Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Alvin Tan on Business Trusts (Amendment) Bill

08:28 Min

The Government will enhance the transparency and governance of registered business trusts in Singapore. It will streamline regulatory requirements and reduce compliance costs to improve the efficiency and robustness of the business trust regulatory regime to benefit the industry and investors. Minister of State for Trade and Industry and Monetary Authority of Singapore (MAS) board member Alvin Tan said this in Parliament on Monday (Oct 3). New transparency requirements will be rolled out for unlisted registered businesses or business trusts. They will be subjected to the same transparency requirements as unlisted companies regarding their beneficial owners. Mr Tan said this will help to mitigate the risk of business vehicles being used for illicit purposes and is consistent with the disclosure requirements for CEOs of companies under the Companies Act. Auditors of listed registered business trusts and their subsidiaries have to seek the consent of MAS if they wish to resign before the end of the term. The Bill sets up procedures for the appointment of a new auditor. Mr Tan said this will allow MAS to prevent a listed business trust or its subsidiary from being left without an auditor through the application process. MAS will also be alerted to any potential breaches of the law. The Bill also seeks to improve the ease of doing business and reduce administrative burden. One way is to simplify the deadlines for annual general meetings (AGMs) and filing of annual returns. Currently, registered business trusts are required to hold the AGM once every calendar year and not more than 15 months after the preceding AGM, and file annual returns within one month after the AGM. The Bill will align these timelines with the business trusts' financial year-end.   

The Government will enhance the transparency and governance of registered business trusts in Singapore. It will streamline regulatory requirements and reduce compliance costs to improve the efficiency and robustness of the business trust regulatory regime to benefit the industry and investors. Minister of State for Trade and Industry and Monetary Authority of Singapore (MAS) board member Alvin Tan said this in Parliament on Monday (Oct 3). New transparency requirements will be rolled out for unlisted registered businesses or business trusts. They will be subjected to the same transparency requirements as unlisted companies regarding their beneficial owners. Mr Tan said this will help to mitigate the risk of business vehicles being used for illicit purposes and is consistent with the disclosure requirements for CEOs of companies under the Companies Act. Auditors of listed registered business trusts and their subsidiaries have to seek the consent of MAS if they wish to resign before the end of the term. The Bill sets up procedures for the appointment of a new auditor. Mr Tan said this will allow MAS to prevent a listed business trust or its subsidiary from being left without an auditor through the application process. MAS will also be alerted to any potential breaches of the law. The Bill also seeks to improve the ease of doing business and reduce administrative burden. One way is to simplify the deadlines for annual general meetings (AGMs) and filing of annual returns. Currently, registered business trusts are required to hold the AGM once every calendar year and not more than 15 months after the preceding AGM, and file annual returns within one month after the AGM. The Bill will align these timelines with the business trusts' financial year-end.   

Advertisement

You May Also Like

Advertisement