Scheme Trustee

1.0 Appointment of organisation regents As prescribed down the steps scratch 139ZC of the CMSA, a fascinate Trustee must be approve by the Securities Commission. Besides that, only one Scheme Trustee may be appointed for to each one Scheme. 2.0 Eligibility Requirements A Scheme Trustee must (a) be a perpetrate order registered to a lower place the Trust Companies Act 1949 or structured consistent to the Public Trust Corporation Act 1995; (b) be registered with the SC; (c) have a minimum paid-up not bad(p) of RM500,000 and a minimum share hurlers funds of RM1 million (or such(prenominal) opposite quantity as may be specified by the SC); (d) harbour professional redress insurance reportage of at to the lowest degree RM5 million in the first layer of its registration by the SC and increase its professional indemnity insurance coverage to at least RM10 million in the second year of its registration by the SC, and maintain such coverage therea fter; and (e) be independent from the PRS Provider. 3.0 Roles and Responsibilities of Scheme Trustees 3.1 Roles and Responsibilities under roof market place and Services (Private privacy Scheme) Regulations 2012 Capital Market and Services (Private Retirement Scheme) Regulations 2012 has provided about the roles and responsibilities of the Scheme trustee.

It is stipulated under section 12 and 13 of the regulations. Section 12(1) of the regulations provides that a outline trustee approved under section 139ZC of the Act sh each have the following duties and responsibilities: (a) at wholly times set its powers for a proper purpose and in good trustingness in the best in terest of the members as a entire; (b) ! exercise the degree of care and pains that a honest man would exercise if he was in the scheme trustees position; (c) take hold and control of all securities, derivatives, property and assets of a private privacy scheme and hold it in trust for the members in accord with the feed and covenants of the deed, the provisions of the Act,...If you want to get a affluent essay, order it on our website: OrderEssay.net

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