Sectoral Legislation with O&C provisions
SIRA complements existing sectoral legislation to safeguard Singapore's national security interests. The following table provides a non-exhaustive overview of sectoral legislation in Singapore that contain ownership and control provisions.
This is not intended to serve as a comprehensive list of all applicable legislation in Singapore. While we try to keep the information accurate and up to date, we give no warranty as to the accuracy or currency of the information. Parties may wish to seek independent legal counsel or consult professionals for advice on how business operations should be conducted to satisfy the legal and regulatory requirements on all applicable laws of Singapore.
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Banking Act 1970
The Banking Act 1970 provides for the licensing and regulation of the businesses of banks, merchant banks and related institutions, and the credit card and charge card business of banks, merchant banks and other institutions.Approval or notification will be required for substantial shareholders and controllers of banks incorporated in Singapore, merchant banks in Singapore and licensees of credit card and charge business. Approval will also be required for shareholders of merchant banks in Singapore.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
2 Credit Bureau Act 2016
The Credit Bureau Act 2016 provides for the regulation of certain credit bureaus, the credit reporting business, and certain members of these credit bureaus to whom the credit bureaus provide customer information, and for matters connected with any of these.Approval will be required for substantial shareholders and controllers of licensed credit bureaus. Approval will also be required for any agreement or arrangement to act together with any person with respect to their interests in voting shares in a licensed credit bureau.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
3 Finance Companies Act 1967
The Finance Companies Act 1967 is an Act to license and control finance companies.Approval will be required for substantial shareholders and controllers of finance companies incorporated in Singapore.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
4 Financial Advisers Act 2001
The Financial Advisers Act 2001 regulates financial advisers and their representatives and supervisors.Approval will be required for controllers of licensed financial advisers.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
5 Financial Holding Companies Act 2013
The Financial Holding Companies Act 2013 regulates financial holding companies.Approval will be required for substantial shareholders and controllers of designated financial companies that are regulated under the Act.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
6 Insurance Act 1966
The Insurance Act 1966 regulates insurance businesses in Singapore, insurers, insurance intermediaries and related institutions.Approval will be required for substantial shareholders and controllers of licensed insurers incorporated in Singapore and for controllers of registered insurance brokers. Approval will also be required for any agreement or arrangement to act together with any person with respect to their interests in voting shares in a licensed insurer incorporated in Singapore.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
7 Payment Services Act 2019
The Payment Services Act 2019 provides for the licensing and regulation of payment service providers and the oversight of payment systems.Approval will be required for controllers of licensees and operators of designated payment systems. Approval will also be required for any agreement or arrangement to act together with any person with respect to their interests in voting shares in an operator of a designated payment system.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
8 Securities and Futures Act 2001
The Securities and Futures Act 2001 regulates activities and institutions in the securities and derivatives industry, financial benchmarks and clearing facilities.Approval will be required for substantial shareholders and controllers of certain financial institutions that are approved, recognised or licensed under the Act.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
9 Trust Companies Act 2005
The Trust Companies Act 2005 provides for the licensing and regulation of trust companies.Approval will be required for controllers of a licensed trust company incorporated in Singapore and notification for controllers of a licensed trust company incorporated outside Singapore.
Agency in charge: Monetary Authority of Singapore (MAS)
Email address: webmaster@mas.gov.sg
Website: www.mas.gov.sg
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Healthcare Services Act 2020
The Healthcare Services Act was enacted in 2020 to replace the Private Hospital and Medical Clinics Act (PHMCA) in a move towards a services-based and premises-neutral approach to the regulation of Singapore's healthcare system. The main objectives are to better safeguard patient safety and welfare, and provide greater regulatory clarity for licensees, while enabling the development of new and innovative healthcare services in the changing healthcare environment. The details of the Act and the list of licensable healthcare services are published in the Government Gazette here.Key ownership and control provisions include controls for both the licensees and their key office holders.
1. Licensees must apply for a licence to provide a licensable healthcare service, including the modes of service deliveries intended and/or any specified services, and pay for the licensing fee. A set of licence conditions may be separately imposed, in addition to the general, advertising and service-specific regulations they have to comply with. Any modifications of the licence or cessation of the services must be notified to MOH within prescribed time. MOH may take regulatory actions against the licensees for contravening any requirements imposed under the Act.
2. Licensees must notify MOH on the appointment and/or subsequent changes to the roles of Key Office Holders, including Key Appointment Holders, Principal Officers and Clinical Governance Officers (where appropriate). Such appointed personnel may be removed if they have been deemed unsuitable to act in that capacity in relation to the licensee or have not complied with any requirements imposed under the Act.
Agency in charge: Ministry of Health (MOH) Email address: HCSA_Enquiries@moh.gov.sg
Website: www.HCSA.sg
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Broadcasting Act
The Broadcasting Act ("BA") regulates dealing in, operation of and ownership in broadcasting services and broadcasting apparatus. It also regulates online communication services accessible by Singapore end-users.
Specified changes in ownership and control of broadcasting companies that hold a relevant license are subject to Minister's approval, such as when person(s) seek to be a substantial shareholder, 12% controller, or an indirect controller of a broadcasting company that holds a relevant license.
Broadcasting companies that hold a relevant license are required to seek prior approval from IMDA for the appointment of key appointment holders.
Agency in charge: Ministry of Communications and Information (MCI) / Infocomm Media Development Authority (IMDA)
Email address: ilo@imda.gov.sg
Website: www.mci.gov.sg / www.imda.gov.sg
For approval obligations for specified changes in ownership and control of broadcasting companies that hold a relevant license under the BA, email: MCI_Connects@mci.gov.sg
For queries on the appointment of key officers under the BA, email: info@imda.gov.sg
2 Info-communications Media Development Authority Act
The Info-communications Media Development Authority Act ("IMDAA") establishes and empowers IMDA to promote, develop and regulate the information, communications and media industry in Singapore. The IMDAA also provides IMDA the powers to issue directions and codes of practices in connection with competition and consumer protection matters in the media industry.
The IMDAA requires "regulated persons"* to obtain IMDA's approval to merge, consolidate with, or be taken over by another regulated person or any other person carrying on any business connected to the provision of media services in Singapore.
*This refers to newspaper companies or the proprietor of a newspaper as defined in the Newspaper and Printing Presses Act, or broadcasting licensee as defined in the Broadcasting Act.
Agency in charge: Ministry of Communications and Information (MCI) / Infocomm Media Development Authority (IMDA)
Email address: ilo@imda.gov.sg
Website: www.mci.gov.sg / www.imda.gov.sg
For queries relating to the IMDAA, email ilo@imda.gov.sg
3 Newspaper and Printing Presses Act
The Newspaper and Printing Presses Act regulates printing presses and newspaper companies in Singapore, and newspapers that are printed, published, sold, or distributed in Singapore. Those publishing a newspaper at a frequency of one week or less are required to form a newspaper company, and such entities are subject to controls (including rules on shareholding limits).
All directors in the newspaper company must be Singapore citizens and 1% or more of issued and paid-up capital by the company must be Management Shares (MS). MS are only issued/transferred to Singapore citizens or corporations subject to Minister's approval, and accord greater voting rights to MS holders only in resolutions relating to the appointment or dismissal of a director or any member of the staff of a newspaper company.
Minister's approval must be given for any person to become a substantial shareholder, 12% controller or an indirect controller of a newspaper company. Minister may also direct or restrict the transfer or disposal of the shares held by the person in question if there is non-compliance with the relevant requirements and approvals pertaining to the control of the newspaper company.
Agency in charge: Ministry of Communications and Information (MCI)
Email address: MCI_Connects@mci.gov.sg
4 Postal Services Act
The Postal Services Act ("PSA") is the legislative framework that governs the regulation of Singapore's postal sector and the nationwide public parcel locker network. Under the PSA, the Infocomm Media Development Authority ("IMDA") has the powers to, amongst others:
1. Grant or modify licenses, and issue directions, codes of practice and standards of performance to regulate postal services and systems and the conduct of postal licensees; and
2. Appoint an operator, and issue directions and codes of practice for or in connection with the installation, operation and maintenance of the public parcel locker network.
Designated Postal Licensees (DPLs) are required to notify IMDA of specified changes in ownership or control of DPLs. Further, IMDA's approval must be given for any person to acquire specified levels of ownership or control in DPLs. DPLs are also required to seek IMDA's approval for the appointment of key appointment holders, including the DPL's directors and chief executive officer. IMDA may direct the DPL to remove such key appointment holders if they are appointed without IMDA's approval.
The list of Designated Postal Licensees is published in the Government Gazette You can search the Government Gazette at www.egazette.gov.sg.
Agency in charge: Infocomm Media Development Authority (IMDA)
Email address: ilo@imda.gov.sg
Website: www.imda.gov.sg
5 Telecommunications Act
The Telecommunications Act ("TA") is the legislative framework that governs the regulation of Singapore's telecommunication sector. The TA provides the Infocomm Media Development Authority of Singapore ("IMDA") the powers to grant licenses, and issue directions, codes of practices and standards of performances to regulate telecommunication systems and services, and the conduct of telecommunication licensees, amongst others.
Designated Telecommunication Licensees (DTLs) are required to notify IMDA of specified changes in ownership and control of DTLs. Further, IMDA's approval must be given for any person to acquire specified levels of ownership or control in DTLs. DTLs are also required to seek IMDA's approval for the appointment of key appointment holders, including the DTL's directors and chief executive officer. IMDA may direct the DTL to remove such key appointment holders if they are appointed without IMDA's approval or if conditions of approval are breached.
The list of DTLs is published in the Government Gazette. You can search the Government Gazette at www.egazette.gov.sg.
Agency in charge: Ministry of Communications and Information (MCI) / Infocomm Media Development Authority (IMDA)
Email address: ilo@imda.gov.sg
Website: www.imda.gov.sg
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Electricity Act 2001 and Gas Act 2001
The Electricity Act and Gas Act (collectively "Acts") creates a competitive market framework for the electricity industry and gas industry, respectively. The Acts also make provision for the safety, technical and economic regulation of (i) the generation, transmission, supply and use of electricity, (ii) the transportation and retail of gas, and (iii) other matters connected therewith.
Notification or approval obligations for specified changes in ownership and control of designated licensees and the acquisition as a going concern (parts of) the designated licensee's business or undertaking, will be imposed on buyers and the designated licensees. Designated licensees will also be required to seek approval for the appointment of key officers.
Agency in charge: Ministy of Trade and Industry (MTI) / Energy Market Authority (EMA)
Email address: ema_enquiry@ema.gov.sg
Website: www.ema.gov.sg
2 Public Utilities Act
The Public Utilities Act sets out the key functions, duties, and powers of the Public Utilities Board ("PUB"). PUB, as the national water agency, manages Singapore's water supply, water catchment, and used water in an integrated way. Part 4A of the Act imposes legislative controls on designated parties (entities, business trusts, or trusts) that are critical to water security. The designated parties are published in the Government Gazette. You can search for the "Public Utilities Act - Designated Entities" and "Public Utilities Act - Designated Trusts" Gazettes for the list of designated parties under the Public Utilities Act at www.egazette.gov.sg.
Notification or approval obligations for specified changes in ownership and control of designated parties (entities, business trusts or trusts) and the acquisition as a going concern (parts of) the designated party's business or undertaking, will be imposed on buyers of the designated parties.
Agency in charge: Public Utilities Board (PUB)
Email address: pub_one@pub.gov.sg
Website: www.pub.gov.sg
Link to legislation: Public Utilities Act 2001
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Police Force Act 2004
The Police Force Act governs the organisation, discipline and related matters of the Singapore Police Force and Auxillary Police Fores (APFs). The Act also regulates the employers of APFs [see Government Gazette of APFs here].
Prior approval or notification for specified changes in ownership and control, and acquisition as a going concern the business or undertaking of an employer of an APF are imposed on buyers, sellers and the employer. The employer of an APF is also required to seek prior approval for the appointment of any person as its chief executive officer, chairman and directors. Such persons may be removed if they have been appointed without approval or if condtions of approvals are breached.
Agency in charge: Ministry of Home Affairs (MHA)
Email address: mha_feedback@mha.gov.sg
Website: www.mha.gov.sg
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Summary of applicable legislation with ownership or control requirements
Point of Contact for more information
1 Bus Services Industry Act
The Bus Service Industry (BSI) Act 2015 provides for the regulation and provision of public bus services, and the operation of bus interchanges and bus depots.
A bus licensee must not appoint, reappoint, remove key officers without the approval of LTA. Such officers may be removed or reinstated if they have been appointed or removed (as the case may be) without approval. There may be other ownership and control provisions in the license conditions for LTA licensees. Please contact LTA for more information.
Agency in charge: Land Transport Authority (LTA)
Email address: feedback@lta.gov.sg
Website: www.lta.gov.sg
2 Civil Aviation Authority of Singapore Act
The Civil Aviation Authority of Singapore (CAAS) Act provides for the functions, duties, and powers of CAAS, including the licensing of airport operators, and the regulation of airport development and operations.
There are approval obligations for specified changes in ownership and control of the airport licensee, and for the acquisition as a going concern of the business of an airport licensee (or any part thereof) conducted pursuant to its license for an airport. The airport licensee must also not appoint key officers without the prior approval of CAAS. Such officers may be removed if they have been appointed without approval. Please contact CAAS for more information.
Agency in charge: Civil Aviation Authority of Singapore (CAAS)
Email address: qsm@mpa.gov.sg
Website: www.caas.gov.sg
3 Maritime and Port Authority of Singapore Act
The Maritime and Port Authority of Singapore (MPA) Act provides for the functions, duties and powers of MPA, including the licensing and regulation of marine and port facilities and services.
There are notification or approval obligations for specified changes in ownership and control of designated entities. There may be other ownership and control provisions in the license conditions for MPA licensees. Please contact MPA for more information.
Agency in charge: Maritime and Port Authority of Singapore (MPA)
Email address: qsm@mpa.gov.sg
Website: www.mpa.gov.sg
4 Rapid Transit System Act
The Rapid Transit Systems (RTS) Act 1995 provides for the planning, construction, operation and maintenance of rapid transit systems.
A rail licensee must not appoint, reappoint or remove key officers without the approval of LTA. Such officers may be removed or reinstated if they have been appointed or removed (as the case may be) without approval. There may be other ownership and control provisions in the license conditions for LTA licensees. Please contact LTA for more information.
Agency in charge: Land Transport Authority (LTA)
Email address: feedback@lta.gov.sg
Website: www.lta.gov.sg