News

Indian Prime Minister Manmohan Singh and Prime Minister Lee Hsien Loong today signed the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). This landmark agreement is India?s first ever CECA and is also the first comprehensive economic pact between Singapore and a South Asian country.

Singapore and India will be signing an Agreement concerning Mutual Legal Assistance in Criminal Matters in New Delhi today.

The US Supreme Court on 27 June 2005 ruled in MGM v Grokster that someone who distributes a device with the intention of promoting its use to infringe copyright, is liable for the infringing acts of third parties using the device.

The Inland Revenue Authority of Singapore (IRAS) recently conducted a stamp duty audit on a few commercial buildings. In one building, it found that close to 9% of all the Lease Agreements were not duly stamped, as required under the Stamp Duty law. The tenants have since been asked to pay the stamp duties as well as the penalties imposed. The maximum penalty is four times the amount of duty.

Opening Address by Mr Shane Tregillis, Deputy Managing Director (Market Conduct), MAS, at the Real Estate Investment World Asia 2005, 4th Annual Conference, The Grand Hyatt, Singapore, 27th June 2005.

With effect from 24 June 2005, insolvent persons filing their Income & Expenditure statements will be required to login into the e-service via the IPTO portal using their Singpass. For users who do not have a Singpass, please liaise with the CPF Board or you may visit their website at www.cpf.gov.sg .

For insolvent persons who are foreigners and do not qualify for a Singpass, please contact us at mlaw_ipto_efiling@mlaw.gov.sg so that a Password can be issued to you. This Password will enable you to use our e-Services.

The Infocomm Development Authority of Singapore (IDA) and the Attorney-General's Chambers (AGC) are conducting the final phase of the general review of the Electronic Transactions Act (ETA) and the Electronic Transactions (Certification Authority) Regulations ('CA Regulations'). IDA and AGC today issued a joint consultation paper seeking feedback on the regulation of Certification Authorities (CAs), liability of Internet service providers, electronic transactions with Government agencies, and implications of draft UNCITRAL Convention on the 'Use of Electronic Communications in International Contracts'.

The Supreme Court will commence operations at the new Supreme Court building on 20 June 2005 after more than 65 years at its present premises along St Andrew's Road. The new building is situated behind the old Supreme Court and City Hall buildings, with its main entrance facing Parliament House.

The Health Sciences Authority (HSA) plans to table a Bill in Parliament to enact the proposed Health Products Act. The proposed Act will serve to amalgamate the existing controls for regulating medicines and health-related products, which are currently spread out in four separate Acts, into one omnibus Act.

The Monetary Authority of Singapore (MAS) on 13 June 2005 released a consultation paper on the draft Financial Advisers (Traded Endowment Policies (TEPs) and Traded Life Policies (TLPs) - Prescribed Investment Products) Regulations 2005.

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