The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (“ACRA“) are seeking feedback on its proposals to amend various ACRA-administered legislation to: (1) prevent misuse of companies for unlawful purposes; (2) ease the regulatory burden for companies; (3) safeguard shareholders’ interests; and (4) enhance the regulatory regime for public accountants.
The changes follow from two earlier consultation exercises conducted by ACRA in December 2021/January 2022 and July/August 2020. ACRA has since issued its Response to feedback on some of the proposals from earlier consultation papers. These proposals are set out in the Public Consultation on the Corporate and Accounting Laws (Amendment) Bill. The consultation ends on 31 July 2025.
This Update discusses the key changes to the Companies Act 1967 to (1) safeguard shareholders’ interests; and (2) ease regulatory burden for companies.
If you have any queries on the above matters, or wish to find out more about this development or other changes that are not covered in this Update, or wish to submit feedback on the consultation, please reach out to our Team members set out on this page.
For more information, click here to read the full Legal Update.
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