• Locations
  • Desks
  • Awards
  • Careers
  • Solutions
  • Teams
  • Insights
  • Our Firm
  • Locations
  • Desks
  • Awards
  • Careers
© Copyright DFDL 2023. All Rights Reserved.
  • Privacy Policy
  • Solutions
  • Locations
  • Teams
  • Insights
  • Our Firm
  • Search
  • Contact Us
  • Back
Legal and Tax Updates

Cambodia Client Alert: Financial Trust Sub-Decree No. 476

Sep 5 2013
Written by opmin-dfdl

On 26 August 2013, the Royal Government of Cambodia (“RGC”) issued Sub-Decree № 476 on Financial Trusts (“Sub-Decree 476”). Sub-Decree 476 is not a general law of trusts and applies only to trusts in relation to which the trustor is a development partner that has entered into an agreement with the RGC to entrust funds for the purposes of developing the banking and microfinance sectors.

Sub-Decree 476 aims to set out rules and procedures to establish, register, manage and control such trusts.
 
The Ministry of Economy and Finance (“MEF”) is the competent regulator in charge of supervising financial trusts. Sub-Decree 476 requires that all financial trusts must be the subject of a written trust instrument and registered with the MEF to be valid and effective. Moreover, all existing financial trusts are required to be registered with the MEF within six months from 26 August 2013.
 
The Sub-Decree contains comprehensive regulations and rules to govern the rights, duties and responsibilities of the trustor, trustee and the beneficiary. For instance, a trustee is required to execute its duties with care and diligence, to separate its own property from the trust fund it manages and controls, to insure its professional liability etc.
 
If you have any questions or require further clarification about how this development will impact your business, please do not hesitate to contact us.
For more information, please contact:
Mr. Patrick Smith
Deputy Head of the Banking & Finance Practice Group
patrick.smith@dfdl.com
opmin-dfdl
Bangladesh
View Profile

Related Articles

Legal and Tax Updates
Sep 12 2023
Davy Kong

Cambodia: Adopts the 2023 Environmental and Natural Resources Code

Legal and Tax Updates
Sep 8 2023
Raksa Chan

Cambodia: 2024 Foreign Employee Quota Application Window Now Open

Legal and Tax Updates
Sep 1 2023
Clint O'Connell

Cambodia Tax Alert: Announcement on VAT Refund Deadline and Procedures

Legal and Tax Updates
Aug 23 2023
Chris Robinson

Cambodia: Adopts Implementing Regulations for Obtaining Merger Clearance

We provide practical and creative legal solutions
and insights to complex business challenges.

Sign up for our Newsletter
  • Solutions
  • Teams
  • Insights
  • Locations
  • Desks
  • Networks
© Copyright DFDL 2023. All Rights Reserved.
  • Privacy Policy