Lawlines Volume 9 Issue 4 - eOASIS

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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 Bitesits approach, to facilitate new business activitiesand products and to refi ne its supervisory andenforcement powers.In this latest consultation, which is the fi nal one forthis series of amendments, the changes that havebeen proposed include the following:• introducing perpetual licensing for corporateholders of licences for CMS and FA;• allowing foreign regulators to inspect CMS andFA licence holders;• extending the prohibition order regime underthe SFA;• adjustment of certain licensing exemptions; and• adjustment of the defi nitions of ‘securities’ and‘futures contract’ in the SFA and the FAA.A Client Update on this matter has been issued,and is available on eO@SIS.MAS Issues Revised GuidelinesFor REITsOn 28 September 2007, the Monetary Authorityof Singapore (‘MAS’) issued revised Property FundGuidelines (‘Guidelines’) which are contained inthe Code on Collective Investment Schemes. Thisfollows from the consultation exercise which theMAS carried out in March 2007.The changes brought about by the revisedGuidelines include:• enhancing the disclosure requirements on the useof short-term yield-enhancing arrangements;• disallowing discounts to institutional investors forsubscriptions made at the time of listing of a realestate investment trust (‘REIT’);• specifying safeguards for REITs that intend to paydividends in excess of current income;• requiring a REIT to invest at least 75% of itsassets in income-producing real estate; and• including REIT management as a regulatedactivity under the Securities and Futures Actwith ancillary amendments to the Securities andFutures (Licensing and Conduct of Business)Regulations and Securities and Futures (Financialand Margin Requirements for Holders of CapitalMarkets Services Licences) Regulations.A Client Update on this matter has been issued,and is available on eO@SIS.page 40 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 BitesMonetary Authority Of Singapore(Amendment No 2) Bill PassedThe Monetary Authority of Singapore (AmendmentNo 2) Bill (‘Bill’) was passed on 19 September 2007.With the passage of the Bill, fi nancial institutionswhich fail to comply with the Monetary Authority ofSingapore’s directions on anti-money launderingand terrorism fi nancing will now face a maximumfi ne of S$1 million – a ten-fold hike from the currentcap of S$100,000. The Bill, read the fi rst time inParliament on 27 August 2007, was introducedto enhance Singapore’s effectiveness in fi ghtingmoney laundering and terrorist fi nancing.A Client Update on this matter has been issued,and is available on eO@SIS.EmploymentCentral Provident Fund (Amendment) ActComes Into ForceThe changes brought about by the CentralProvident Fund (Amendment) Act (‘AmendmentAct’) aim to help families to look after one anotherfi nancially by refi ning the Minimum Sum Topping-Up Scheme, facilitate the equitable distributionof matrimonial assets upon divorce and determanipulative transactions under the CentralProvident Fund Investment Scheme.The Amendment Act was passed in Parliament on27 August 2007 and the bulk of the amendmentscame into force on 1 October 2007. The keychanges brought about to the Central ProvidentFund Act (‘Act’) are:• expansion of the Central Provident Fund (‘CPF’)Minimum Sum Topping-Up Scheme;• implementation of a smoother and moreequitable distribution of CPF monies pursuantto a Court Order division of matrimonial assetsin a divorce; and• including measures to deter manipulativetransactions under the CPF InvestmentScheme.Other changes to the CPF scheme that have beenannounced by PM Lee Hsien Loong in the NationalDay Rally Speech 2007, such as increasing theinterest rates and extending the age at whichCPF contributions may be drawn down, will beimplemented through subsidiary legislation.page 41 of 44 pages | print | comments | close
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Lawlines Volume 9 Issue 4 - eOASIS

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