News

The Monetary Authority of Singapore (MAS) issued a consultation paper today setting out the proposed regulatory framework for insurance securitisation. Through securitisation, insurers can transfer insurance risk directly to the capital market. Recognising the merits of such risk mitigation techniques, especially for managing risks arising from pandemics and natural catastrophes, and the potential demand for insurance linked securities (ILS) in Asia, MAS is developing a regulatory framework for insurance securitisation.

The Charity Council is seeking views from the public and the charity sector on the draft Code of Governance for charities and Institutions of a Public Character (IPCs).

The Securities Industry Council (SIC) has decided to extend the ambit of the Singapore Code on Take-overs and Mergers (Code) to property trusts structured as collective investment schemes (REITs). SIC’s decision is in line with the regimes in the UK and Australia, where property trusts are subject to take-over provisions.

The Ministry of Manpower (MOM) would like to invite feedback from members of the public on the following 2 draft Regulations:
(a) Workplace Safety and Health (Shipbuilding and Ship-repairing) Regulations; and
(b) Workplace Safety and Health (Scaffolds) Regulations.

Oversight of corporate governance of listed companies will be transferred from the Council of Corporate Disclosure and Governance (CCDG) to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Ltd (SGX) with effect from 1 September 2007. The move will clarify and streamline responsibilities for corporate governance matters for listed companies. The approach is consistent with that taken in other sectors, where the sectoral regulator takes responsibility for oversight of governance.

Singapore Exchange Limited (SGX) today announced that it is inviting public comments on proposed new listing rules aimed at enhancing the competitiveness of its securities market. For the Mainboard, the focus will be on attracting larger companies and maintaining the quality of listed companies. For SESDAQ, SGX proposes to provide a conducive listing platform for growth companies by transforming it into a sponsor-supervised board (new board). The new board will target both local and foreign growth companies.

The NWC has submissted its Guidelines for 2007/2008 to the Government. The NWC has urged employers to give their staff wage increases for helping their companies perform well. The NWC also endorsed efforts to help low-wage workers through the "Workfare Income Supplement Scheme".

The Government has accepted the National Wages Council (NWC)'s wage recommendations for 2007/2008.

The Ministry OF Manpower has amended the Employment of Foreign Workers Act (EFWA) to increase the penalties for selected offences, introduce new offences, and enhance the powers of Employment Inspectors to facilitate enforcement efforts.

The new Act will also consolidate the legislative authority for all work passes under the EFWA. The Act will hence be renamed the Employment of Foreign Manpower Act (EFMA). With the consolidation, the EFMA will be the key legislation governing the employment of foreigners at all levels in Singapore.

The Urban Redevelopment Authority (URA) announced today that it will, with immediate effect, temporarily disallow the conversion of office use in the Central Area to other uses until 31 December 2009. This is to curb further depletion of the existing stock of office space.

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