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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