Statute Details
- Title: Business Trusts (Accounts of Registered Business Trusts) (Substitution of Period) Order 2020
- Act Code: BTA2004-S278-2020
- Type: Subsidiary legislation (Order)
- Enacting Authority: Monetary Authority of Singapore (MAS)
- Authorising Provision: Section 76(3) of the Business Trusts Act (Chapter 31A)
- Commencement: 16 April 2020
- Key Provisions:
- Paragraph 1: Citation and commencement
- Paragraph 2: Application of the Order (scope and relevant financial years)
- Paragraph 3: Substitution of periods for filing/laying accounts under section 76(3) read with section 76(1)
- Status: Current version as at 26 Mar 2026 (original Order dated 16 Apr 2020)
- Legislative Instrument Number: S 278/2020
What Is This Legislation About?
The Business Trusts (Accounts of Registered Business Trusts) (Substitution of Period) Order 2020 is a targeted, time-limited regulatory adjustment made by the Monetary Authority of Singapore (MAS) under the Business Trusts Act (the “Act”). In plain terms, it changes the deadlines by which certain registered business trusts must prepare and submit their profit and loss accounts (and related financial accounts) for specified financial years.
Although the Order is short, its practical effect is significant for trustees, managers, and compliance teams of business trusts. It substitutes longer periods for the “4 months” and “6 months” timelines referenced in section 76(1) of the Act. The substitution is not universal; it applies only to particular business trusts and only for profit and loss accounts covering financial years ending on specific dates in early 2020.
From a practitioner’s perspective, the Order is best understood as a “deadline relief” instrument. It was enacted at a time when many regulated entities faced operational disruptions. The legal mechanism is straightforward: MAS uses its statutory power under section 76(3) to specify alternative periods for compliance with section 76(1) for defined categories of business trusts.
What Are the Key Provisions?
1. Citation and commencement (Paragraph 1)
Paragraph 1 provides the formal name of the instrument and states that it comes into operation on 16 April 2020. This matters for compliance planning: the substituted periods apply from the commencement date, but the substantive application is tied to the financial years specified in paragraph 2.
2. Application of the Order (Paragraph 2)
Paragraph 2 is the gateway provision. It defines when the Order applies by reference to (i) whether the registered business trust is listed or quoted on an approved exchange in Singapore, and (ii) the relevant financial year end dates.
Under paragraph 2(1), paragraph 3(a) applies to any registered business trust that is listed or quoted on an approved exchange in Singapore in respect of its profit and loss account for a financial year ending on one of the following dates:
- 31 December 2019
- 31 January 2020
- 29 February 2020
- 31 March 2020
Under paragraph 2(2), paragraph 3(b) applies to any registered business trust not listed or quoted on an approved exchange in Singapore for the same set of financial year end dates, again in respect of its profit and loss account.
Practical implication: the Order creates two compliance tracks—one for listed/quoted business trusts and another for those that are not. This distinction is common in financial reporting regulation, reflecting differences in market disclosure expectations and operational burdens.
3. Substitution of period (Paragraph 3)
Paragraph 3 is the operative provision that changes the statutory deadlines. It expressly states that, for the purposes of section 76(3) of the Act, MAS specifies alternative periods in substitution of the periods mentioned in section 76(1).
Specifically:
- Paragraph 3(a): substitutes the period of “6 months” in place of the period of “4 months” mentioned in section 76(1)(a)
- Paragraph 3(b): substitutes the period of “8 months” in place of the period of “6 months” mentioned in section 76(1)(b)
Legal effect: for the specified financial years, the statutory reporting timeline is extended. Where the Act would otherwise require accounts to be prepared/submitted within 4 months (for the relevant category under section 76(1)(a)), the Order allows 6 months. Where the Act would otherwise require within 6 months (for the relevant category under section 76(1)(b)), the Order allows 8 months.
4. Making and signature (administrative details)
The Order is “Made on 15 April 2020” and is signed by Ravi Menon, Managing Director of MAS. While not substantive, this confirms the instrument’s formal adoption date and supports document authentication in compliance records.
How Is This Legislation Structured?
This Order is structured in a conventional, minimal format typical of MAS subsidiary legislation. It contains:
- Paragraph 1 (Citation and commencement): identifies the instrument and its effective date.
- Paragraph 2 (Application of Order): sets out the scope—who is affected and for which financial year ends.
- Paragraph 3 (Substitution of period): provides the substituted deadlines, linked to the categories in section 76(1) of the Act.
There are no additional schedules or complex definitions in the extract provided. The legal architecture is therefore “short but precise”: it relies on the Business Trusts Act for the underlying reporting obligation, and it modifies only the time periods for specified circumstances.
Who Does This Legislation Apply To?
The Order applies to registered business trusts under the Business Trusts Act. The key differentiator is whether the business trust is listed or quoted on an approved exchange in Singapore.
Accordingly, there are two groups:
- Listed/quoted business trusts: paragraph 3(a) applies to profit and loss accounts for financial years ending on 31 December 2019, 31 January 2020, 29 February 2020, or 31 March 2020.
- Unlisted/unquoted business trusts: paragraph 3(b) applies to profit and loss accounts for the same financial year end dates.
Temporal scope: while the Order commenced on 16 April 2020, its application is tied to specific financial year ends in early 2020. Practitioners should therefore treat the Order as a targeted relief measure rather than a permanent change to reporting deadlines.
Why Is This Legislation Important?
For lawyers advising trustees, managers, and compliance officers of business trusts, the Order is important because it directly affects statutory compliance timelines. Missing a reporting deadline under the Act can trigger regulatory consequences, reputational harm, and potential governance issues. By substituting longer periods, the Order reduces the risk of non-compliance for the specified financial years.
From an enforcement and governance standpoint, the Order also illustrates how MAS uses its delegated powers to respond to practical constraints. Section 76(3) of the Act empowers MAS to specify substituted periods. This means that, rather than amending the Act itself, MAS can adjust deadlines through subsidiary legislation when justified.
Practically, the Order should be incorporated into compliance calendars and reporting workflows. Counsel should ensure that:
- the correct category (listed/quoted vs not listed/quoted) is identified for each business trust; and
- the relevant financial year end date falls within the enumerated dates; and
- the substituted period is applied to the profit and loss account reporting obligation under section 76.
Because the Order is narrow, it is easy for teams to overlook its applicability. However, when it applies, it can be the difference between timely compliance and a breach.
Related Legislation
- Business Trusts Act (Chapter 31A) — in particular section 76 (accounts of registered business trusts) and MAS’s power under section 76(3) to specify substituted periods.
Source Documents
This article provides an overview of the Business Trusts (Accounts of Registered Business Trusts) (Substitution of Period) Order 2020 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.