for relevant trust
Subregulation 1
If a trustee of a relevant trust, when acting for the relevant trust, forms a business relationship, or enters into a prescribed transaction, with any specified person after 20 June 2025, the trustee must take reasonable steps to inform the specified person that the trustee is acting for the relevant trust at or before the time the business relationship is formed or the prescribed transaction is entered into, as the case may be.
Subregulation 2
[Deleted by S 409/2025 wef 20/06/2025]
Subregulation 3
[Deleted by S 409/2025 wef 20/06/2025]
Subregulation 4
[Deleted by S 409/2025 wef 20/06/2025]
Subregulation 5
In this regulation —
Definition
“advocate and solicitor” and “practising certificate” have the same meanings as in section 2(1) of the Legal Profession Act 1966;
Definition
“law practice” has the same meaning as in section 70A(2) of the Legal Profession Act 1966;
Definition
“prescribed transaction” means a transaction that has an aggregate value or amount of more than $20,000, whether the transaction is carried out in a single operation or multiple operations that appear to be linked;
Definition
“specified person” means —
a financial institution as defined in section 2 of the Financial Services and Markets Act 2022;
a casino operator as defined in section 2(1) of the Casino Control Act 2006;
(ba)a developer as defined in section 2 of the Sale of Commercial Properties Act 1979;
(bb)a housing developer as defined in section 2(1) of the Housing Developers (Control and Licensing) Act 1965;
a licensed estate agent as defined in section 3(1) of the Estate Agents Act 2010;
a regulated dealer as defined in section 2 of the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019;
(da)a pawnbroker as defined in section 3(1) of the Pawnbrokers Act 2015;
an advocate and solicitor who —
has in force a practising certificate; or
is a director, a partner, a consultant or an employee of a law practice, whether or not the advocate and solicitor has in force a practising certificate;
a regulated foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966;
a foreign lawyer registered under section 36P of the Legal Profession Act 1966;
a notary public as defined in section 2 of the Notaries Public Act 1959;
a public accountant as defined in section 2(1) of the Accountants Act 2004; or
a person (not being a person mentioned in paragraph (e) or (f) or a public accountant) who provides one or more of the following services:
acting as an agent for the formation of entities;
acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a person holding a similar position in any other entity;
providing a registered office, any business address or any accommodation, correspondence or administrative address for an entity;
acting as (or arranging for another person to act as) a trustee of an express trust, or performing (or arranging for another person to perform) a function equivalent to the function of a trustee in any other similar arrangement;
acting as (or arranging for another person to act as) a nominee shareholder for another person.