Search for:
Asia-Pacific

Singapore: ACRA launches public consultation on proposed legislative amendments relating to data, digitalisation and corporate transparency

By , and 2 Mins Read

In brief

On 17 December 2021, the Accounting and Corporate Regulatory Authority (ACRA) launched its public consultation on its proposed legislative amendments to the Companies Act (CA), Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act (LLP Act), Limited Partnerships Act and Variable Capital Companies Act 2018, relating to data, digitalisation, and corporate transparency within Singapore’s business environment.

The proposed changes, if enacted, would reduce the amount of data that must be filed with ACRA and limit the personal data that is made available publicly.

Key takeaways

The proposed amendments to the CA as well as other ACRA-administered legislation aim to:

  • Improve filing convenience and data accuracy

For example, if enacted, the proposed amendments would empower ACRA to obtain data from specified government agencies for the purpose of filing and using data from specified entities to verify information on its register, thereby reducing the amount of data that must be filed with ACRA.

  • Achieve a balance between corporate transparency and data privacy

Full identification numbers of individuals and their residential addresses would also no longer be available to the public, if the proposed changes by the ACRA go through.

  • Facilitate digital correspondences with businesses to improve efficiency and support sustainability efforts

As part of its digitalisation plan, ACRA would require position holders and shareholders to provide email addresses and mobile phone numbers, and business entities to provide their business email addresses.

The public consultation exercise will run from 17 December 2021 to 28 January 2022. The public can access the consultation documents on ACRA’s website and the REACH consultation portal, and can provide feedback by emailing their comments to acra_public_consultation@acra.gov.sg indicating “Public Consultation on Companies Act and other Acts” in the subject line.

* * * * *

LOGO_Wong&Leow_Singapore

© 2022 Baker & McKenzie.Wong & Leow. All rights reserved. Baker & McKenzie.Wong & Leow is incorporated with limited liability and is a member firm of Baker & McKenzie International, a global law firm with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a “principal” means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an “office” means an office of any such law firm. This may qualify as “Attorney Advertising” requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome.

Categories:
Author

Andy Leck is the managing principal of Baker McKenzie.Wong & Leow. Mr. Leck is recognised by the world’s leading industry and legal publications as a leader in his field. Asian Legal Business notes that he “always gives good, quick advice, [is] client-focused and has strong technical knowledge for his areas of practice”. Alongside his current role as managing principal, Mr. Leck has held several leadership positions in the Firm and externally as a leading IP practitioner. He currently serves on the International Trademark Association's Board of Directors and is a member of the Singapore Copyright Tribunal.

Author

Ren Jun is an associate principal of Baker & McKenzie.Wong & Leow. Ren Jun extensively represents local and international intellectual property-intensive clients in both contentious and non-contentious IP matters, such as anti-counterfeiting; civil and criminal litigation; commercial issues; regulatory clearance; and advertising laws. Ren Jun also advises on a wide range of issues relating to the healthcare industries. These include regulatory compliance in respect of drugs, medical devices, clinical trials, health supplements and cosmetics; product liability and recall; and anti-corruption. Ren Jun is currently a member of the Firm's Asia Pacific Healthcare ASEAN Economic Community; Product Liability and Regulatory Sub-Committees.

Author

Arwen is a local principal in the Firm's Intellectual Property and Technology (IPTech) Practice Group in Singapore. She is a member of the Law Society of Scotland, and has been admitted to practice in Scotland since 2004. Arwen worked as an intellectual property and technology lawyer in the UK and Europe before relocating to Asia in 2014 and has since worked in both Singapore and Hong Kong, advising on matters across both Asia Pacific and Europe. Arwen is recognised in Legal 500 (2020) as "commercial, pragmatic and personable" for the TMT sector.

Related Posts

Write A Comment