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LEGAL UPDATES |
Legislation
Civil Aviation Authority of Singapore Act 2009
The Civil Aviation Authority of Singapore Act 2009 (Act No. 17 of 2008) (the "Act") is gazetted on 18 May 2009 but will only come into operation on a date to be appointed.
When in force, the Act which was passed by Parliament
on 13 April 2009, will repeal and re-enact with amendments the Civil Aviation
Authority of Singapore Act and make consequential amendments to other written
laws relating to airports in order:
1. To corporatise the airport undertaking of the Civil Aviation Authority
of Singapore ("CAAS") by providing for the transfer of the assets,
rights, liabilities, employees and undertaking of the airport undertaking
to a successor company;
2. To provide for the reconstitution of the CAAS as the civil aviation regulator including of airports, a provider of air navigation services and the national authority representing Singapore internationally in civil aviation matters; and
3. To establish a comprehensive framework for the regulation of the operation of airports and the provision of airport services and facilities, covering management, ownership and control of airport licensees, land use planning at airport sites, pricing and quality of services.
Central Provident Fund (Amendment) Bill 2009
The Central Provident Fund (Amendment) Bill 2009 (B11/2009) (the "Bill") was introduced in Parliament on 25 May 2009.
The Bill seeks to amend the Central Provident
Fund Act for the following main purposes:
1. To provide for the establishment by the Central Provident Fund Board of
the Lifelong Income Scheme and for matters connected therewith;
2. To make changes related to the introduction of the Lease Buyback Scheme administered by the Housing and Development Board;
3. To enable a member whose parent or grandparent has not attained the age of 55 years to transfer moneys standing to the member's credit in the Fund to the special account of the parent or grandparent;
4. To make changes consequential to the repeal of the Mental Disorders and Treatment Act by the Mental Health (Care and Treatment) Act 2008;
5. To make changes related to the enactment of the Mental Capacity Act 2008; and
6. To provide for certain matters relating to moneys payable out of the Fund on the death of a member.
Preservation of Monuments Act 2009
Pursuant to the Preservation of Monuments Act (Commencement) Notification 2009 (S259/2009), the Preservation of Monuments Act 2009 (the "Act") will come into force on 1 July 2009.
The Act will provide for the preservation and protection of national monuments by the National Heritage Board and for matters connected therewith. The Act will also repeal the existing Preservation of Monuments Act and makes related amendments to the National Heritage Board Act and consequential amendments to certain other written laws.
Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2009
On 12 June 2009, the Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2009 (the "Amendment Regulations") (S271/2009) was gazetted.
Pursuant to the Amendment Regulations, the Securities
and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005
(the "SFR") will be amended with effect from 19 June 2009 to provide
primarily that:
1. A prospectus for an ASEAN offering of shares in a corporation shall contain
the particulars set out in the ASEAN Equity Securities Disclosure Standards
and in the Seventeenth Schedule of the SFR; and
2. A prospectus for an ASEAN Offering of debentures of an entity (other than asset-backed securities and structured notes) shall contain the particulars set out in the ASEAN Debt Securities Disclosure Standards and in the Eighteenth Schedule of the SFR.
Elizabeth Wong
Allen & Gledhill LLP