News

From 26 Jun 2006 , massage establishments will see changes in the regulations under the Massage Establishment Act.

LTA.PROMPT or the "Permit for Road Occupation Management Portal" is a new internet-based service that gives applicants the ability to apply for all road permits from all necessary agencies in one application online.

The Monetary Authority of Singapore (MAS) announced today that the Payment Systems (Oversight) Act 2006 [PS(O)A] will take effect on 23 June 2006. The PS(O)A provides a comprehensive framework for MAS to oversee payment systems and stored value facilities (SVF) in Singapore. The Act was passed in Parliament on 16 January 2006.

At the opening of DM Asia, a direct marketing exhibition, the Second Minister for Trade and Industry, Lim Hng Kiang, called upon the Direct Marketing Association of Singapore to extend its code to the collection, storage and use of consumer data on the Internet to maintain the trust of consumers.

The Securities Industry Council ("SIC" or the "Council") today issued a consultation paper on proposed amendments to the Singapore Code of Take-overs and Mergers (the "Singapore Code") to keep pace with market innovations and international practices. SIC invites interested parties to give their views and comments on the consultation paper. A copy of the consultation paper is available on the MAS website at http://www.mas.gov.sg/masmcm/bin/pt1SIC_Overview.htm.

Singapore Exchange (SGX) announces the offering of its Global Depository Receipt (GDR) listing facility. The listing of GDRs, which represent equity securities of corporations listed on other foreign stock exchanges, serves as an alternative avenue for international companies to access the Singapore capital market for global funds, broaden investor base and enhance their international profile.

The ReCAAP Agreement will enter into force on 4 September 2006. Altogether, 11 countries have ratified the Agreement, namely Cambodia, Japan, Laos, Singapore, Thailand, the Philippines, Myanmar, the Republic of Korea, Vietnam, India and Sri Lanka. Brunei has also signed the Agreement and is in the process of ratification. 10 ratifications are needed for the agreement to take effect. Singapore looks forward to the signing and ratification of the ReCAAP Agreement by the remaining countries.

From 1 July 2006, the following changes to the CPF schemes will take effect:
1. Transfer of excess Medisave Account contributions to Special or Retirement Account instead of the Ordinary Account;
2. Restrictions on use of CPF savings for multiple property purchases;
3. Phasing out of Non-Residential Properties Scheme; and
4. Increase in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution ceiling.

Speech By Dr Lee Boon Yang, Minister For Information, Communications And The Arts, At Infocomm Media Business Exchange 2006 , 20 June 2006, 9.30 am At Singapore Expo.

The purpose of this public consultation exercise is to determine whether there are specific copyright material or protected performances; or specific classes of copyright material or protected performances, as to which users are, or are likely to be, adversely affected in their ability to make non-infringing uses due to the prohibition on circumvention of access controls. If the Minister is satisfied of such adverse impact, he may exempt the relevant material (protected by technological access control measures) from the prohibition against circumvention under the Copyright (Excluded Works) Order 2007.

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