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LEGAL UPDATES |
Legislation
Statutes (Miscellaneous Amendments) Bill 2006: Changes to retention of records period
Among other things, the Statutes (Miscellaneous Amendments) Bill 2006 proposes changes to the Acts listed in the table below to shorten the period for retention of records to five years. The new record-keeping period will apply to existing as well as new records.
|
Act |
Section no. |
Provision | Current retention period (years) | Proposed retention period (years) |
|
Building Maintenance and Strata Management Act 2004
|
48(2) | Retention of records and books of account by management corporation | 7 | 5 |
| Business Trusts Act | 75(2) | Retention of accounting records by trustee-manager of registered business trust | 7 | 5 |
| Charities Act | 12(3) | Preservation of accounting records by charity trustees | 7 | 5 |
| 12(4) | Preservation of accounting records by charity trustees where charity ceases to exist | 7 | 5 | |
| 13(4) | Preservation of statement of accounts by charity trustees | 7 | 5 | |
| Companies Act | 199(2) | Accounting records and systems of control | 5 | |
|
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act |
36(1)
|
Definition of ‘minimum retention period’ | 6 | 5 |
| Customs Act | 90(2) | Retention of trade documents by importer or exporter of dutiable goods | -- | 5 |
| Financial Advisers Act | 36(5) | Retention of circular or other similar written communication in which licensee makes a recommendation with respect to securities | 6 | 5 |
| 38(1)(c) | Register of interests in securities kept by licensee who provides financial advisory service in respect of securities | 6 | 5 | |
| Income Tax Act | 67(1)(a) | Retention of records by person carrying on or exercising any trade, business, profession or vocation | 7 | 5 |
|
Limited Liability Partnerships
|
25(2) | Retention of accounting and other records by limited liability partnership | -- | 5 |
|
Money-changing and Remittance Businesses Act
|
16(2) | Retention of books, accounts, records and registers by licensee | 6 | 5 |
| Moneylenders Act | 19 | Retention of books of accounts by moneylender | -- | 5 |
| Pawnbrokers Act | 14(1A) | Retention of books and documents by pawnbroker | -- | 5 |
| Securities and Futures Act | 102(3) | Keeping of books by holder of capital markets services (‘CMS’) licence | 6 | 5 |
| 120(3) | Retention of written offer, recommendation or written statement by CMS licence holder | 6 | 5 | |
| 131 | Register of securities kept by holder of CMS licence (1) to deal in securities, (2) to advise on corporate finance, and (3) for fund management | 6 | 5 | |
| Trust Companies Act | 28(4) | Keeping of books and furnishing of returns by licensed trust company | 6 | 5 |
Legal Profession (Amendment) Act 2005
The Legal Profession (Amendment) Act 2005 has come into force on 4 December 2006. The Legal Profession Act is amended to provide for the regulation of limited liability partnerships providing legal services. A new Part VIB (modelled on Part VIA relating to law corporations) is introduced. There are also consequential amendments to the Legal Profession Act (Cap 161) for this purpose.
Elizabeth Wong
Allen and Gledhill