{"id":571,"date":"2022-02-21T08:19:00","date_gmt":"2022-02-21T08:19:00","guid":{"rendered":"https:\/\/sithisak-lawoffice.com\/?post_type=resource-legals-news&p=571"},"modified":"2025-07-23T01:36:24","modified_gmt":"2025-07-23T01:36:24","slug":"legal-update-rules-for-governing-managing-and-operating-of-trust-issued","status":"publish","type":"resource-legals-news","link":"https:\/\/sithisak-lawoffice.com\/ja\/resource-legals-news\/legal-update-rules-for-governing-managing-and-operating-of-trust-issued\/","title":{"rendered":"Legal update: Rules for Governing, Managing and Operating of Trust Issued"},"content":{"rendered":"\n

Issue: No. 003P\/22 \u2013 21 February 2022<\/em><\/p>\n\n\n\n

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After the promulgation of Trust Law by Royal Decree \u2116 NS\/RKM\/0119\/002 on 02 January 2019, Trust sector has become an important part in the econmic growth of Cambodia.<\/p>\n\n\n\n

A Trust is a legal relationship whereby someone (the trustor) entrust property or fund to someone (the trustee) to manage and maintain for the benefit of someone (beneficiary).<\/p>\n\n\n\n

Since the Sub-Decree on 2 August 2019 on the Trust Registration, to provides the rules and procedures for such Trust registration, the Non-Banking Financial Services Authority has recently issued a Prakas No. 003 on 26 January 2022 on the Rules to Control, Manage and the Functioning of Trust aiming to further detail the rules, conditions and procedures for trust establishment, trust registrations, and its processes, as well as the licensing and approval on trust operator. This Prakas reinstates that all the establishment and operating of Trust must be obtain the approval from the Trust Regulator in accordance with the Law on Trust, other relevant Regulations in force and the Provision of this Prakas.<\/p>\n\n\n\n

Under this Prakas, no person shall appear, or act as a Trustee or represent a Trust in Kingdom of Cambodia unless the person obtains a license and\/or approval from the Director General of Trust Regulator. The Trustee can be a legal entity (trustee company) or individual trustee (independent individual trustee or individual trustee of a trustee company). The rules and procedures of obtaining the license and\/or approval for the Trustee has been stipulated in details within the provision of this Prakas.<\/p>\n\n\n\n

Please be cautioned on the following points:<\/p>\n\n\n\n

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  1. All Trustees that have been registered and operated before this Prakas in force, shall apply for license and\/or approval from the Trust regulator in accordance with rules and procedures of this Prakas within the period of 6 (six)month from the date of this Prakas<\/li>\n\n\n\n
  2. All Trustees of CIS and custodians in the securities sector which have acquired the license\/approval from Securities and Exchange Regulator of Cambodia, shall apply for registration with the Trust Regulator within the period of 6 (six) months from the date of this Prakas<\/li>\n<\/ol>\n\n\n\n