Trust Companies Bill To Be Tabled This Year, Replacing Act 100 – Fuziah

KUALA LUMPUR, March 2 (Bernama) -- The Trust Companies Bill, together with more comprehensive new policies and guidelines, is expected to be tabled in the Dewan Rakyat this year to replace the Trust Companies Act 1949 (Act 100), which will be repealed, said Deputy Minister of Domestic Trade and Cost of Living Datuk Dr Fuziah Salleh.

She said the Bill would cover four main clusters, including parameters of activities and a mandatory registration regime, as well as a beneficial ownership reporting framework related to trust businesses or activities.

In addition, it would also encompass the administration and governance of trust companies, striking off of names, corporate rescue mechanisms, and the winding-up and dissolution of trust companies, she said.

“The public consultation process to finalise this Bill commenced on April 2, 2024, through the circulation of a consultation document. Engagement sessions were also held with the industry and stakeholders,” she said during the question-and-answer session in the Dewan Rakyat today.

Fuziah was replying to a question from Lee Chean Chung (PH-Petaling Jaya) on the progress of regulatory reforms for private trust companies and the status of amendments to Act 100 to make it mandatory to appoint a Licensed Fund Manager.

She said the engagement sessions also involved regulatory agencies, including the Securities Commission Malaysia, Bank Negara Malaysia and the Legal Affairs Division of the Prime Minister’s Department.

-- BERNAMA