More than four years in the making, Hong Kong has finally implemented much needed reforms to modernise its trust law in December 2013. These reforms are seen as pivotal to strengthening the competitiveness and attractiveness of Hong Kong’s trust services industry, and follow a similar exercise in England (2001) and in Singapore (2004). Whilst most changes brought the trust law regimes in these jurisdictions into closer alignment, there exist some significant differences of which bond trustees operating internationally should be aware.
This article discuss the key changes brought about by the Hong Kong reforms and outlines the major similarities with Singapore and English law and key differences between them.
This article was first published by Butterworths Journal of International Banking and Financial Law (JIBFL).