Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 1 - Jan/Feb/Mar 2024
 

Prakas on Formalities and Procedures of Administrative Sanction and Penalties in Trust Sector

On 3 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 002 on Formalities and Procedure of Administrative Sanction and Penalties in Trust Sector ("Prakas"). The Prakas aims to set out the rules, formalities and procedure in imposing administrative sanctions and penalties by the trust inspector on persons who contravene the conditions in the licences, permits, and other registrations granted by the Trust Regulator of Cambodia.


In addition to the administrative sanctions, the Prakas provides additional administrative sanctions to be imposed by the trust inspector in the event that other offences are committed under other laws and regulations.


For more information, click here to read our Legal Update.



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

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