On 30 March 2022, the Securities and Exchange Regulator of Cambodia ("SERC") and the Trust Regulator jointly issued a new set of Guidelines on Registration and Additional Approval for Trustee in Collective Investment Scheme ("CIS") and Custodian in the Securities Sector ("Guideline").
The Guidelines provides that a trustee in CIS must be registered as a 'trust operator’ in the securities sector with the Trust Regulator. A custodian in the securities sector who has obtained an approval-in-principle or final approval from SERC must apply for registration as a custodian of a trust fund in the securities sector with the Trust Regulator.
The Guidelines also set out, among other things: (i) the application costs and expenses as well as annual registration fees; (ii) the grounds for suspension or cancellation of registration; (iii) the Trustees and Custodians' obligation to notify the Trust Regulator of any change or modification to information previously provided; and (iv) various obligations concerning business operations such as maintaining financial solvency ratios, reporting, notifications, requesting for approval and compliance with code of conduct.
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