News

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.

The Singapore Armed Forces (amendment) Bill was read a second time in Parliament and subsequently passed. In the Minister's speeach during the second reading, Mr Teo Chee Hean, highlighted that the bill is to give legal powers to the SAF to conduct civilian security operations.

Second Reading Speech by Mr Lee Yi Shyan, Minister of State, Ministry of Trade and Industry for the Competition (amendment) Bill.

Second Reading Speech by Mr S Iswaran, Minister of state, ministry of Trade and Industry for the Gas (Amendment) Bill.

In May this year, the Ministry of Health will propose legislation, in Parliament, to regulate the practices of optometrists and opticians. If passed in Parliament, it will be called the Optometrists and Opticians Bill. The Optometrists and Opticians Bill will ensure that Singaporeans continue to enjoy high standard of primary eye care. The legislation will also ensure a high level of competence and standard of practice among optometrists and opticians. Many developed countries such as the US, UK and Australia already have similar legislation in place.

Lawyers in Singapore will now have a manual to guide them through the many ethical issues that they will inevitably face in their professional life. Ethics and Professional Responsibility: A Code for the Advocate and Solicitor, by Dr Jeffrey Pinsler, is a work that was specially commissioned by the Honourable the Chief Justice Chan Sek Keong. This is the first publication by Academy Publishing, a new division of the Singapore Academy of Law.

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