Singapore Law Blog

At the opening of DM Asia, a direct marketing exhibition, the Second Minister for Trade and Industry, Lim Hng Kiang, called upon the Direct Marketing Association of Singapore to extend its code to the collection, storage and use of consumer data on the Internet to maintain the trust of consumers.

The Securities Industry Council ("SIC" or the "Council") today issued a consultation paper on proposed amendments to the Singapore Code of Take-overs and Mergers (the "Singapore Code") to keep pace with market innovations and international practices. SIC invites interested parties to give their views and comments on the consultation paper. A copy of the consultation paper is available on the MAS website at http://www.mas.gov.sg/masmcm/bin/pt1SIC_Overview.htm.

Singapore Exchange (SGX) announces the offering of its Global Depository Receipt (GDR) listing facility. The listing of GDRs, which represent equity securities of corporations listed on other foreign stock exchanges, serves as an alternative avenue for international companies to access the Singapore capital market for global funds, broaden investor base and enhance their international profile.

The ReCAAP Agreement will enter into force on 4 September 2006. Altogether, 11 countries have ratified the Agreement, namely Cambodia, Japan, Laos, Singapore, Thailand, the Philippines, Myanmar, the Republic of Korea, Vietnam, India and Sri Lanka. Brunei has also signed the Agreement and is in the process of ratification. 10 ratifications are needed for the agreement to take effect. Singapore looks forward to the signing and ratification of the ReCAAP Agreement by the remaining countries.

From 1 July 2006, the following changes to the CPF schemes will take effect:
1. Transfer of excess Medisave Account contributions to Special or Retirement Account instead of the Ordinary Account;
2. Restrictions on use of CPF savings for multiple property purchases;
3. Phasing out of Non-Residential Properties Scheme; and
4. Increase in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution ceiling.

Speech By Dr Lee Boon Yang, Minister For Information, Communications And The Arts, At Infocomm Media Business Exchange 2006 , 20 June 2006, 9.30 am At Singapore Expo.

The purpose of this public consultation exercise is to determine whether there are specific copyright material or protected performances; or specific classes of copyright material or protected performances, as to which users are, or are likely to be, adversely affected in their ability to make non-infringing uses due to the prohibition on circumvention of access controls. If the Minister is satisfied of such adverse impact, he may exempt the relevant material (protected by technological access control measures) from the prohibition against circumvention under the Copyright (Excluded Works) Order 2007.

A Consultation Paper entitled “The Use of Personal Information in Biomedical Research” has been distributed to 70 religious, professional and scientific organisations, and healthcare and research institutions in Singapore to seek their views.

An Agreement between the Government of the Republic of Singapore and the Government of the Slovak Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income enters into force on 12 June 2006 following the completion of ratification process. Its provisions shall have effect on income derived on or after 1 January 2007.

Singapore has been appointed by the United Nations (UN) Secretary-General, Kofi Annan to be on the advisory group for the Internet Governance Forum.

Canadian energy company Enernorth Industries Inc. has lost its appeal against the decision of Justice Day ordering the company to pay about US$7-million to Singapore company Oakwell Engineering Ltd. The Ontario Court of Appeal rejected Enernorth's assertion that a Singapore judgment in favour of Oakwell shouldn't be enforced in Canada because the Singapore courts are corrupt.

Speech by Mrs Lim Hwee Hua, Minister Of State For Finance And Transport, at the signing ceremony of the Agreement between the European Community and the Republic Of Singapore on certain aspects of air services, 9 June 2006, 9.15 am at EU Conference Centre, Luxembourg.

Singapore and the European Union have signed a new aviation agreement, marking an important first step towards a fully liberalised aviation framework between the European Union (EU) and Singapore. The agreement was signed in Luxembourg today between Mr Hubert Gorbach, Vice-Chancellor and Federal Minister for Transport, Innovation and Technology, President-in-office of the Council of the EU, Mr Jacques Barrot, Vice-President of the European Commission with responsibility for Transport, and Singapore’s Minister of State for Transport, Mrs Lim Hwee Hua.

The Ministry of Finance invites members of the public to give their comments on proposed amendments to the Income Tax Act (ITA).

Singapore and Greece have signed a new Air Services Agreement (ASA), marking a breakthrough in the 35-year history of bilateral aviation relations. The agreement was signed in Athens yesterday between Mr Michalis Liapis, Minister for Transport and Communications, and Singapore’s Minister of State for Transport, Mrs Lim Hwee Hua.

Chief Justice Chan Sek Keong has expressed his shock and concern about this incident to the President of the Law Society, Mr Phillip Jeyaretnam, especially after the rules on handling of clients' moneys by law firms were tightened in 2004 by the Solicitors' Accounts Rules.

2 How this event has happened will be fully investigated by the CAD and also separately by the Law Society itself. It may be necessary to put in place even stricter rules. One approach the Law Society should consider seriously is limiting the total amount of clients' moneys that small law firms may hold at any one time, or on a per client basis, without endangering the viability of small practices.

3 The President of the Law Society shares these concerns and will inform the Chief Justice as soon as possible on the proposals that the Law Society has to prevent this kind of incident from occurring again.

The Singapore Exchange (SGX) today announced changes to its listing rules, which will take effect from 1 September 2006. This follows a public consultation by SGX last year on proposed enhancements to its listing rules and processes in order to raise corporate governance standards and promote good regulatory practices.

The immediate questions on everyone’s mind concerning David Rasif’s disappearance with allegedly S$10m are:
1. What drove a lawyer, reportedly “easily worth more than the money he is alleged to have taken” to leave his wife and 3 young girls behind to face the messy fiasco? Was it simply greed, desperation or something else, or an explosive concatenation (ie combination) of circumstances?
2. Why didn’t the full-time accountant raise the alarm to the Law Society before the lawyers working under him? How effective were the tightened regulations meant to safeguard clients’ money implemented recently in 2004?
3. How much did those around him knew of his intentions to escape Singapore and for how long were the warning signs being ignored?
4. How is the legal profession going to weather yet another episode causing the members to be “deeply shocked and shamed by..(the incident)” and mend its public image?
5.How do we “move on” - a question that took on evergrowing importance since the General Election?

This circular is to inform shipowners, shipmanagers, shipping-agents, masters and officers of Singapore ships of the coming into force of the Merchant Shipping (Safety Convention)(Amendment) Regulations, 2006 on 1 July 2006.

As part of the feasibility study on the installation of security cameras to enhance public transport security, the Land Transport Authority (LTA) and the public transport operators have started installing security cameras, on a trial basis, on selected public buses and MRT trains along the North South and East West lines. The feasibility study started in late 2005 and is at an early stage of development.

Singapore Exchange (SGX) is inviting public comments on Phase Two of the proposed changes to the SGX Derivatives Trading Rulebook. This is part of a wider review of the entire rulebook that SGX is currently undertaking.

Climate change is one of the most important environmental challenges confronting the global community today. The Ministry of the Environment and Water Resources (MEWR), together with its statutory board, the National Environment Agency (NEA), is responsible for spearheading initiatives to address the issue of climate change in Singapore.

As announced in Nov 2005, HDB will be discontinuing the Listed Housing Agents Scheme (LHAS) from 1 Jun 2006. The benefits enjoyed by listed agencies under the LHAS will be cut-over to agencies accredited under the Singapore Accredited Estate Agencies (SAEA) Scheme.

Riding on the success of the previous two e-Government Action Plans, the Singapore Government is embarking on the next lap of its journey in e-Government.

Changes have been made to the Securities and Futures (Corporate Governance of Approved Exchanges, Designated Clearing Houses and Approved Holding Companies) Regulations 2005 ("SFR 2005") and the Singapore Code of Corporate Governance 2005 ("the Code"), which deal largely with the independence requirements of the Board of Directors.