News

The Presidents of the Law Societies of England and Wales and of Singapore on 11 December 2003 signed a friendship treaty at a luncheon ceremony held at the Ritz Carlton Hotel.

Bills, Acts and Subsidiary Legislation gazetted from 5 Dec 2003 to 10 Dec 2003.

The Monetary Authority of Singapore (MAS) released on 10 December 2003 a consultation paper on the regulation of business trusts (BTs). The paper and draft bill can be found here.

The Monetary Authority of Singapore (MAS) today reminded banks that under the Banking Act (section 12), MAS' approval is required before a bank sets up additional locations to receive applications for consumer credit products such as credit cards, charge cards and unsecured credit facilities.

From 19 November to 31 December 2003, the Ministry will be conducting a public consultation to obtain feedback on the amendments to The Advertising Guidelines, issued under the Private Hospitals and Medical Clinics (PHMC) Act.

Parliament has passed the Consumer Protection (Fair Trading) Act to protect consumers from errant retailers.

Singapore's Parliament has passed amendments to the Computer Misuse Act that allow authorities to take pre-emptive action against "cyber terrorists".

The Ministry of Health (MOH) has drafted a new Bill which would further enhance the regulation of human stem cell research and human tissue research and banking. The draft Regulation of Biomedical Research Bill is on the Ministry's website for public consultation and comment from 10 November 2003 to 30 November 2003.

MAS has proposed to fine-tune the MAS Act in two phases. In the first phase, MAS seeks to update sections in the MAS Act to set aside provisions for contingencies or market volatilities, and to allow MAS greater flexibility in lending to financial entities for the purpose of managing system liquidity and safeguarding the financial system.

Second Reading Speech by Mr Lee Hsien Loong, Deputy Prime Minister, Minister for Finance and Chairman, Monetary Authority of Singapore on the Insurance (Amendment) Bill 2003.

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