Legislation

Companies (Central Depository System) (Section 130D — Supplementary Provisions for Business Trusts) Regulations 2006 (S293/2006)

The Companies (Central Depository System) (Section 130D — Supplementary Provisions for Business Trusts) Regulations 2006 (the ‘Regulations’) are operative from 2 June 2006.

The Regulations provide that where book-entry securities relating to units in any business trust within the meaning of the Securities and Futures Act are deposited with the Depository or its nominee:

1    the Depository or its nominee (as the case may be) shall be deemed not to be a holder of the book-entry securities; and

2    the persons named as the depositors in a Depository Register shall, for such period as the book-entry securities are enttered against their names in the Depository Register, be deemed to be holders of the amount of the book-entry securities entered against their respective names in the Depository Register.

 Trust Companies (Exemption) (Amendment) Regulations 2006 (S291/2006)

The Trust Companies (Exemption) Regulations 2006 has been amended with effect from 1 June 2006 to provide for the exemption of the following from the requirement to hold a trust business licence in respect of the carrying on of trust business:

1    any direct life insurer who is registered under the Insurance Act, in respect of:

a    the provision of services in relation to the creation of an express trust;

b    the arrangement for any person to act as a trustee in respect of an express trust; or

c    the provision of trust administration services which are procedural and non-discretionary,

where the carrying out of such activity is in connection with any life insurance policy issued by the direct life insurer; and

2    any person engaging in trust business if that trust business is in relation to a trust that is created or proposed to be created to hold or administer any collateral given to secure any liability in connection with the granting of any credit facility, advance or loan by:

a    that person together with any other person; or

b    any other person.

There are also changes in relation to the notification requirements under s 15 of the Trust Companies Act.

Casino Control Act (Commencement of Section 2) Notification 2006 (S278/2006)

Section 2 of the Casino Control Act 2006 (the ‘Act’) came into operation on 1 June 2006. Section 2 is the Interpretation section of the Act. The rest of the sections are not in force yet. 

As a matter of background, the Casino Control Bill 2006 was passed in Parliament on 14 February 2006. The Bill was introduced in Parliament on 16 January 2006, following a public consultation in October/November 2005. The Bill was gazetted as an Act on 14 March 2006. When in force, the Act will establish a new statutory body to be known as the Casino Regulatory Authority of Singapore, to make provisions for the operation and regulation of casinos and gaming in casinos, and to make related amendments to the Civil Law Act and the Income Tax Act.

Elizabeth Wong

Allen & Gledhill