The Ministry of Justice circulated the Trust Administration Bill for comment. The Bill is to: 

• regulate the control and administration of trusts;
• regulate trust services providers and to provide for matters connected therewith;
• impose duties on trustees, accountants and auditors;
• specify matters that would disqualify a person from being appointed or continuing to act as trustee;
• provide for the removal of a trustee who becomes disqualified to continue to act as a trustee;
• specify information that must be kept by trustees in relation to basic information and beneficial ownership information in relation to trusts;
• require the Master to maintain a register containing information relating to basic information and beneficial ownership information of trusts, and providing for access to information regarding beneficial ownership;
• specify offences; and
• provide for incidental matters.

Once enacted, the Bill will replace the Trust Moneys Protection Act.

The draft Bill can be downloaded here…

The template for comments can be downloaded here…

Important notice and disclaimer
This article summarises the understanding, observation and notes of the author and lays no claim on accuracy, correctness or completeness. RFS (Pty) Ltd does not accept any liability for the content of this contribution and no decision should be taken on the basis of the information contained herein before having confirmed the detail with the relevant party. Any views expressed herein are those of the author and not necessarily those of RFS.