The past couple of months have been particularly busy for the Branch. We were involved with regulatory issues, educational and networking events.
We were engaged with our response to the public consultation on the amendment to Income Tax Act on exchange of information. Following on, we attended a briefing session hosted by MAS. It was a useful meeting to understand the policy intent in this changing regulatory environment that we operate. You would recall we submitted comments last December on our views with regards to the “accredited investor” definition under section 4A of the Securities and Futures Act (Cap 289). In due course, there will be a public consultation paper on this issue. We look forward to your comments and will consolidate our collective response to the relevant authority.
We launched our Business Families Special Interest Group sub-committee (aka Business Families SIG) in September. At the moment, the sub-committee comprises of seven members. This sub-committee will be discussing topics and issues surrounding business succession. In due course, the sub-committee will share their findings and roll out a seminar series on the subject matter.
The STEP Asia Conference is drawing very close. This year’s conference has an Asian focus covering challenges of succession issues for families residing in this region. The conference will also discuss current hot topics such as exchange of information and thinking ahead, how would automatic exchange of information impact the operating environment for families and their advisors. Look forward to seeing you at the conference.
Goh Seow Chee
Chairperson, STEP (Singapore Branch), 2011-2014