News

The Limited Liability Partnerships Act will commence operation on 11 April 2005 and will be administered by the Accounting and Corporate Regulatory Authority (ACRA) according to ACRA's News Release.

Singapore and Bahrain have signed an open skies agreement (OSA) that removes all restrictions on passenger and cargo flights by airlines of both countries. The agreement was signed in Singapore today by Bahrain's Minister of Transportation, H.E Shaik Ali Bin Khalifa Al Khalifa, and Singapore's Minister for Transport, Mr Yeo Cheow Tong.

The Human Genetics Subcommittee (HGS) of the Bioethics Advisory Commitee (BAC) has been reviewing the rapid developments in human genetics and gene technology over the past year. Increased understanding of the human genome and advances in gene technology have changed the conduct of genetic testing in medicine and research. Following deliberations on these issues, the HGS has prepared a consultation paper entitled "Ethical, Legal and Social Issues in Genetic Testing and Genetics Research".

The Singapore Department of Statistics on 1st April 2005 announced the release of the publication, Singapore Standard Industrial Classification (SSIC) 2005.

From 1 Apr 2005, all HDB resale flat transactions involving a bank loan and the use of CPF savings for the purchase of the flat and servicing of the loan will require a valuation report from a private valuer assigned by HDB.

Come 1 April 2005, the Building Maintenance and Strata Management Act (BMSMA) will take effect. The new Act will impact mainly on the subsidiary proprietors or homeowners, management corporations, developers and managing agents from 170,000 strata units and 2,800 Management Corporations in Singapore.

As part of the preparation for Phase II implementation of the Competition Act 2004 (Act), the Competition Commission of Singapore (CCS) today issued draft guidelines for public consultation. Guidelines indicate how the CCS will interpret and give effect to the provisions of the Act, which will come 1 January 2006.

With effect from 1 Apr 2005, HDB flat owners no longer need to seek HDB?s approval for 19 more renovation items to their flats.

As part of Bank Negara Malaysia’s continuous effort to further enhance the business environment, increase efficiency of the regulatory delivery system and promote wider risk management options, further relaxations of the foreign exchange administration rules are made with effect from 1 April 2005. In addition, Bank Negara Malaysia has also reviewed and further liberalised the fixed deposit rate placed by non-SME corporations and non-residents with immediate effect.

The Ministry of Manpower on 10 March 2005 unveiled a new occupational safety and health (OSH) framework to improve the safety and health of workers.

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