Regulatory Alerts2022-01-01
Trusts (Amendment) Act, 2022
The President and National Assembly of Seychelles enacted the Trusts (Amendment) Act, 2022 to modify key provisions of the principal Trusts Act, 2021. The legislation introduces a new section mandating that trustees administering a trust may request and must timely provide relevant information to one another, explicitly extending this obligation to beneficial ownership data. The Act also corrects typographical errors in sections 26 and 84 while updating section 89 to clarify access rights regarding a trust's registered office.
SUPPLEMENT TO OFFICIAL GAZETTE Trusts (Amendment) Act REPUBLIC OF SEYCHELLES ACT [30th September 2022] 466 I assent Wavel Ramkalawan President th 29 September, 2022 TRUSTS (AMENDMENT) ACT, 2022 (Act 20 of 2022) AN ACT TO AMEND THE TRUSTS ACT, 2021 (ACT 34 OF 2021). ENACTED by the President and the National Assembly. Short title
- This Act may be cited as the Trusts (Amendment) Act, 2022.
Amendment of section 26 of Act 34 of 2021 2. Section 26 of the Trusts Act, 2021 (hereinafter referred to as the “principal Act”) is amended in subsection (4), by repealing the word “censed”. Insertion of new section 30A 3. The principal Act is amended, by inserting after section 30, the following section — “Request of information between trustees 30A.(1) Where a trust is administered by more than one trustee, any trustee may request any relevant information in respect of the trust from any of the other trustees of the trust. (2) Pursuant to section 16 of the Beneficial Ownership Act, 2020 (Act 4 of 2020), subsection (1) shall also apply to information on beneficial owners. (3) A trustee shall comply with a request for information made under subsection (1) within the time specified in the request.” Amendment of section 84 4. Section 84 of the principal Act is amended in subsection (4) by repealing the word “rty”. Amendment of section 89 5. Section 89 of the principal Act is amended in paragraph (1)(a) by inserting after the words “access the” the words “registered office or”. I certify that this is a correct copy of the Bill which was passed by the National Assembly on 28th September, 2022. Mrs. Tania Isaac Clerk to the National Assembly SUPPLEMENT TO OFFICIAL GAZETTE Trusts (Amendment) Act REPUBLIC OF SEYCHELLES ACT [30th September 2022] 467