Singapore Law Blog

The Korean Broadcasting Commission (KBC) today signed a Memorandum of Understanding (MOU) with the Media Development Authority of Singapore (MDA) to co-operate in the field of broadcasting.

There are dozens of bogus Web sites that prey on potential tsunami donors by mimicking sites of well-known charities. The fake sites, which have surfaced in recent days, range from crude to accurate replicas that use the charities' logos and photos.

IBM pledges to make available 500 patents for open source access marks a significant step forward for open standards, and at the same time gives Big Blue a foundation on which to build some of its own technologies.

Singapore International Arbitration Centre (SIAC) announces the establishment of a Registry for all arbitral awards and an authentication service for the arbitration community. All users of Singapore arbitration can now lodge their awards with the SIAC and apply to the Registrar to have it authenticated or certified when they seek to enforce it extra-territorially. A party seeking to enforce an arbitral award under the New York Convention is required by a foreign court to produce an authenticated original award or a duly certified copy.

The Registry will be a closed registry and confidentiality will be strictly upheld.

Singapore's Law Society said on 8th January 2005 that it is ready to extend legal aid for tsunami victims.

The legal aid will extend regionally, in the form of advice to neighbouring countries, where needed, on how to help victims with legal remedies.

And domestically on solving the death certificate issue - something next-of-kin would need in order to claim insurance or seek probate.

Following the phased implementation of the Electronic Filing System (EFS) commencing in 2000, the Honourable the Chief Justice set up an EFS Review Committee to conduct a review of the EFS in 2003. One of the key tasks of the Committee is to devise a holistic approach to integrate the use of technology in the litigation process, harnessing the benefit of experience gained through the implementation of the EFS since 2000.

ISSUANCE OF THE BUSINESS TRUSTS REGULATIONS AND THE SECURITIES AND FUTURES (OFFERS OF INVESTMENTS) (BUSINESS TRUSTS) REGULATIONS 2005

Singapore, 6 January 2005... The Monetary Authority of Singapore ("MAS") today issued the Business Trusts Regulations and the Securities and Futures (Offers of Investments) (Business Trusts) Regulations 2005 (collectively referred to as "the Regulations").

2. With the issuance of the Regulations, MAS will begin accepting applications for the registration of business trusts with immediate effect.

A U.S. law firm had on 5th January 2005 filed a class action lawsuit against China Aviation Oil (Singapore) Corp Limited ("CAO") in New York, alleging CAO had issued false and misleading statements regarding its business and prospects.

It was reported at Cnet|Asia that Fujitsu-Siemens has been ordered by a German court to pay a levy every time one of its computers is sold in the country, as part of a "tax on piracy."

The full article is found at Cnet|Asia's Website.

The Monetary Authority of Singapore (MAS) is revising the Notice on Prevention of Money Laundering and has released a consultation paper on the proposed revisions.

In a further effort to enhance port security, the Maritime and Port Authority of Singapore (MPA) has introduced a licensing scheme for regional ferry operators.

A new statutory board, the Competition Commission of Singapore (CCS), will be set up on 1 January 2005, under the Ministry of Trade and Industry, to administer and enforce the Competition Act 2004.

Singapore and Hong Kong have agreed not to double tax income from from operating ships or aircraft in international traffic. Its provisions shall have effect in Singapore in respect of Singapore tax from the Year of Assessment 2006.

Singapore online debit service iQB shut down on 21 December 2004. Parent company Green Dot Internet Services which acquired iQB in June discontinued the service due to low volume. Industry watchers noted that iQB could not compete with market leader eNETS. The exit of iQB leaves eNETS as the sole provider of online debit services in Singapore.

23 December 2004...The Monetary Authority of Singapore (MAS) today released a consultation paper on the draft Payment Systems (Oversight) Bill.

The Economic Development Feedback Group and SME Feedback Group has put up their conference paper on 'Enabling SMEs for the New Economy' for consultation on the feedback website. As it is an important paper for SME (which form a large portion of our clients), we have also reproduced it on our website.

In a news release by the CPF Board dated 17 December 2004, The Board would like to remind CPF members of the changes to CPF which will take effect from 1 January 2005.

The Senior Minister, Mr Goh Chok Tong on 30 Nov 2004 announced a new PR Scheme by the Monetary Authority of Singapore (MAS).

The conditions for the Scheme are:-
a) S$5 million deposit with any MAS_registered financial institution. This includes foreign banks.
b) The deposit is for a 5 years period.
c) It can be deposited in any instrument managed by the bank/insurance company in Singapore.
d) The bank must certify that the investor's personal assets is at least S$20 million.

From 1st December 2004, the Ministry of Community Development Youth & Sports (MCYS) will process applications for Dependant's Passes for children intended for adoption.

The Ministry of Finance (MOF) on 30 November 2004 launched a central unclaimed monies website for government agencies to post their unclaimed monies records.

The Singapore Chamber of Maritime Arbitration (SCMA) was established in November 2004. It provides the international maritime community with an independent, efficient and reliable dispute resolution institution in fast-developing Asia.

The Monetary Authority of Singapore (MAS) has on 28 October 2004 published a public consultation paper with proposals on the setup of a Financial Industry Disputes Resolution Centre (FIDReC). The Centre will provide consumers with an independent and affordable avenue for resolving retail disputes with financial institutions in the banking, insurance and capital markets sectors.

The Monetary Authority of Singapore (MAS) on 26 Oct 2004 issued Guidelines on Switching of Designated Investment Products ("Guidelines").

An Agreement between the Government of the Republic of Singapore and the Government of Mongolia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income enters into force on 22 October 2004 following the completion of ratification process. Its provisions shall have effect on income derived on or after 1 January 2005.

All companies are required to publish its registration number on certain documents with effect from 1 October 2004.