Regulatory Alerts2022-01-01
Securities Industry (Note Trustees) Guidelines 2022
The Securities and Exchange Commission issued these guidelines to establish comprehensive licensing, operational, and reporting standards for corporate Note Trustees in the securities market. The framework mandates that licensed entities maintain independence from issuers, secure adequate capital and infrastructure, appoint fit-and-proper representatives, and implement robust anti-money laundering and default-reporting protocols. Furthermore, the guidelines impose strict annual and half-yearly financial reporting obligations, empower the Commission to conduct inspections and appoint auditors, and authorize administrative penalties of up to twenty thousand penalty units for non-compliance.
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