On 22 October 2002, Deputy Prime Minister Lee Hsien Loong announced that the Government has accepted 77 recommendations from the Company Legislation and Regulatory Framework Committee ("CLRFC"). To effect the recommendations, amendments to the Companies Act, the Securities and Futures Act, and the SGX listing rules are required. 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.

The amendments to the Companies Act to effect the first batch of the CLRFC recommendations was done in May this year. This consultation paper and the accompanying Amendment Bill set out the legislative amendments to the Companies Act to implement the second batch of CLRFC recommendations. A list of the recommendations is at Annex. The complete Bill will be prepared following the public consultation and will incorporate the feedback received for its introduction in Parliament.

MOF plans to table the draft Companies (Amendment No. 2) Bill 2003 for First Reading in the Parliament in late 2003. We would like to invite interested parties to provide comments on the draft Amendment Bill. Please click here for a copy of the draft Companies (Amendment No. 2) Bill 2003.

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 15 September 2003. Thank you.