News

The Recording Industry Association of America (RIAA) has filed 717 new lawsuits against peer to peer (P-to-P) users allegedly trading music for free, the trade group announced on 27 January 2005.

The IDA issued a statement on 28 January 2005 that Singapore and Malaysia has sealed the third ASEAN1 Mutual Recognition Arrangement (MRA) for telecommunications equipment. This further enhances bilateral trade between the two countries.

America Online confirmed that it will stop supporting access to newsgroups, a once-popular feature on the Internet that has since become overshadowed by message boards and blogs.

In December 2004, the US Court of Appeal for the Federal Circuit ruled that Research In Motion, the creators of Blackberry, infringed on hNTP Inc.’s patents.

The Court however reversed an injunction from a Richmond, Va., trial court’s decision and passed the case back to the district court.

The Bill introduces five main proposed amendments to the Telecommunications Act.
They concern the:-
(a) Control, consolidation and acquisition of telecom licensees.
(b) Sharing of telecommunication infrastructure for broadcasting services.
(c) Provision of space for telecommunication equipment.
(d) Penalty framework of powers given to IDA.
(e) Reconsideration and appeal process of IDA's decisions.

This Bill seeks to amend the Financial Advisers Act ("FAA") concurrent with the amendments to the Securities and Futures Act ("SFA"). It aims to ensure that the regulation of Financial Advisers remains business friendly, while still maintaining high standards that promote the fair treatment of customers.

The Securities and Futures Act (SFA), enacted in October 2001, sought to provide a legislative framework for a market and disclosure-based approach to regulating our capital markets. The Bill aims to strengthen the foundations underpinning Singapore's market and disclosure-based regulatory regime. It aims at sound standards without excessive costs.

A Limited Liability Partnership (LLP) is a business structure that offers all its members some form of limited liability while
retaining the flexibility of operating the LLP as a traditional partnership.

The Securities and Futures (Amendment) Bill 2005 and the Financial Advisers (Amendment) Bill 2005 were passed in Parliament on 25 January 2005. MAS will be issuing new Regulations and Guidelines, and also amending certain existing Regulations. MAS invites interested parties to provide their views and comments on the draft Regulations and Guidelines.

MAS requests that all comments and feedback be submitted by 25 February 2005.

Singapore deposited an instrument of accession to the International Convention on Limitation of Liability for Maritime Claims (LLMC), 1976 at the International Maritime Organisation (IMO) in London on 24 Jan 05. The accession will take effect on 1 May 05.

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