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The Companies (Amendment) Act 2014 was passed in October 2014 to amend the Companies Act. In January 2015, the Singapore Exchange ("SGX") proposed changes to the SGX-ST Listing Rules ("Rules") to align the Rules with the amended Companies Act. The proposed amendments to the rules relate to three key areas – directors, shareholders and shares.
Click here to read our client update on the proposed changes.
On 18 January 2016, it was announced that the Info-communications Development Authority ("IDA") and the Media Development Authority ("MDA") will be restructured to form the Info-communications Media Development Authority ("IMDA") and the Government Technology Organisation ("GTO"). The new IMDA will combine the regulatory and industry promotion functions of both the IDA and MDA, and will include the Personal Data Protection Commission ("PDPC").
Click here to read our client update on this.
The Singapore Code on Take-overs and Mergers ("Code") was introduced in 2012. On 25 February 2016, the Monetary Authority of Singapore ("MAS") issued a revised Code, incorporating feedback received from a public consultation held in July 2015. The revised Code took effect on 25 March 2016.
Click here to read our client update on this.
The Mental Capacity (Amendment) Bill 2016 was passed in Parliament on 14 March 2016 to better protect the mentally incapacitated. The current Mental Capacity Act ("MCA") enables individuals, through a Lasting Power of Attorney ("LPA"), to appoint "donees" who could make decisions on their behalf should they lose mental capacity. For those who have lost mental capacity but have no LPA, the MCA allows someone, such as a family member, to apply to Court to be their deputy to make decisions on their behalf.
The changes to the MCA include: (i) the introduction of professional donees and deputies; (ii) providing measures to better protect donors from abuses by donees and deputies; and (iii) improving commercial certainty in the use of LPAs.
Click here to read our client update on the amendments to the MCA.
The Ministry of Manpower ("MOM") has announced details of the proposed Employment Claims Tribunal ("ECT"), which is intended to address salary-related employment claims for all workers. Currently, MOM's labour court (the "Labour Court") provides adjudication services to resolve salary-related claims between employers and employees covered under the Employment Act. However, those who are not covered by the Employment Act (including professionals, managers and executives ("PMEs") earning more than S$4,500 per month) would have to file their claims with the civil courts, which can involve a lengthy and costly process. To provide a more accessible system to resolve salary-related claims more quickly for all employees, MOM announced plans in 2014 to set up an ECT to take over the work of the Labour Court in adjudicating salary-related claims. The public consultation exercise on the proposed ECT closed on 23 March 2016.
Click here to read our client update on the key features of the ECT.
The Singapore Court of Appeal has decided on an important and novel point of law regarding derivative actions. In Petroships Investment Pte Ltd v Wealthplus Pte Ltd and others [2016] SGCA 17, the Court of Appeal held for the first time that derivative actions are not available where the company in question is in liquidation. In the landmark judgment, the Court of Appeal also made a number of important observations in relation to the continued applicability of the common law derivative action.
Click here to read our client update on this case.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Singapore LLP
9 Straits View Marina One West Tower #06-07 Singapore 18937 Republic of Singapore http://sg.rajahtannasia.com
Contacts: Francis Xavier, SC, PBMPartnerD +65 62320551francis.xavier@rajahtann.comChia Kim HuatPartnerD +65 62320464kim.huat.chia@rajahtann.comAndrew CL OngPartnerD (65) 62320259andrew.c.ong@rajahtann.comHoward CheamPartnerD +65 62320685howard.cheam@rajahtann.comRajah & Tann Asia is a network of legal practices based in Asia. | Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. | This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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