This is a welcome set of improvements and I am grateful to the support which successive governments have provided to this legislation. While the resourcing and powers available for regulation and supervision are important, our reforms have also touched on a number of other essential elements.
The basic operating standards are designed to ensure consistency in the administration and operation of trust and other fiduciary business and investment management activities to better promote investor protection. The standards cover significant areas of trust operations and set forth the minimum array of procedures – from account acceptance to termination, aimed at further professionalizing business conduct across all practitioners.