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In brief

  • New obligation to keep Register of Nominee Shareholders
  • New requirement to report executive controllers in Register of Registrable Controllers if there are no registrable controllers

With the coming into force of the Corporate Registers (Miscellaneous Amendments) Act 2022 on 4 October 2022, the Companies Act 1967 and the Limited Liability Partnerships Act 2005 have been amended to subject nominee shareholders and their nominators and individuals with “executive control” over the daily or regular corporate affairs to new disclosure obligations.

This further aligns Singapore’s regime on transparency and beneficial ownership of Singapore-incorporated companies, foreign companies and limited liability partnerships (“reporting entities”) with the international standards set by the Financial Action Task Force.

Our alert sets out the following recommended actions you should undertake.


Click here to access full alert.

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For further information and to discuss what this development might mean for you, please get in touch with your usual Baker McKenzie contact.

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Author

Andrew Martin is the Managing Principal and co-head of the M&A Practice Group in Singapore. He is recognised as a leading lawyer by legal directories such as Chambers Asia Pacific and Legal 500. He trained and initially worked in England, followed by several years in Hong Kong and Australia before settling in Singapore in 2002.

Author

Min-tze Lean is a principal in the Mergers & Acquisitions Practice Group at Baker McKenzie Wong & Leow. He has worked on a number of high-profile corporate headline transactions in Asia, some of which won the "Southeast Asia Deal of the Year" and "Singapore M&A Deal of the Year" awards at the Asian Legal Business Awards. Sources highlight his responsiveness, commerciality and the pragmatic advice he offers. Min-tze has been recognised by Chambers Asia Pacific for his technical legal knowledge and principled approach to structuring solutions to complex legal issues, and his "solution-oriented approach and ability to interface well with regulators". A client commended: "What I like is his expertise. He knows the regulations inside out and what is the market standard and practice". He has also been praised by clients for having "strong grounding in M&A regulations and tactics", Legal 500 Asia Pacific. Min-tze is ranked in Chambers Global and Chambers Asia Pacific as a leading lawyer in Singapore for Corporate/M&A: Domestic.

Author

Lathika Pillay is a senior manager in Baker McKenzie Singapore office,

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