Press Releases

1. The Ministry of Finance is seeking public comments on the draft Companies (Amendment) Bill 2003 which sets out legislative amendments to implement 20 recommendations from the Company Legislation and Regulatory Framework Committee ("CLRFC"). MOF plans to table the draft Bill for First Reading in the Parliament in early 2003.

Background

2. On 22 October 2002, Deputy Prime Minister Lee Hsien Loong announced that the Government has accepted all 77 recommendations from the CLRFC. The implementation of the CLRFC recommendations will require amendments to the Companies Act, the Securities and Futures Act, and the SGX listing rules. It will also involve the enactment of new legislation, such as the omnibus insolvency legislation, as well as the Limited Partnerships Act and Limited Liability Partnerships Act.

3. The amendments to the Companies Act will be done in phases. The amendments in phase one are intended to effect 20 of the CLRFC recommendations. In the second half of 2003, MOF will be making further amendments to the Companies Act to implement the other CLRFC recommendations that require changes to the Companies Act.

Public Consultation

4. MOF would like to invite interested parties to provide comments on the draft Companies (Amendment) Bill 2003. A copy of the draft Bill can be downloaded from our website at http://www.mof.gov.sg/cor. Respondents may send in their comments via email to clrfc@mof.gov.sg or via fax to 6337 4134. The Ministry would request that all comments be submitted by 11 January 2003. Thank you.

Annex: List of the 20 CLRFC recommendations

MINISTRY OF FINANCE