Key Trade Documents Can be Digitalised Under Proposed Changes to Electronic Transactions Law

The Electronic Transactions (Amendment) Bill was read in Singapore's Parliament for the first time on 4 January 2021. The Bill is part of the Government's efforts to encourage the wider digitalisation of commercial and legal documents and would bring trade documents representing transferable rights or obligations, such as bills of lading, warehouse receipts, negotiable instruments, and documents of title, under the Electronic Transactions Act. If passed, the Bill will pave the way for faster document processing, lower costs, and lower risks of fraud.

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MAS Consults on Capital Requirements for RMOs

The Monetary Authority of Singapore has proposed to revise the capital requirements for locally incorporated Recognised Market Operators (RMOs). The revisions focus on the liquidity of RMOs' assets to better assure their continued short-term operation. MAS also seeks to align its requirements for RMOs with the capital standards of jurisdictions such as the US and EU. MAS published its proposals in a consultation paper dated 23 October 2020.

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Singapore Changes Its Strategic Goods Control List

The Singapore government has amended its list of strategic goods and technology that are controlled for export from or transit through Singapore. The amendments are implemented in the Strategic Goods (Control) Order 2020 (SGCO 2020) which came into effect from 16 November 2020. The amendments affect a range of military and dual-use goods but do not change the scope of the controls that apply to strategic goods and technology.

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MAS Consults on a New Omnibus Act for the Financial Sector

The Monetary Authority of Singapore (MAS) published a consultation paper on the New Omnibus Act for the Financial Sector. The proposed new omnibus Act (the New Act) will consolidate provisions in the MAS Act into one legislation. The New Act will also include additional provisions relating to the expanded power to issue prohibition orders, expansion of the scope of AML/CFT, imposition of technology risk management requirements and an approved dispute resolution scheme with statutory protection from liability.

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ACRA Consults on Proposed Amendments to the Companies Act

ACRA and its Companies Act Working Group issued a public consultation paper seeking comments on recommended amendments to the Companies Act. The proposed changes aim to ease companies' compliance obligations and ensure Singapore's corporate laws and regulatory framework keep abreast with companies' changing practices in the current business landscape.

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