SINGAPORE LEGISLATION

Date01 December 2007
Published date01 December 2007
Banking (Amendment) Act 2007
Act 1 of 2007

Long title: An Act to amend the Banking Act (Chapter 19 of the 2003 Revised Edition) and to make consequential amendments to the Companies Act (Chapter 50 of the 2006 Revised Edition) and the Deposit Insurance Act 2005 (Chapter 31 of the 2005 Revised Edition).

Passed by Parliament on: 22 January 2007

Assented to by President on: 1 February 2007

Publication date: 13 February 2007

Commencement date: 31 March 2007

Summary: This Act amends the Banking Act (Cap 19, 2003 Rev Ed) for the following main purposes:

  1. (a) to expand the regulation of credit card and charge card businesses of banks and other institutions;

  2. (b) to empower the Monetary Authority of Singapore (“the Authority”) to appoint its officers to exercise its power to grant or revoke exemptions on a case-by-case basis under specified provisions of the Act;

  3. (c) to expand the power of the responsible Minister (currently the Senior Minister) (“the Minister”) and the Authority to obtain information from a bank, a financial holding company or a shareholder (or any person who appears to have an interest in any share) of a bank or financial holding company;

  4. (d) to empower the Authority to require a bank within a class of banks to maintain additional cash balances above the minimum cash balances specified for that class of banks if the bank poses

  1. greater supervisory concerns, and to empower the Authority to impose a financial penalty (to be prescribed by the Minister) on a bank for a breach of any requirement to maintain minimum cash balances; and

  2. (e) to expand the powers of the Authority to deal with a distressed or an insolvent bank.

This Act also makes consequential amendments to the Companies Act (Cap 50, 2006 Rev Ed) and the Deposit Insurance Act 2005 (Act 31 of 2005).

Related legislation: Companies Act (Cap 50, 2006 Rev Ed) and Deposit Insurance Act 2005 (Act 31 of 2005).

Statutes (Miscellaneous Amendments) Act 2007
Act 2 of 2007

Long title: An Act to amend certain statutes of the Republic of Singapore.

Passed by Parliament on: 22 January 2007

Assented to by President on: 1 February 2007

Publication date: 12 February 2007

Commencement dates:

  1. (a) Sections 2 to 5, 7, 9, 10 and 12 to 18 — 1 March 2007

  2. (b) Section 6 — 1 April 2007

  3. (c) Sections 8 and 11 — 2 May 2007

Summary: This Act makes certain miscellaneous amendments to certain statutes of the Republic of Singapore for the following purposes:

  1. (a) to amend the Building Maintenance and Strata Management Act 2004 (Act 47 of 2004); the Business Trusts Act (Cap 31A, 2005 Rev Ed); the Charities Act (Cap 37, 1995 Rev Ed); the Companies Act (Cap 50, 2006 Rev Ed); the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A, 2000 Rev Ed); the Customs Act (Cap 70, 2004 Rev Ed); the Financial Advisers Act (Cap 110, 2002 Rev Ed); the Income Tax Act (Cap 134, 2004 Rev Ed); the Limited Liability Partnerships Act 2005 (Act 5 of 2005); the Money-changing and Remittance Businesses Act (Cap 187, 1996 Rev Ed); the Securities and Futures Act (Cap 289, 2006 Rev Ed); and the Trust Companies Act (Cap 336, 2006 Rev Ed) in relation to record-keeping periods;

  2. (b) to amend the Moneylenders Act (Cap 188, 1985 Rev Ed) and the Pawnbrokers Act (Cap 222, 1994 Rev Ed) by inserting in those

  1. Acts, in relation to the record-keeping requirement, a record-keeping requirement period of five years;

  2. (c) to amend the Patents Act (Cap 221, 2005 Rev Ed) mainly —

    1. (i) to enable a declaration specifying an earlier relevant application to be made in or in connection with an application for a patent (the application in suit), notwithstanding the expiry of the period of 12 months immediately following the date of filing of the specified earlier relevant application;

    2. (ii) to enable an applicant to file a missing part of his application for a patent; and

    3. (iii) to introduce a new procedure for the preliminary examination by the Registrar of Patents of applications for patents;

  3. (d) to amend the Plant Varieties Protection Act (Cap 232A, 2006 Rev Ed) to empower the Intellectual Property Office of Singapore (“the Office”) to prescribe the offences under that Act which may be compounded, and to provide that all composition sums collected will be paid into the funds of the Office;

  4. (e) to amend the Boundaries and Survey Maps Act (Cap 25, 2006 Rev Ed) to provide for the application of that Act to limited liability partnerships licensed to supply survey services in Singapore under the Land Surveyors Act (Cap 156, 2006 Rev Ed);

  5. (f) to amend Schedule A of the Criminal Procedure Code (Cap 68, 1985 Rev Ed) to make provision for certain offences under the Penal Code (Cap 224, 1985 Rev Ed) to be seizable, non-bailable and non-compoundable;

  6. (g) to amend the Immigration Act (Cap 133, 1997 Rev Ed) to provide that the Controller of Immigration may determine the manner and form of the security required under s 43, so as to allow flexibility in relation to the type of security which may be accepted;

  7. (h) to amend the Land Surveyors Act (Cap 156, 2006 Rev Ed) mainly —

    1. (i) to provide for the licensing of limited liability partnerships and for the application of that Act to limited liability partnerships;

    2. (ii) to change certain requirements for obtaining a licence for a multi-discipline and corporate practice; and

    1. (iii) to allow the Land Surveyors Board to invest its funds in accordance with the standard investment power of statutory bodies;

  1. (i) to make a technical amendment to the Parliamentary Elections Act (Cap 218, 2001 Rev Ed) to clarify the definition of “election advertising” in s 2;

  2. (j) to make a technical amendment to the Public Transport Council Act (Cap 259B, 2000 Rev Ed) to clarify the definition of “ticket payment service”;

  3. (k) to amend the Third Schedule to the Public Utilities Act (Cap 261, 2002 Rev Ed) to change the financial year of the Public Utilities Board to be from 1 April of each year to 31 March of the succeeding year;

  4. (l) to amend the Road Traffic Act (Cap 276, 2004 Rev Ed) to remove the restriction that particulars of convictions or disqualifications under that Act may be maintained only for a period not exceeding three years from the date of the conviction or expiry of disqualification so as to allow a court to have access to all relevant records when sentencing a repeat offender;

  5. (m) to amend the Subordinate Courts Act (Cap 321, 1999 Rev Ed) to reflect the days on which the subordinate courts and the Registry of the subordinate courts are open following the introduction of the five-day working week in the Civil Service;

  6. (n) to amend the Supreme Court of Judicature Act (Cap 322, 1999 Rev Ed) to reflect the days on which the High Court, the Court of Appeal and the Registry of the Supreme Court are open following the introduction of the five-day working week in the Civil Service; and

  7. (o) to amend the Women’s Charter (Cap 353, 1997 Rev Ed) to change the composition of the committee that is empowered to make rules in relation to the practice and procedure (including fees and costs) applicable to proceedings under Pt X of that Act so that the committee will now include a District Judge and two practising advocates and solicitors, all of whom are to be appointed by the Chief Justice.

Related legislation: Boundaries and Survey Maps Act (Cap 25, 2006 Rev Ed), Building Maintenance and Strata Management Act 2004 (Act 47 of 2004), Business Trusts Act (Cap 31A, 2005 Rev Ed), Charities Act (Cap 37, 1995 Rev Ed)...

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