Regulatory Alerts2023-05-02
Added · Updated
Regulation and Supervision of Trust Business
The Hong Kong Monetary Authority requires authorized institutions and their subsidiaries to comply with the Code of Practice for Trust Business by 1 June 2023 and submit initial reporting forms by 15 May 2023. Entities within AI groups carrying on trust business must declare compliance with the Code to be included in the HKMA's published list of trustees and report any changes within seven business days. Additionally, authorized institutions must implement controls to report material non-compliance, major incidents, or issues affecting the fitness or propriety of the trustee to the regulator.
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