Significant Investments Review Bill

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1 Short title and commencement

3 General interpretation

4 Competent authority

5 Authorised officers appointed by competent authority and delegation by competent authority

6 Transfer of functions and powers of Minister

7 Appointed authorities

8 Authorised officers appointed by appointed authority and delegation by appointed authority

9 Delegation by Minister, etc.

10 Delegation by relevant Minister, etc.

11 Power of delegate, etc.

12 Application of this Part

13 Interpretation of this Part

14 What holding an equity interest means

15 Meaning of "associate"

16 Meanings of "Level A controller", "Level B controller", "Level C controller", "Level D controller", "Level Y controller" and "Level Z controller"

17 Designation of designated entity

18 Notice to Minister by Level A controller

19 Approvals of Minister in relation to equity interests and control of voting power in certain cases

20 Duty of designated entity to report changes of equity and control of certain persons

21 Void transactions

22 Remedial directions in respect of increase in equity interests, etc.

23 Remedial directions in respect of decrease in equity interests, etc.

24 Remedial directions in respect of breach of conditions of validation notice

25 Effect of remedial directions, etc.

26 Restrictions on voluntary winding up, etc.

27 Approval of chief executive officer, director, etc., of designated entity

28 Removal of chief executive officer, director, etc.

29 Meaning and effect of special administration order

30 Power to make special administration order, etc.

31 Transfer of property, etc., under special administration order

32 Directions if national security interests affected

33 Effect of directions issued if Singapore’s national security interests affected

34 Power of Minister to obtain information relating to this Part

35 Provision of documents and other information

36 Penalties under this Part

37 Interpretation of this Part

38 Reconsideration by Minister of appealable decision

39 Appeal to Reviewing Tribunal

40 Reviewing Tribunals — composition

41 Reviewing Tribunal — remuneration and other terms

42 Reviewing Tribunal — resources

43 Reviewing Tribunal — function

44 Procedure before Reviewing Tribunal

45 Rules for Reviewing Tribunal proceedings

46 Limited judicial review

47 Purposes for which enforcement powers are exercisable

48 Power to obtain information

49 Powers of entry of premises without warrant

50 Powers of entry of premises under warrant

51 Application of Criminal Procedure Code 2010

52 Offences under this Part

53 Composition of offences

54 Guidelines on Fit and Proper Criteria

55 Protection from personal liability

Significant Investments Review Bill

Bill No. 38/2023

Read the first time on 6 November 2023.

An Act to protect the national security interests of Singapore by regulating significant investments in, and control of, critical entities.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART 1

PRELIMINARY

Short title and commencement

1. This Act is the Significant Investments Review Act 2023 and comes into operation on a date that the Minister appoints by notification in the Gazette.

Purpose of Act

2. The purpose of this Act is to protect the national security interests of Singapore by regulating significant investments in, and control of, critical entities.

General interpretation

3. In this Act —

“appointed authority” means a public officer, or a body, appointed under section 7(1);

“authorised officer” means an individual appointed under section 5(1) or 8(1);

“competent authority” means the public officer, or the body, appointed under section 4(1);

“designated entity” means an entity that has been designated under section 17(1) as a designated entity;

“entity” means any sole proprietorship, partnership, corporation or other body of persons, whether corporate or unincorporate, and includes a trust;

“Guidelines on Fit and Proper Criteria” means the Guidelines on Fit and Proper Criteria mentioned in section 54;

“Minister” means the Minister charged by the Prime Minister with the responsibility for this Act under Article 30(1) of the Constitution;

“public authority” means —

(a)	any Ministry, department of the Government or Organ of State; or
(b)	any body established or constituted by or under any public Act to perform a public function, but excludes a Town Council;

“relevant Minister” has the meaning assigned to that term in section 6(2);

“Town Council” means a Town Council established under section 4 of the Town Councils Act 1988.

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