The Legal 500 > Drew & Napier LLC > Singapore, SINGAPORE > Press Releases > Fifth Round of Securities and Futures Act Amendments Take Effect

Drew & Napier LLC

10 COLLYER QUAY, #10-01 OCEAN FINANCIAL CENTRE, SINGAPORE 049315, SINGAPORE

Tel:: Work +65 6535 0733
Fax:: Fax +65 6535 4906

Web:: www.drewnapier.com
Email:

Fifth Round of Securities and Futures Act Amendments Take Effect

October 2012

This update discusses the fifth and latest round of amendments to the Securities and Futures Act pursuant to the Securities and Futures (Amendment) Act 2009. These amendments take effect on 1 October 2012 and 19 November 2012 and relate to the new disclosure of interests regime, attribution of liability and a new remedy of disgorgement for market misconduct offences, and a new regime for foreign business trusts.

Search News and Articles

Legal Developments by:
Drew & Napier LLC

Competition Appeal Board Dismisses Most Grounds of Appeal by Modelling Agencies

On 10 April 2013, the Competition Appeal Board (CAB) dismissed all but two grounds of appeal by five modelling agencies that had been found by the Competition Commission of Singapore (CCS) to have engaged in price-fixing activities. CAB's decision resulted in a reduction in the total amount of financial penalties for the five modelling agencies.

- Drew & Napier LLC

Legal Developments in Singapore

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Competition Appeal Board Dismisses Most Grounds of Appeal by Modelling Agencies

On 10 April 2013, the Competition Appeal Board (CAB) dismissed all but two grounds of appeal by five modelling agencies that had been found by the Competition Commission of Singapore (CCS) to have engaged in price-fixing activities. CAB's decision resulted in a reduction in the total amount of financial penalties for the five modelling agencies.

- Drew & Napier LLC
COMPETITION ASSESSMENT OF THE INDUSTRIAL PROPERTY MARKET IN SINGAPORE: CCS DECIDES THAT...

NO IMMEDIATE ACTION IS NECESSARY

- Drew & Napier LLC
SINGAPORE FINES 12 MOTOR VEHICLE TRADERS FOR BID-RIGGING AT PUBLIC AUCTIONS

On 28 March 2013, the Competition Commission of Singapore ("CCS") handed down fines totalling S$179,071 on 12 motor vehicle traders for bidrigging at public motor vehicle auctions held by various government agencies

- Drew & Napier LLC
MAS RESPONDS TO FEEDBACK ON ITS CONSULTATION TO DESIGNATE TAX CRIMES AS MONEY LAUNDERING...

PREDICATE OFFENCES

- Drew & Napier LLC
Consultation on the recommendations of the Financial Advisory Industry Review

On 26 March 2012, the Monetary Authority of Singapore ("MAS") announced the launch of the Financial Advisory Industry Review ("FAIR"), with the aim of raising standards of practice in the financial advisory ("FA") industry and improving efficiency in the distribution of life insurance and investment products in Singapore. Subsequently, a panel, chaired by MAS and comprising representatives from industry associations, consumer and investor bodies, academia, media, and other stakeholders ("FAIR Panel"), was formed on 2 April 2012 to conduct the review.

- Drew & Napier LLC
Sweeping changes to the Computer Misuse Act

The Computer Misuse Act has been renamed the Computer Misuse and Cybersecurity Act. The name change is only the first sign of the myriad of changes within the body of the Act, with new provisions giving the Government “sweeping powers over cyberspace”. The wording of the law now allows a very broad interpretation of the circumstances in which the Government may exercise such “sweeping powers” to order "measures and requirements... as may be necessary...

- Samuel Seow Law Corporation
Shin Khai Construction Pte Ltd v FL Wong Construction Pte Ltd [2013] SGHCR 04

In the case of Shin Khai Construction Pte Ltd v FL Wong Construction Pte Ltd, the Learned Assistant Registrar Jordan Tan AR (“the learned AR”) had to consider the novel question of whether an adjudication determination may be set aside on the ground that the adjudication application was lodged later that the period of entitlement stipulated by s 13(3)(a) of the Building and Construction Industry Security of Payment Act (Cap 30B, 2006 Rev Ed) (“the Act”).

- Samuel Seow Law Corporation
Madrid Protocol Concerning the International Registration of Marks

In accordance with Rule 35(2)(c) of the Common Regulations under the Madrid Agreement and Protocol, the Director General of the World Intellectual Property Organization (WIPO) has, at the request of the Office of the United States of America, established the following new amounts, in Swiss francs, of the individual fee that is payable when the United States of America is designated in an international application, in a designation subsequent to an international registration or in respect of the renewal of an international registration:

- Samuel Seow Law Corporation
Mexico joins the Madrid Protocol

In November 2012, Mexico deposited its instrument of accession to the Madrid Protocol for the International Registration of Marks (“Madrid Protocol”) with the World Intellectual Property Organisation (“WIPO”), the body administering the Madrid Protocol. The treaty will enter into force with respect to Mexico on 19 February 2013. Mexico is the third Latin American country, after Cuba and Colombia, to join the Madrid Protocol.

- Samuel Seow Law Corporation
Commencement of Personal Data Protection Act on 2 January 2013

The Personal Data Protection Act (“PDPA”) will come into force s and takes effect in phases. The Ministry of Communications and Information (“MCI”) has set up a Personal Data Protection Commission (“PDPC”) and a Data Protection Advisory Committee on 2 January 2013 to administer and advise on the PDPA.

- Samuel Seow Law Corporation