Singapore Law Blog

Section 31 of the Banking Act restricts a bank’s equity investment in any single company to 2% of its capital funds, and is intended to limit concentration risks in the banks’ equity portfolio investments. MAS Notice 625 further applies this restriction on a consolidated basis to a bank group. MAS is proposing to exempt from Section 31 of the Banking Act, shares acquired by a bank or a bank group during the course of price stabilization activities carried out in the role of a lead manager of equity issues, provided certain prudential safeguards are met.

From 1 May 2008, all suppliers billing the Government will need to submit their invoices electronically. The e-Invoice system is another initiative of the Integrated Government 2010 (iGov2010) Masterplan which seeks to extend the reach and quality of Government e-services.

The International Court of Justice will deliver its judgement in the case concerning Sovereignty over Pedra Branca/Pulau Batu Puteh, Middle Rocks and South Ledge (Malaysia/Singapore) on 23 May 2008. A public sitting will take place at 10am at the Peace Palace in The Hague (Netherlands), during which the Acting President of the Court, Judge Awn Shawkat Al-Khasawneh, will deliver the Court's judgement.

On Friday 23 May 2008, the International Court of Justice (ICJ), principal judicial organ of the United Nations, will deliver its Judgment in the case concerning Sovereignty over Pedra Branca/Pulau Batu Puteh, Middle Rocks and South Ledge (Malaysia/Singapore).

The Ministry of Health has formulated its draft regulatory regime pertaining to liposuction. In the proposal, MOH will regulate liposuction as a special care service under the Private Hospitals and Medical Clinics Act. Any clinic that offers liposuction must obtain prior approval from the Ministry and comply with specific licensing conditions. MOH will be gathering feedback on the proposed regulatory regime for liposuction. The feedback and views gathered will be used to determine the final licensing conditions.

Pursuant to section 29(2) of the Supreme Court of Judicature Act (Cap 322), The Honourable the Chief Justice has appointed Mr Chao Hick Tin, Judge of Appeal, as Vice-President of the Court of Appeal with effect from 18th April 2008.

Come 13 June, Singapore’s mobile subscribers will enjoy Full Mobile Number Portability, and with this, greater benefits in terms of flexibility and choice of subscription plans as competition among mobile operators is expected to intensify. Currently, Singapore’s mobile subscription stands at more than 5.8 million.

ASEAN and Japan have completed the signing of the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) Agreement.

Following the recommendations of an inter-agency team on the review of the regulation of co-operatives (co-ops), the Registrar of Co-operative Societies (RCS) will be conducting a public consultation on the draft Co-operative Societies (Amendment) Bill. The draft Bill aims to help the co-op sector further raise its level of accountability and governance, as well as to set the framework for a more risk-focused co-op regulatory regime. The last major amendment to co-op legislation was in 1980.

Gamers in Singapore can look forward to a greater variety of video games with a new two-rating classification system that will be launched end April, the Board of Film Censors (BFC) under the Media Development Authority (MDA) announced today. In line with the new guidelines, consumer advisories will be introduced to allow consumers, especially parents, to make informed choices about the video games available in the market.

Mr Foo Chee Hock has been appointed as the Acting Registrar, Supreme Court with effect from 11 April 2008.

Mrs Koh Juat Jong, will be appointed as the new Solicitor-General, AGC with effect from 11 April 2008.

A new statutory board, the Casino Regulatory Authority of Singapore (CRA), will be set up on 2 April 2008, under the Ministry of Home Affairs, to administer and enforce the Casino Control Act.

At present, holders of Second Class Lower Division Honours or equivalent law degrees from Scheduled Universities who were full-time internal candidates must fulfil a three year legal work requirement in order to qualify to practise law in Singapore. The Government has accepted the recommendation of the Committee to Develop the Singapore Legal Sector to reduce the requirement to two years.

Mr K. Shanmugam, SC will be appointed Minister for Law, taking over from Professor S. Jayakumar, and will concurrently be appointed as Second Minister for Home Affairs. His appointment will take effect from 1 May 2008.

Under the National Registration Act, an Identity Card (NRIC) holder is required to report his change of residential address within 28 days. With effect from 1 April 2008, documentary evidence would be required if a NRIC holder wishes to change his address on the NRIC.

The rule for computing the 30/70 fund-raising efficiency ratio, commonly known as the ''30/70 rule'', for charities and institutions of a public character (IPCs) will be revised. The revised rule will apply to fund-raising events for charities and IPCs whose financial year ends after 31 March 2008. These changes to the 30/70 rule will facilitate fund-raising efforts of charities and IPCs without compromising the principle that the costs of fund-raising should not exceed 30% of the total funds raised.

The United States, Abu Dhabi and Singapore have jointly released a set of Policy Principles for Sovereign Wealth Funds (SWFs) and countries receiving SWF investment. The Policy Principles are aimed at contributing to the work of the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) in developing voluntary best practices for SWFs and inward investment regimes in countries receiving investments, respectively.

Deputy Prime Minister and Minister for Law Professor S Jayakumar and the Minister of Justice of the Socialist Republic of Vietnam Mr Ha Hung Cuong signed a Memorandum of Understanding today on legal and judicial cooperation.

Speech by Mr Gan Kim Yong, Minister of State (Education and Manpower) for the 2nd Reading of The Workplace Safety and Health (Amendment) Bill 2008, 6 March 2008.

The Media Development Authority of Singapore (MDA) has issued the first Niche Subscription TV Licence to VeeV Interactive Pte Ltd (VeeV), a wholly-owned subsidiary of Sky Media Pte Ltd.

Singapore plans to accede to the Hague Convention on Civil Aspects of International Child Abduction. Acceding to the Convention underscores Singapore’s commitment to managing such situations in the best interests of children. Accession to the Convention is aligned with our obligations under the United Nations Convention on the Rights of the Child, which Singapore became a party to in 1995.

Text of Statement By The Senior Minister Of State For Information, Communications And The Arts, Dr Balaji Sadasivan, In Parliament During Committee Of Supplies Debate (MICA), On 29 February 2008.

The Ministry of the Environment and Water Resources (MEWR) has officially released Singapore’s national strategy for addressing climate change.

Singapore's agreement with Malta for the avoidance of double taxation comes into effect on 29 February 2008. The agreement will specify clearly the taxing rights of each country on all types of income earned from 1 January 2009.