{"id":"nsw:sl-2025-0395","name":"Trustee Regulation 2025","slug":"trustee-regulation-2025","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"395 of 2025","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173794,"registerId":"nsw-sl-2025-0395-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of regulation","content":"#### 1 Name of regulation\n\n1 Name of regulation\n\n> This regulation is the [Trustee Regulation 2025](/view/html/inforce/current/sl-2025-0395).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This regulation commences on 1 September 2025.\n> \n> Note—\n> \n> This regulation replaces the [Trustee Regulation 2020](/view/html/repealed/current/sl-2020-0478), which is repealed on 1 September 2025 by the [Subordinate Legislation Act 1989](/view/html/inforce/current/act-1989-146), section 10(2).","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Definition","content":"#### 3 Definition\n\n3 Definition\n\n> In this regulation—\n> \n> the Act means the [Trustee Act 1925](/view/html/inforce/current/act-1925-014).\n> \n> Note—\n> \n> The Act and the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) contain definitions and other provisions that affect the interpretation and application of this regulation.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Guidelines for trustees—the Act, s 14DB(1)","content":"#### 4 Guidelines for trustees—the Act, s 14DB(1)\n\n4 Guidelines for trustees—the Act, s 14DB(1)\n\n> > (1) This section sets out guidelines for the investment of trust funds by trustees where the value of the funds subject to the trust is not more than $50,000.\n> \n> > (2) The following investments are investments a trustee might reasonably consider appropriate for the investment of trust funds—\n> > \n> > > (a) debentures or securities guaranteed by the Government of New South Wales,\n> > \n> > > (b) debentures or securities—\n> > > \n> > > > (i) issued by a public or local authority, or a statutory body representing the Crown, that is constituted by or under a law of the Commonwealth or a State or Territory, and\n> > > \n> > > > (ii) guaranteed by the Commonwealth, a State or the Northern Territory,\n> > \n> > > (c) debentures or securities issued by the Northern Territory and guaranteed by the Commonwealth,\n> > \n> > > (d) public funds or government stock or securities of the Commonwealth or a State,\n> > \n> > > (e) deposits with, withdrawable shares in or loans of money to an authorised deposit-taking institution,\n> > \n> > > (f) interest-bearing deposits in a bank.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Prescribed insurers for insurance of repayment of loan","content":"#### 5 Prescribed insurers for insurance of repayment of loan\n\n5 Prescribed insurers for insurance of repayment of loan\n\n> For the Act, section 18(7), definition of prescribed insurer, the following classes of insurers are prescribed in relation to the insurance of the repayment of a loan—\n> \n> > (a) an insurer authorised under the [Insurance Act 1973](http://www.legislation.gov.au/) of the Commonwealth (the Commonwealth Act) to provide the insurance,\n> \n> > (b) a Lloyd’s underwriter authorised under the Commonwealth Act, Part VII to provide the insurance,\n> \n> > (c) a person who, because of a determination in force under the Commonwealth Act, section 7(1), is not required to be authorised under the Commonwealth Act to provide the insurance.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Prescribed agents for receipt and payment of money","content":"#### 6 Prescribed agents for receipt and payment of money\n\n6 Prescribed agents for receipt and payment of money\n\n> For the Act, section 53(4), the following persons and class of persons are prescribed—\n> \n> > (a) Austraclear Ltd, ACN 002 060 773,\n> \n> > (b) the Museum of Contemporary Art Limited, ACN 003 765 517,\n> \n> > (c) the NSW Trustee,\n> \n> > (d) trustee companies.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Savings","content":"#### 7 Savings\n\n7 Savings\n\n> An act, matter or thing that, immediately before the repeal of the [Trustee Regulation 2020](/view/html/repealed/current/sl-2020-0478), had effect under that regulation continues to have effect under this regulation.","sortOrder":6}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The regulation maintains its original narrow purpose: providing technical prescriptions for trustee operations under the Trustee Act 1925. It replaces the 2020 version with substantially identical content, suggesting the scope has remained stable as a machinery regulation."},"complexity_factors":["Only 7 short sections total","Minimal defined terms (just 'the Act' in section 3)","No nested exceptions or conditional logic","Straightforward lists of approved entities and investments","Simple savings provision in section 7 with no temporal complications","No cross-referencing beyond basic references to parent Act sections"],"plain_english_summary":"**What this regulation does:**\n\nThis is a New South Wales regulation that sets practical rules for trustees (people or organisations legally responsible for managing money or property on behalf of others, like in a family trust or estate).\n\n**Key things it covers:**\n\n* **Investment guidelines for small trusts:** If a trust has $50,000 or less, trustees can safely invest in specific low-risk options without needing complex financial advice. These include government bonds, bank deposits, and securities backed by Australian governments.\n\n* **Approved insurers:** It lists which insurance companies can legally provide loan repayment insurance for trust-related loans — basically, authorised Australian insurers and Lloyd's underwriters.\n\n* **Who can handle trust money:** It names specific organisations allowed to receive or pay out trust funds on behalf of trustees, including Austraclear (a financial settlement company), the Museum of Contemporary Art, the NSW Trustee (a government body), and licensed trustee companies.\n\n* **Smooth transition:** Anything legally valid under the old 2020 regulation stays valid under this new one.\n\n**Who it affects:**\n\nTrustees managing small trusts in NSW, financial institutions dealing with trusts, insurance providers, and anyone setting up or administering a trust.\n\n**Why it matters:**\n\nIt gives trustees clear, safe options for investing modest amounts without legal risk, and ensures only properly regulated entities handle trust money — protecting beneficiaries from fraud or mismanagement."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The regulation replaces the 2020 regulation (commencement and repeal in s 2) and includes a savings provision (s 7) preserving acts and arrangements in force immediately before repeal. The text does not itself indicate a substantive expansion or narrowing of scope; it continues and restates rules for small-value trusts, prescribed insurers and prescribed agents."},"complexity_factors":["Cross-references to external legislation (Trustee Act 1925, Insurance Act 1973, Interpretation Act 1987) create interpretive dependence","Monetary threshold ($50,000) limits applicability and requires valuation to determine coverage","Lists of prescribed investments, insurers and agents require trustees to match counterparties against named classes or entities","Subjective standard (“might reasonably consider appropriate”) leaves room for factual assessment and judicial or administrative interpretation","Savings and repeal mechanics (commencement and preservation of prior acts) affect transitional compliance"],"plain_english_summary":"Commencing 1 September 2025, this regulation replaces the Trustee Regulation 2020 and provides practical rules for trustees managing trusts worth $50,000 or less: it lists investment types trustees might reasonably choose, prescribes which insurers qualify to insure repayment of loans, and names approved agents that may receive or pay trust money, with a savings clause preserving prior arrangements. Trustees make investment choices and bear the associated risks; insurers must be authorised under the Commonwealth Insurance Act; the named institutions may be used to transact trust funds."},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient content was provided to assess whether the regulation's scope changed from its original intent. Only administrative metadata, status information, and the regulation's title were included in the text. No operative provisions, schedules, or explanatory materials were visible to enable a meaningful comparison of intended versus actual scope."},"complexity_factors":["Only metadata and status information was provided — no operative provisions were available for analysis","Subordinate legislation adds a layer of complexity as it must be read alongside its parent Act","Automatic staged repeal mechanism requires awareness of expiry dates","Trustee law generally involves complex fiduciary (legal duty of trust) concepts, but those are not visible in this document"],"plain_english_summary":"The Trustee Regulation 2025 (NSW) is subordinate legislation under NSW trustee law that took effect on 8 August 2025 and will automatically expire on 1 September 2030. It sets rules governing trusteeship in New South Wales (the operative text wasn’t provided). It matters to trustees, beneficiaries, legal and financial advisers, and anyone involved in estate or trust administration because it frames trustees’ duties and the regulatory regime that will apply while it remains in force."}},"importantCases":[],"_links":{"self":"/api/acts/trustee-regulation-2025","history":"/api/acts/trustee-regulation-2025/history","analysis":"/api/acts/trustee-regulation-2025/analysis","conflicts":"/api/acts/trustee-regulation-2025/conflicts","importantCases":"/api/acts/trustee-regulation-2025/important-cases","documents":"/api/acts/trustee-regulation-2025/documents"}}