Friday, 18 Oct 2024 18:50:15
rust Regulator (TR) and Siem Reap Provincial Administration co-organized a dissemination workshop on "Prakas on Rules for Supervision, Organization and Functioning of Trust"
2024-07-15 12:53:00

On Monday morning, July 15, 2024, with the highly honoured permission from H.E. Akka Pundit Sopheacha AUN Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance (MEF) and the Chairman of the Non-Bank Financial Services Authority (FSA), the Trust Regulator (TR) and Siem Reap Provincial Administration co-organized a dissemination workshop on "Prakas on Rules for Supervision, Organization and Functioning of Trust" under the high presidency of H.E. SOK Dara, Director General of the TR and H.E. SAMKOL Sochetra, Deputy Governor of Siem Reap Province, at the Empress Angkor Resort & Spa, Siem Reap. This outreach workshop was organized in order to spread a broader understanding to the public, as well as other stakeholders about what is the Trust? What are the mechanisms and operations of the trust? How it can be established and registered legally? In this workshop, H.E. SOK Dara also highlighted the role and importance of trust mechanism in building trust, and in promoting safe and secured investment mechanism so that it can contribute to the development of the existing business projects in Siem Reap to some extent, in accordance with the policy of the Royal Government and within the framework of laws and regulations in force. As of today, there are 953 trust that has been established and registered with the trust funds accounting for about USD 1.515 billion, and also there are 29 licensed/authorized trustee operators of which 12 are trust companies and 17 are commercial banks providing retention and escrow services, and there are 63 licensed individual trustees as well as 14 valuation companies and other 14 audit firms which have been accredited by the TR. This workshop was also attended by the management and representatives from related institutions and provincial administration, provincial departments, members of the Chamber of Commerce, and related business associations in Siem Reap, as well as representatives from trust companies, trustee operators providing retention and escrow services (commercial banks) and independent individual trustees who has been licensed and authorized by the TR.


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