{"id":1548,"date":"2020-07-20T09:49:57","date_gmt":"2020-07-20T01:49:57","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1548"},"modified":"2020-08-01T10:03:45","modified_gmt":"2020-08-01T02:03:45","slug":"public-consultation-on-proposed-companies-act-amendments","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2020\/07\/20\/public-consultation-on-proposed-companies-act-amendments\/","title":{"rendered":"Public Consultation on Proposed Companies Act Amendments"},"content":{"rendered":"\n<p>On or about 20 July 2020, the Companies Act Working Group (CAWG) was set up by  the Accounting and Corporate Regulatory  Authority (ACRA) in January  2018 to review areas of the <em>Companies Act<\/em> (CA). The ACRA now invites the public to provide feedback on proposed amendments from 20 July 2020 to 17 August 2020.<\/p>\n\n\n\n<p>The review was as part of the ACRA&#8217;s efforts to ensure that Singapore\u2019s corporate laws and  regulatory framework remain competitive. The CAWG was chaired by  Professor Tan Cheng Han SC and comprised members from local and  international law firms, industry regulators and associations. The board had deliberated on the proposed amendments with inputs and feedback  from stakeholders.<\/p>\n\n\n\n<p>The report by the CAWG had reviewed 56 issues and recommended 36 legislative reforms, covering the following areas: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>facilitating digitalisation<\/li><li>types of companies and financial reporting<\/li><li>matters relating to directors and company secretaries<\/li><li>safeguarding shareholders\u2019 interests<\/li><li>share capital and financial assistance<\/li><li>updating outdated provisions.<\/li><\/ul>\n\n\n\n<p>The\n recommendations by the CAWG took into consideration the evolving \nbusiness environment and developments in technology by companies and \nsought to create a balance between an effective and efficient regulatory\n framework and the compliance burden on companies.<\/p>\n\n\n\n<p>Some of the key recommendations by the CAWG are as follows: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>dematerialisation shares and facilitating digitalisation<\/li><li>reviewing company types and refinements to financial reporting  criteria: the CAWG recommended introduction of concepts of \u201cpublicly  accountable company\u201d and \u201cmicro\u201d company. The CAWG also reviewed the  requirements to file financial statements and proposed to retain some  current requirements.<\/li><\/ul>\n\n\n\n<p>ACRA has reviewed existing regulatory processes and requirements in the Companies Act, and proposed legislative changes illustrated below: <\/p>\n\n\n\n<p>Source: <a target=\"_blank\" href=\"https:\/\/www.acra.gov.sg\/legislation\/legislative-reform\/listing-of-consultation-papers\/public-consultation-on-proposed-amendments-to-the-companies-act\" rel=\"noreferrer noopener\">ACRA<\/a>, 20 July 2020.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>streamlining and clarifying financial reporting requirements for companies and foreign companies<\/li><li>removing outdated requirements and clarifying provisions in the CA such  as the requirements for public companies limited by shares to hold  statutory meetings and their directors to forward a statutory report to  members prior to the meeting.<\/li><li>ACRA will publish a summary of the comments received and the summary will not disclose the identity of the respondents.<\/li><\/ul>\n\n\n\n<p>The public can access the consultation documents on the ACRA\u2019s website. Members of the public can submit their comments via email.<\/p>\n\n\n\n<p>The ACRA will publish a summary of the comments received and the summary will  not disclose the identity of the respondents.<\/p>\n\n\n\n<p>Source: ACRA, 20 July 2020  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 20 July 2020, the Companies Act Working Group (CAWG) was set up by the Accounting and Corporate Regulatory Authority (ACRA) in January 2018 to review areas of the Companies Act (CA). The ACRA now invites the public to provide feedback on proposed amendments from 20 July 2020 to 17 August 2020. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,6],"tags":[],"class_list":["post-1548","post","type-post","status-publish","format-standard","hentry","category-company-law","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1548"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1548\/revisions"}],"predecessor-version":[{"id":1549,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1548\/revisions\/1549"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1548"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}