Policy reforms with legislative council for vetting: Hoot

THE Investment Promotion Authority (IPA) has drawn up legislative and policy reforms with number of them now with the first legislative counsel for vetting before they are tabled in Parliament.
IPA managing director Clarence Hoot could not give details of the amendments but said they included the Associations Incorporations Bill, Companies Bill, Business Group’s Incorporation Bill and investment promotion amendments.
“Four or five of those pieces of work are currently sitting with the first legislative counsel for final vetting before they go to cabinet and then hopefully tabled in parliament in the November session,” he said.
He said work was being done on the Associations Incorporations Bill 2021 to replace the Associations Incorporations Act of 1966.
“We have never done any work on that and this is the first that we have undertaken the proposed review to bring that legislation up to speed with the current business environment.”
They are also working on the amendments to the Companies Act.
“Significant changes made in the 2014 amendment signified lengthy and cumbersome process of registering a company, streamlining the filing of annual returns and generally keeping information on all companies up to date.
“The international mandates on anti-money laundering and anti-terrorist financing have become stringent and the current legislation does not adequately address these issues.
“The third work is on the minor amendments to the business groups’ incorporations amendment bill 2021.”