Legislation

Subordinate Courts (Amendment) Act (Commencement) Notification 2005 (S614/2005)
 

Pursuant to the Subordinate Courts (Amendment) Act (Commencement) Notification 2005 (S614/2005), the Subordinate Courts (Amendment) Act 2005 (the ‘Amendment Act’) shall come into operation on 1 January 2006.

On 1 January 2006, the Subordinate Courts Act will be amended to reform the law relating to transfers in civil proceedings. The Amendment Act implements the recommendations of the Law Reform Committee of the Singapore Academy of Law.

The basic objective of the amendments is to provide for greater flexibility to the courts to transfer proceedings between themselves so that cases may be dealt with as efficiently as possible. This Bill also seeks to remove anomalies and resolve certain shortcomings highlighted in recent decisions of the Singapore Supreme Court, so that transfers of civil proceedings between courts will be less complex and more flexible.

Securities and Futures (Amendment) Act (Commencement) (No 2) Notification 2005 (S601/2005)
 

On 1 July 2005, certain provisions of the Securities and Futures (Amendment) Act came into force.

Pursuant to the Securities and Futures (Amendment) Act (Commencement) (No 2) Notification 2005 (S601/2005), the remaining provisions of the Securities and Futures (Amendment) Act 2005 will come into force on 15 October 2005. These provisions relate to the following changes:
 

1   abolition of the ‘public offer’ concept;

2   new exemptions from prospectus requirements: small offers, private placement and offers for no consideration;

3   prospectus disclosure liability on issue managers;

4   permitting circulation of pre-deal research reports to institutional investors in certain circumstances; and

5   relaxing publicity restrictions for offers of collective investment schemes.
 

The following subsidiary legislation have also been issued to implement the changes:
 

1   Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (S602/2005);

2   Securities and Futures (Revocation) Regulations 2005 (S603/2005);

3   Securities and Futures (Affairs of Business Trust and Affairs of Entity) Regulations 2005 (S604/2005);

4   Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Transitional and Savings Provisions) Regulations 2005 (S605/2005);

5   Securities and Futures (Offers of Investments) (Shares and Debentures) (Transitional and Savings Provisions) Regulations 2005 (S606/2005);

6   Securities and Futures (Institutional, Professional and Business Investors) Order 2005 (S607/2005);

7   Securities and Futures (Prescribed Entities) Order 2005 (S608/2005);

8   Securities and Futures (Recognised Securities Exchange) Order 2005 (S609/2005);

9   Securities and Futures (Offers of Investments) (Exempt Purchasers) (Cancellation) Notification 2005 (S610/2005);

10         Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 (S611/2005); and

11 Securities and Futures (Offers of Investments) (Business Trusts) (No. 2) Regulations 2005 (S612/2005)

Competition Act (Commencement) Notification 2005 (S559/2005)
 

Pursuant to the Competition Act (Commencement) Notification 2005 (S559/2005), with effect from 1 September 2005, Part IV of the Competition Act (A46/2004) (the ‘Act’) will come into effect. Part IV of the Act deals with the right of appeal against decisions made by the Competition Commission of Singapore (the ‘CCS’) in relation to an agreement, conduct or a merger. Provisions establishing the Competition Appeal Board and its powers and decisions are also dealt with under Part IV of the Act.

The Competition Act seeks to prohibit anti-competitive activities that unduly prevent, restrict or distort competition. There are three main prohibited activities under the Act:
 

1   Anti-competitive agreements, decisions and practices: s 34 of the Act;

2   Abuse of a dominant position: s 47 of the Act; and

3   Mergers and acquisitions that substantially lessen competition: s 54 of the Act

The sections dealing with the main prohibited activities are not in force yet. These sections are expected to come into force in stages.

Registration of Criminals (Amendment) Act (Commencement) Notification 2005 (S617/2005)
 

Pursuant to the Registration of Criminals Act (‘RCA’), a Register of Criminals (the ‘Register’) is maintained containing particulars of persons convicted of registrable crimes as specified in the First and Second Schedules of the RCA.

With effect from 17 October 2005, the RCA will be amended to provide for spent criminal records. The Registration of Criminals (Amendment) Act 2005, which was passed in Parliament on 16 May 2005, will introduce a new Part IIA to the RCA for this purpose.

Upon the record of a person’s conviction in the Register being spent, the person will be deemed to have no record of that conviction. If asked about his criminal record, it will be lawful for him to answer as if he had no record of that conviction. Those eligible to have their records spent will largely be those who have committed minor offences such as theft and shoplifting.

Elizabeth Wong

Allen & Gledhill