Lawlines Volume 9 Issue 4 - eOASIS

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LawLinesVol 9 . Issue 4 • December 2007Around Rajah & TannLEGISLATION BITESRound Up – 2007 InPerspectiveFeature ArticlesTo Withhold Or Not ToWithhold – That Is TheQuestionAll Abuzz About GamesCorporate SocialResponsibility UnderThe New IndonesianCompany LawCase BitesLegislation BitesBankingCorruption, Drug Trafficking And OtherSerious Crimes (Confiscation Of Benefits)Act Comes Into ForceThe Corruption, Drug Traffi cking and Other SeriousCrimes (Confi scation of Benefi ts) (Amendment) Actcame into force on 1 November 2007. Travellerswill now be required to declare the amount ofcash and equivalents that they are bringing in andtaking out of Singapore if the value of such cashor equivalents exceeds S$30,000. Moreover, theacquisition, possession and use of property derivedfrom serious offences as prescribed in the Firstand Second Schedule of the Corruption, DrugTraffi cking and Other Serious Crimes (Confi scationof Benefi ts) Act will now be criminalised. Anotherchange relates to the maximum fi ne for individualswho fail to report suspicious transactions. Suchmaximum fi ne has been increased from the currentS$10,000 to S$20,000.A Client Update on this matter has been issued,and is available on eO@SIS.Terrorism (Suppression of Bombings) BillIntroducedOn 17 September 2007, the Terrorism (Suppressionof Bombings) Bill (‘Bill’) was introduced in Parliament.This Bill seeks to suppress terrorist bombings andto enable Singapore to ratify and give effect to theInternational Convention for the Suppression ofTerrorist Bombings (‘Convention’). The Conventionwas adopted by the General Assembly of theUnited Nations on 15 December 1997.The key features of the Bill can be broadlycategorised under the following:• terrorist bombing offences;• obligation to inform authorities;• extradition; and• extra-territoriality of the bill.page 38 of 44 pages | print | comments | close
LawLinesVol 9 . Issue 4 • December 2007Around Rajah & TannRound Up – 2007 InPerspectiveFeature ArticlesTo Withhold Or Not ToWithhold – That Is TheQuestionAll Abuzz About GamesCorporate SocialResponsibility UnderThe New IndonesianCompany LawCase BitesLegislation BitesA Client Update on this matter has been issued,and is available on eO@SIS.Consumer ProtectionPublic Consultation On The ConsumerProtection (Fair Trading) Act And SubsidiaryLegislationOn 28 September 2007, the Ministry of Trade andIndustry (‘MTI’) launched a public consultationseeking public views and feedback on amendmentsto the Consumer Protection (Fair Trading) Act(‘CPFTA’) and its subsidiary legislation, as wellas on proposed new CPFTA regulations. TheCPFTA provides the legislative framework to allowconsumers aggrieved by unfair practices to haverecourse to civil remedies before the courts.Apart from proposed amendments to the CPFTA,the Small Claims Tribunals Act and the ConsumerProtection (Fair Trading) (Cancellation of Contracts)Regulations, the public consultation also dealswith the proposed issuing of the following newregulations:• the draft Consumer Protection (Fair Trading)(Regulated Financial Products and Services)Regulations;• the draft Consumer Protection (Fair Trading)(Motor Vehicle Dealer Deposits) Regulations;and• the draft Consumer Protection (Fair Trading)(Opt-out Practices) Regulations.A Client Update on this matter has been issued,and is available on eO@SIS.Corporate & Capital MarketsMAS Issues Consultation Paper OnAmendments To SFA And FAAOn 11 October 2007, the Monetary Authority ofSingapore (‘MAS’) issued a consultation paperproposing amendments to the Securities andFutures Act (‘SFA’) and the Financial Advisers Act(‘FAA’). The amendments are aimed at enhancingthe MAS’ oversight of capital market services(‘CMS’) and financial advisers (‘FA’) licenceholders. The amendments also seek to improvethe responsiveness of the regulatory frameworkto market innovation.Since 2006, the MAS has been issuing consultationpapers proposing policy reforms and amendmentsto the SFA and FAA to achieve consistency inpage 39 of 44 pages | print | comments | close
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Lawlines Volume 9 Issue 4 - eOASIS

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