The Corporate and Accounting Laws (Amendment) Act 2025 (CALA 2025) is the most significant reform to Singapore’s corporate law framework in recent years. Its first tranche of provisions commenced on 6 May 2026, bringing in stronger director duty penalties, expanded anti-money laundering disqualification, the named audit partner requirement in audit reports, and new double-tier approval rules for selective share buybacks.

But CALA 2025 does not end there. The Act contains further provisions that have not yet been given a commencement date, and ACRA has signalled that additional phases of implementation are forthcoming. This article looks at what has already taken effect, what is still pending, and how directors and company secretaries can stay ahead of the curve.

Recap: What Phase 1 (6 May 2026) Brought

For context, the following changes have already taken effect from 6 May 2026:

  • Higher director duty penalties — The maximum fine for breaching core director duties (including the duty to act in good faith, to act for proper purposes, and to avoid conflicts of interest) has risen from S$5,000 to S$20,000. Custodial sentences of up to 12 months also apply in egregious cases.
  • Expanded AML disqualification — A new category of automatic disqualification now applies to persons convicted of money laundering offences. This brings Singapore’s director disqualification framework into closer alignment with international financial crime standards.
  • Named audit partner requirement — Audit reports for financial years ending on or after 6 May 2026 must identify the individual engagement partner by name, not just the firm.
  • Double-tier approval for selective share buybacks — Selective off-market acquisitions now require both a special resolution and a separate 75% class vote, protecting minority shareholders of the affected share class.

These are live requirements. Companies with upcoming AGMs, audit sign-offs, or any contemplated share buyback must ensure they are already compliant.

What Is Still Pending: Forthcoming CALA 2025 Provisions

CALA 2025 also amends the Accountants Act 2004 and the Singapore Accountancy Commission Act 2013 in ways that affect the professional regulation of public accountants and the Singapore accountancy profession more broadly. Several of these provisions have not yet been given a commencement date by ACRA.

Professional Regulation of Public Accountants

CALA 2025 includes amendments to the Accountants Act 2004 governing the registration, practice rights, and oversight of public accountants in Singapore. While the named audit partner requirement — one element of this broader package — has already commenced, certain other provisions touching on the regulatory framework for individual public accountants and audit firms are expected to commence in a subsequent phase.

These provisions may include changes to the criteria for registration as a public accountant, adjustments to the inspection and disciplinary powers of the Accounting and Corporate Regulatory Authority (ACRA) in relation to audit firms, and updates to the public accountant renewal and CPD requirements.

Singapore Accountancy Commission Act Amendments

CALA 2025 also amends the Singapore Accountancy Commission Act 2013, which governs the Institute of Singapore Chartered Accountants (ISCA) and the Singapore Accountancy Commission (SAC). The pending provisions in this area relate to the oversight framework for the accountancy profession and the regulatory relationship between SAC, ISCA, and ACRA. Commencement of these provisions is expected to be announced in due course.

How to Track Upcoming Commencement Dates

ACRA announces commencement orders and regulatory updates through its official website and news releases. The most reliable way to stay informed is to monitor the following:

  • ACRA’s News and Announcements page at acra.gov.sg — ACRA typically issues a press release and a business guidance note when new provisions commence
  • Singapore Statutes Online at sso.agc.gov.sg — the official text of commencement orders is published here when signed
  • ACRA’s BizFile+ regulatory circulars — for changes affecting company filing requirements directly

Company secretaries with responsibilities across multiple client companies should consider setting up a monitoring system — whether through legal update subscriptions, professional body alerts from ISCA or SAICSA, or dedicated regulatory tracking services — so that nothing is missed when the next commencement order is published.

Building a Post-CALA 2025 Compliance Habit

The phased rollout of CALA 2025 is a reminder that Singapore corporate law does not stand still. For directors and company secretaries, the practical lesson is to treat each commencement announcement as a trigger for a structured governance review.

When a new phase commences, the recommended response is to:

  1. Identify which of the new provisions affect your company or clients (not all CALA 2025 provisions affect every company type or size)
  2. Update your board charter, corporate governance policies, and internal procedures accordingly
  3. Revise your compliance calendar to reflect any new filing or procedural requirements
  4. Brief the board and senior management on the changes that are material to them personally (particularly where new penalties or disqualification grounds are involved)
  5. Update resolution templates and standard-form documents (such as the AGM notice and minutes, the directors’ report checklist, and the selective buyback workflow) to reflect the new requirements

This structured approach ensures that compliance is embedded in routine governance — rather than scrambled for when a deadline is imminent.

Why Phase-by-Phase Compliance Matters More Than a One-Time Review

One of the most common governance errors is treating a major statute like CALA 2025 as a one-time compliance project: update the policies once, tick the box, and move on. That approach works if the law is static. For a phased Act like CALA 2025, it is insufficient.

Each new phase may introduce requirements that were not in scope at Phase 1. A director or company secretary who fully complied with Phase 1 in May 2026 but did not monitor for subsequent phases could find themselves non-compliant with provisions that have since commenced — and potentially exposed to the same strengthened penalties that Phase 1 introduced.

For a comprehensive understanding of the statutory duties of company secretaries under Singapore law, including post-CALA 2025 updates, see our dedicated guide. And for a full overview of what CALA 2025 means for directors, we recommend reviewing that article alongside this one.

Beyond compliance, good corporate governance supports sound business investment decisions — a well-governed company is a more resilient and investible one. If you need legal advice on your company’s compliance with any CALA 2025 provision, we can point you in the right direction.

To speak with the team at Raffles Corporate Services, you can email [email protected] or call, SMS, or WhatsApp +65 8501 7133. We are happy to assist with any queries about CALA 2025 compliance or your corporate governance obligations.

— The Editorial Team, Raffles Corporate Services