Singapore Extends Alternative Arrangements for Company Meetings to 30 June 2021

Singapore's Ministry of Law has extended the alternative arrangements for company meetings to 30 June 2021. The extension allows regulated companies to conduct meetings via electronic means. Likewise, MinLaw extended the deferral provisions for meetings of some organisations giving them a grace period to organise meetings physically or electronically to a date no later than 31 December 2020.

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MAS Issues Guidelines to Strengthen Responsibility and Ethical Behaviour in the Financial Industry

The Monetary Authority of Singapore (MAS) issued new Guidelines on Individual Accountability and Conduct (Guidelines) on 10 September 2020. The Guidelines set out five outcomes that financial institutions (FIs) should achieve to promote clear accountability of senior managers in key functions and promote ethical behaviour in the FIs. The Guidelines were accompanied by an Information Paper and FAQs to help FIs achieve the five outcomes.

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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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New Law Provides Temporary Relief for Inability to Perform Contracts Due to COVID-19

The COVID-19 (Temporary Measures) Act became law on 7 April 2020. Bill in Parliament on the second week of April. The Act offers temporary relief to businesses and individuals who are unable to perform their contracts because of the COVID-19 pandemic. The Act also provides temporary measures for certain matters related to bankruptcy, in-person business meetings, court proceedings, property tax relief and movement of individuals.

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