2007 year in review: Key legal and regulatory developments

Charity Council launches Code of Governance for charities and institutions of a public character

SGX announces new “watch-list” for Mainboard companies to take effect from 1 March 2008

Income Tax (Amendment No. 2) Act 2007 comes into force from various dates: Implementation of Budget 2007 changes

MOM introduces new package of foreign workforce measures to meet strong labour market demand

MOM issues Workplace Safety and Health (Construction) Regulations 2007 and conducts public consultation on draft Workplace Safety and Health regulations

Singapore Court of Appeal disagrees with High Court on the ambit of “loan” in relation to prohibition against loans to directors / connected persons under the Companies Act

Singapore High Court discusses whether a company had a separate mind so as to conspire with its own director

Allen & Gledhill LLP Seminar on Understanding and Complying with the New Code of Governance for Charities and Institutions of a Public Character - 22 January 2008

Amendments to SGX-ST Listing Manual to improve market efficiency and disclosure to take effect on 3 December 2007

MAS clarifies disclosure requirements for substantial shareholders

ACRA Practice Direction 5 of 2007 on New Annual Return Form and Filing of Financial Statements in XBRL and Companies Act subsidiary legislation to implement changes

Workplace Safety and Health Act (Amendment of First Schedule) Order 2007 - More workplaces subject to WSHA effective from 1 March 2008

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Act 2007 in force on 1 November 2007: Fine-tuning the law on anti-money laundering

Parliament passes Income Tax (Amendment No 2) Bill 2007: Implementation of Budget 2007 changes

Parliament introduces Workmen’s Compensation (Amendment) Bill 2007: Expanding coverage and increasing compensation amounts

MAS issues response to feedback received on proposed Insurance (Amendment) Bill 2007 on nomination of beneficiaries

Singapore High Court finds directors in breach of fiduciary duties and section 157 of Companies Act

UK House of Lords rules on construction and separability of arbitration agreement

MTI public consultation on extending the Consumer Protection (Fair Trading) Act to certain financial products and services

Accounting Standards Act 2007 in force on 1 November 2007: Establishment of the Accounting Standards Council

Land Titles (Strata) (Amendment) Act 2007: Changes to collective sale requirements in force on 4 October 2007

Health Products Act 2007 comes into force on 1 November 2007

Parliament introduces Income Tax (Amendment) Bill 2007: Implementation of Budget 2007 changes

Parliament introduces National Registry of Diseases Bill 2007

ACRA conducts public consultation on the registration and regulatory regime for foreign companies under the Companies Act

MOH conducts public consultation on proposed amendments to the Infectious Diseases Act

Media Development Authority of Singapore conducts second public consultation on proposed changes to the Media Market Conduct Code

Singapore Court of Appeal explains requirements of rule in Ladd v Marshall

Allen & Gledhill LLP and Zaid Ibrahim & Co form strategic alliance to create pan-ASEAN legal solutions provider

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits)(Amendment) Bill 2007: Fine-tuning the law on anti-money laundering

Revised Singapore-China Avoidance of Double Taxation Agreement in force from 18 September 2007

Land Titles (Strata) (Amendment) Bill 2007 passed: Changes to collective sale requirements

Building Control (Amendment) Bill 2007 passed: Raising standards of work in the construction industry

Pharmacists Registration Bill 2007 passed: Introducing a comprehensive framework for the registration of pharmacists and specialists

MOM introduces employer-financed medical insurance requirement for foreign workers

Ministry of Law announces the signing of agreement to establish Permanent Court of Arbitration Facility in Singapore

UK House of Lords rules that compound interest is recoverable in restitutionary (unjust enrichment) claims

New announcement template on SGXNET for resignation of directors and key officers with effect from 1 October 2007

Revised Singapore-China Avoidance of Double Taxation Agreement

MAS conducts public consultation on Insurance (Amendment) Bill 2007 on Nomination of Beneficiaries

MOH conducts public consultation on draft National Registry of Diseases Bill

MCYS issues consultation paper on draft Mental Capacity Bill

Singapore Court of Appeal allows employer to recover bribes received by employee despite employee?s conviction and disgorgement of money as penalty

Singapore Court of Appeal holds admission of debt admissible in evidence even if made without prejudice

English Court of Appeal holds no concrete rule in negligence cases for loss to be identified as at date of breach

English High Court holds contract to sell credit notes formed following telephone conversation

Competition (Amendment) Act 2007 comes into operation on 1 July 2007: Introducing merger control

MAS and SGX jointly release Corporate Covernance Report and upcoming initiatives to strengthen corporate governance practices for listed companies

Parliament introduces Accounting Standards Bill 2007: Establishment of the Accounting Standards Council

Planning (Development Charges) Rules amended to revise Development Charges rates

Employment of Foreign Workers (Amendment) Act 2007 in force from 1 July 2007: Consolidating the legislative authority for the issuance and enforcement of all work passes

MOF conduct publis consultation on Budget 2007 implementation details to promote philanthropy

UK House of Lords rules on what constitutes unfairly prejudicial conduct

English Court Appeal holds that refinancing of company's debt to seller post acquisition is not financial assistance

Allen & Glehill is Asian Legal Business Singapore Deal Firm of the Year 2007

Allen & Gledhill becomes Allen & Gledhill LLP on 1 July 2007

New Client Publication: Allen & Gledhill Financial Services Bulletin

Singapore Code on Take-overs and Mergers extended to REITs

Merger Control – Impact on Singapore Take-over Offers

MAS and SGX will oversee corporate governance for listed companies from 1 September 2007

Spam Control Act commences operation on 15 June 2007

Goods and Services Tax (Amendment) Act 2007 in force: Raise in tax rate from 5 per cent. to 7 per cent. from 1 July 2007

Selected provisions under the Gas Act and Gas (Amendment) Act operative with effect from 11 June 2007: Enhancement of regulatory oversight of the Energy Market Authority of Singapore

CCS releases revised draft merger guidelines on 28 May 2007: Pre-Notification Discussions accepted by CCS with effect from
1 June 2007

MOF conducts public consultation on draft Income Tax (Amendment) Bill 2007: Implementation of Budget 2007 changes

Singapore Court of Appeal holds arrangement to provide letters of credit does not constitute moneylending

Singapore Court of Appeal holds that arbitrator did not breach the rules of natural justice and supports principal of minimal curial intervention in arbitration awards

SGX issues consultation paper on proposed amendments to fine-tune listing rules

Parliament passes Competition (Amendment) Bill 2007: Introducing merger control

Tripartite Alliance for Fair Employment Practices issues Guidelines on Fair Employment Practices

ACRA issues Practice Direction to assist companies with filing financial statements in XBRL

Two SGX consultation papers with proposals to maintain quality of issuers in Mainboard and revamp supervisory framework of SESDAQ

Singapore Spam Control Resource Centre: A resource site offering information on spam control

Parliament passes Goods and Services Tax (Amendment) Bill 2007: Raise in tax rate from 5 per cent. to 7 per cent.

Parliament passes Employment of Foreign Workers (Amendment) Bill 2007: Consolidating the legislative provisions for the issuance and enforcement of all work passes in one Act

Singapore High Court considers ambit of “loan” in relation to prohibition against loans to directors / connected persons under Companies Act

Leading capital markets lawyer joins Allen & Gledhill

Allen & Gledhill seminar on Singapore’s merger control regime under the Competition Act: Issues and strategies relevant to M&A transactions – 27 June 2007

Banking (Amendment) Act 2007 effective from 31 March 2007

Parliament introduces Competition (Amendment) Bill 2007: Introducing merger control

Parliament passes Spam Control Bill 2007

Parliament introduces Gas (Amendment) Bill 2007: Enhancement of regulatory oversight of the Energy Market Authority of Singapore

Parliament introduces Goods and Services Tax (Amendment) Bill 2007: Raise in tax rate from 5 per cent. to 7 per cent.

Trade Marks (Amendment) Act 2007 in force from 2 July 2007: Giving effect to certain articles in Singapore Treaty on the Law of Trademarks

Parliament introduces Employment of Foreign Workers (Amendment) Bill 2007: Consolidating the legislative authority for the issuance and enforcement of all work passes

MOM conducts public consultation on proposed amendments to the Workmen’s Compensation Act

Singapore Court of Appeal hands down important decision on conduct of company meetings

Allen & Gledhill named Who’s Who Legal Singapore Law Firm of the Year 2007

Changes to Singapore Code on Take-overs and Mergers to take effect on 1 April 2007

MAS releases public consultation on "Enhancements to the Regulatory Regime Governing REITs"

Media Development Authority of Singapore consults on proposed changes to Media Market Conduct Code

Recent amendments to the Patents Act operative with effect from 1 April 2007

IPOS conducts public consultation exercise on draft Copyright (Excluded Works) Order 2007

Charities (Amendment) Act 2007 and related subsidiary legislation operative with effect from 1 March 2007: Changes in regulation of institutions of a public character

English Court of Appeal holds that an assignee from a failed assignment of debt could not claim as the beneficiary of a declaration of trust in respect of the same debt

Singapore High Court finds no breach of natural justice in Philippine arbitration case

English High Court holds that an obligation to use reasonable endeavours is less stringent than one to use best endeavours

Allen & Gledhill is IFLR Singapore Law Firm of the Year 2007

Highlights of 2007 Budget Statement

Changes to the capital adequacy requirements for Singapore-incorporated banks

Statutes (Miscellaneous Amendments) Act 2007: Shorter record keeping periods mainly from 1 March 2007

Income Tax (Amendment) Act 2007 in force: Implementation of income tax changes announced in 2006 Budget Statement

Parliament introduces Land Acquisition (Amendment) Bill 2007: Compensation computed based on market value

Parliament introduces Spam Control Bill 2007

Parliament passes Health Products Bill 2007

High Court of Australia: Shareholder's claims rank together with debts and claims of general body of creditors

UK House of Lords refers to Singapore as a leading centre of arbitration

Parliament passes Banking (Amendment) Bill 2006: Towards a more responsive regulatory framework for the Singapore banking sector

MAS issues amendments to Code on Collective Investment Schemes

MAS issues Notices and Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism

Parliament passes Statutes (Miscellaneous Amendments) Bill 2006: Changes to record keeping periods

Parliament passes Income Tax (Amendment) Bill 2006: Implementation of income tax changes announced in 2006 Budget Statement

Parliament passes Trade Marks (Amendment) Bill 2006: Giving effect to certain articles in Singapore Treaty on the Law of Trademarks

Parliament passes Charities (Amendment) Bill 2006: Changes in regulation of institutions of a public character

Parliament introduces Health Products Bill 2006 on 22 January 2007

Singapore Court of Appeal examines applicability of the doctrine of champerty to arbitration proceedings