A Lower House panel endorsed a bill Friday to expand the types of assets that can be put in trust to include intellectual property such as technology, music and animation.
In a unanimous vote, the House of Representatives Committee on Financial Affairs passed the bill to revise the Trust Business Law.
If it becomes law, the bill will mark the first major revision to the law created in 1922, under which only money, securities and real estate can be put in trust.
The bill also calls for creating trust companies with limited operations to make it easier for nonfinancial companies to enter the trust business.
The envisaged companies would be allowed to conduct limited operations with registration, being tasked only with management and disposal of assets in trust.
Currently, only financial institutions are allowed to operate trust businesses.