Malaysia

Trustees for Unit Trust Schemes

Brian Chia. Wong & Partners, Kuala Lumpur. brian.chia@wongpartners.com

In February 2002, the Securities Commission (“SC”) issued a set of guidelines on the appointment of trustees for unit trust schemes in situations where there may be conflicts of interests. Entitled “Guidelines on Allowing a Person to be Appointed or to Act as a Trustee under Subsection 99(1) of the Securities Commission Act 1993” , the guidelines cover the criteria for the SC’s approval, terms and conditions of approval, and the procedures for application to the SC. Its purpose is to facilitate applications and to provide guidance to parties regarding an entity’s eligibility for appointment as trustee.