1.03.2014. Changes in the trust legislation of Hong Kong

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The Trust Law (Amendment) Bill 2013, aimed at modernizing trust law in Hong Kong, has recently been gazetted. The bill offers to amend the Trustee Ordinance and the Perpetuities & Accumulations Ordinance, enhancing trustees’ default powers and rights as well as better protecting the interests of the beneficiaries. There are two trust regulatory acts in Hong Kong adopted in 1934 and 1970. Some of their provisions are outdated and cannot meet present-day trusts’ needs.