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Legal Updates

Legal Updates for May 2024

ACRA (Registry and Regulatory Enhancements) Bill Introduced in Parliament
The Accounting and Corporate Regulatory Authority ("ACRA") (Registry and Regulatory Enhancements) Bill was introduced in Parliament for its first reading on 7 May 2024. The Bill seeks to amend the ACRA Act 2004 and other ACRA-administered legislation to protect the personal data collected by ACRA and streamline the corporate regulatory regime. The Bill also serves to facilitate digital communications with ACRA.

A public consultation on the draft Bill had earlier been conducted, for which a consultation response has now been issued. This Update highlights the key amendments introduced in the Bill and the clarifications provided in the consultation response.

Amendments to Enhance Beneficial Ownership Transparency & the Regulatory Regime for Corporate Service Providers Introduced in Parliament
The following Bills were introduced in Parliament for their first reading on 7 May 2024:

  • The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill, which seeks to enhance the transparency of beneficial ownership of companies and limited liability partnerships; and
  • The Corporate Service Providers Bill, which seeks to enhance the regulatory regime for the Corporate Service Providers sector.

A public consultation on the draft Bills had earlier been conducted, for which a consultation response has now been issued. This Update highlights the key amendments introduced in the Bills and the clarifications on the amendments provided in the consultation response.

SGX RegCo Consults on Proposed Changes to Listing Rules to Facilitate Shareholder-Requisitioned Meetings
On 23 April 2024, the Singapore Exchange Regulation ("SGX RegCo") issued a Consultation Paper on "Facilitating Shareholder-Requisitioned Meetings" to seek feedback on its proposed changes to the SGX-ST Listing Rules (Mainboard) and SGX-ST Listing Rules (Catalist) (collectively, "Listing Rules").

These changes relate to where shareholders ("Requisitionists") of issuers listed on the SGX-ST ("issuers") have requisitioned a general meeting ("Shareholder-Requisitioned Meetings"). Within 21 days of deposit of the requisition notice, issuers are to:

  • commence facilitative efforts as soon as practicable; or
  • (where they dispute the validity of the requisition notice) apply for a court ruling.
All comments should be provided to SGX RegCo by 23 May 2024.

This Update provides a brief summary of the proposed changes to the Listing Rules.

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