Singapore

On 25 September 2024, the Singapore Exchange Regulation (“SGX RegCo”) released changes to the sustainability reporting requirements set out under the Listing Rules (Mainboard) and the Listing Rules (Catalist) (collectively, “Listing Rules”).

On 17 September 2024, the Monetary Authority of Singapore (“MAS”) announced its Consultation (closing on 18 October 2024) on various proposed legislative changes to enhance: (i) corporate governance for registered business trusts (“BTs”); and (ii) alignment between the requirements for BTs and the requirements for Real Estate Investment Trusts (“REITs”) and companies.

The updated national Operational Technology (“OT”) Cybersecurity Masterplan (“OT Masterplan 2024”) was launched in August 2024. It outlines Singapore’s plans to boost the technical cybersecurity capabilities and competencies of the OT sector so as to tackle new cyber threats to OT systems, and to further enhance the security and resilience of stakeholders.

On 9 September 2024, the Multinational Enterprise (Minimum Tax) Bill (“MNE Bill”) and the Income Tax (Amendment) Bill 2024 (“ITA Bill”) (collectively, the “Bills”) were first read in Parliament.

The Ministry of Sustainability and the Environment (“MSE“) and the Singapore Food Agency (“SFA“) will be introducing the Food Safety

Singapore has seen a rise in incidents of scams, particularly cases involving the voluntary transfer of monies by the victim to the scammer.

On 10 September 2024, the Platform Workers Bill was passed in Parliament, with the intention for it to come into

The Casino Control (Amendment) Bill (“CCA Bill“), introduced  by the Ministry of Home Affairs (“MHA“) for First Reading in Parliament

It has often been said that an unconditional on-demand bond is “as good as cash”, and that the bond issuer (usually a bank) must pay the specified sum to the beneficiary upon receipt of a compliant demand.

On 26 August 2024, the Accounting and Corporate Regulatory Authority (“ACRA“) announced that alternate addresses in ACRA’s public records will be

The Monetary Authority of Singapore has published an information paper on “Cyber Risks Associated with Generative AI”.

On 20 August 2024, the Building and Construction Authority (“BCA“) launched a public consultation titled “Raising Competencies and Enhancing Safety in

In December 2023, the Monetary Authority of Singapore (“MAS”) extended the scope of due diligence checks to a wider group of individuals and entities associated with family offices who are applying for tax incentives.

The updated national Operational Technology Cybersecurity Masterplan (“OT Masterplan 2024“) was launched by Mrs Josephine Teo, Minister for Digital Development

Artificial Intelligence (“AI”), while holding great potential for efficiency and innovation, also carries certain inherent threats such as vulnerability to cyber security risks.

On 26 July 2024, the Monetary Authority of Singapore announced that it will implement: (i) refinements to the tier structure requirements together with certain exclusions from the same; and (ii) remuneration prohibitions relating to volume-based incentives, for financial advisory firms.

From 15 August 2024 to 14 September 2024, the Monetary Authority of Singapore (“MAS“) conducted a public consultation on its

The Monetary Authority of Singapore issued a consultation paper seeking comments on its proposals to: (i) simplify the leverage requirements for real estate investment trusts (“REITs”); and (ii) require REITs to perform and disclose sensitivity analyses on the impact of changes in EBITDA and interest rates on their interest coverage ratio (ICR) in their interim financial results and annual reports

The Intellectual Property Office of Singapore (“IPOS“) has issued Circular No. 3/2024: Simplified Requests for Examination Reports and Other Legislative

On 26 July 2024, the Monetary Authority of Singapore issued the Circular titled “Establishing the Sources of Wealth of Customers” (Circular No.: AMLD 08/2024).

On 9 August 2024, the ASEAN Taxonomy Board (“ATB“) released the ASEAN Taxonomy for Sustainable Finance, Supplementary Document: Foundation Framework

When a principal engages an agent to bring about a transaction, many would reasonably assume that to claim their commission, the agent should have been the effective cause of, or minimally have done some work on, the transaction

The Guidelines on Licensing for Payment Service Providers (PG-G01) issued by the Monetary Authority of Singapore were revised recently to include new requirements for licence applications under the Payment Services Act 2019.

On 6 August 2024, the Building Control (Amendment) Bill (“Bill“) was introduced in Parliament. The Bill was subsequently passed by

On 20 August 2024, the Building and Construction Authority (“BCA“) issued a Consultation Paper titled “Proposed Enhancements to Regulatory Regime for

On 6 August 2024, the Energy Transition Measures and Other Amendments Bill (“Bill“) was introduced for First Reading in Parliament,

Food wastage and food insecurity are growing issues in Singapore. To provide a remedy to these twin problems, the Good

On 5 August 2024, the Monetary Authority of Singapore (“MAS“) published a Consultation Paper on Proposed Measures in Relation to the

On 31 July 2024, the Singapore Economic Development Board (EDB) and IETA (formerly the International Emissions Trading Association) announced the

Singapore and the United States (“US“) have announced the conclusion of a bilateral Digital Economic Cooperation Roadmap (“Roadmap“) on 31

On 1 August 2024, phase two of the Criminal Procedure (Miscellaneous Amendments) Act 2024 (“Amendment Act“) came into effect. The

On 31 July 2024, the Monetary Authority of Singapore (“MAS”) published the “Consultation Paper on Proposed Legislative Amendments to the Requirements for Enhancing Pre and Post-Transaction Safeguards for Retail Clients” (“Consultation Paper”).

The Personal Data Protection Commission (“PDPC”) has launched a Proposed Guide on Synthetic Data Generation (“Guide”) to help organisations understand Synthetic Data (“SD”) generation techniques and potential use cases. The Guide will be offered as a resource within the Privacy Enhancing Technology (“PET”) Sandbox.

On 1 July 2024, the Bank for International Settlements (“BIS”) and partners announced the completion of phase 3 of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems (“IPS”).

In Foreland Singapore Pte. Ltd. & Anor v IG Asia Pte. Ltd. [2024] SGHC 179, the Court considered a claim for notional profits earned by the two plaintiffs (collectively, “Foreland”) on certain closing nickel contract-for-differences (CFD) trades (“FCTs”) done on 8 March 2022 following an extraordinary surge in nickel prices, which the defendant (“IGA”) had automatically put through to its central risk management entity (“IGM”) in London.

The Ministry of Trade and Industry (“MTI”) announced the conclusion of negotiations on the European Union (“EU”)-Singapore Digital Trade Agreement (“EUSDTA”) on 25 July 2024.

In Re: Xerxes J Medora [2024] SGHC 196, the Singapore Court considered a novel question on the administration of bankruptcy estates: is a claim against a bankrupt for breach of fiduciary duty a provable debt in bankruptcy?

In Banque de Commerce et de Placements SA, DIFC Branch & Anor v China Aviation Oil (Singapore) Corporation Ltd [2024] SGHC 145, the Singapore High Court considered a claim based on a letter of credit (“LC”), in which a branch of the bank issuing the LC sought to claim against the beneficiary of the LC for moneys paid out under the LC, alleging that the underlying transaction was a sham transaction.

On 31 May 2024, at the Asia Tech x Singapore (ATxSG) 2024, Singapore’s Minister for Communications and Information, Mrs Josephine Teo, launched the AI Verify Project Moonshot (“Project Moonshot”), an easy-to-use testing toolkit designed to address security and safety challenges often associated with the use of large language models (“LLMs”). It is one of the world’s first open-sourced tools to bring together red-teaming, benchmarking, and baseline testing in one platform.

From 1 January 2025, companies that import or export waste electrical and electronic equipment (“WEEE”) and its components (“e-waste”), or whose e-waste transits through Singapore, will be required to (i) carry out the Prior Informed Consent (“PIC”) procedure specified under the Basel Convention, and (ii) obtain a Basel Permit from the National Environment Agency’s (“NEA”) Chemical Control and Management Department (“CMCD”), which serves as the competent authority (“CA”) for Singapore under the Basel Convention.

On 24 June 2024, the Ministry of Trade and Industry (“MTI”) and the Energy Market Authority (“EMA”) issued their Consultation Outcome following a consultation exercise that ran from 8 May to 5 June 2024.

The Bioethics Advisory Committee (“BAC”) has launched a public consultation on the ethical, legal, and social issues arising from Human Nuclear Genome Editing (“HNGE”). The public consultation runs from 3 June 2024 to 13 August 2024.

On 12 June 2024, the Monetary Authority of Singapore (“MAS”) and the Bank for International Settlements (“BIS”) announced that through Project Viridis, they have developed a blueprint for a climate risk platform that financial authorities can use to draw nascent insights on climate-related financial risks faced by financial institutions as well as potential systemic stability.

On 20 June 2024, the Monetary Authority of Singapore (“MAS”), Ministry of Finance (“MOF”), and Ministry of Home Affairs (“MHA”) published the updated Money Laundering (“ML”) National Risk Assessment (“ML NRA 2024”).

With effect from 1 July 2024, couples can opt to cite divorce by mutual agreement (“DMA”) as a sixth fact of divorce as the relevant sections of the Women’s Charter (Amendment) Act 2022 (“Act”) have now come into force.

On 27 June 2024, the Monetary Authority of Singapore (“MAS”) announced that it is expanding its initiatives to scale asset tokenisation for financial services.

The Misuse of Drugs Act 1973 (“MDA”) and the Constitution of the Republic of Singapore (“Constitution”) were amended by the Misuse of Drugs (Amendment) Act 2023 (“MDA Amendment Act”) and the Constitution of the Republic of Singapore (Amendment) Act 2021 (“Constitution Amendment Act”), respectively (see the Misuse of Drugs (Amendment) Bill and the Constitution of the Republic of Singapore (Amendment) Bill).

On 15 July 2024, the Singapore Exchange Regulation (“SGX RegCo”) issued a Regulator’s Column titled “Potential scenarios when general offers lead to loss of public float” (“Column”).

In Kiri Industries Limited v Senda International Capital Limited & Anor [2024] SGHC(I) 15, the Singapore International Commercial Court (“SICC”) upheld the principle that when a Chinese national resident in the People’s Republic of China (“PRC”) is to be examined under an examination of judgment debtor order (“EJD Order”), the relevant treaty procedure should be followed, rather than by allowing the EJD Order to be served on him out of jurisdiction in the PRC.

As part of efforts to strengthen Singapore’s anti-money laundering regime, the Accounting and Corporate Regulatory Authority has introduced a number of legislative amendments to the corporate compliance framework, which were passed in Parliament on 2 July 2024.

On 12 July 2024, the Beverage Container Return Scheme (“Scheme”) under the new Part 4B of Resource Sustainability Act 2019, as introduced by the Resource Sustainability (Amendment) Act 2023, came into force.

On 19 June 2024, the Singapore Exchange Regulation issued the “Guidance Note on Change of Auditors” setting out its approach towards assessing an application by an issuer listed on SGX-ST (“issuer”) for a change of auditors (“Application”).

Mandatory climate reporting requirements are set to commence in a phased approach from financial year (“FY”) 2025, as announced by Second Minister for Finance, Mr Chee Hong Tat, at the Ministry of Finance Committee of Supply speech in February 2024.

Amendments to the licensed general builder and licensed specialist builder framework are set to come into operation on 15 June 2024.

On 2 August 2023, Parliament passed the Oaths, Declarations and Notarisations (Remote Methods) Act 2023 to, among other things, provide individuals, businesses, and service providers who are executing statutory declarations, with the option of remote witnessing (in place of an in-person meeting) and electronic signing (in place of wet-ink signing) as long as both the declarant and service provider are physically present in Singapore.

On 1 March 2024, the revised Free Trade Zones (“FTZ”) regime took effect. Singapore Customs has now issued Circular No: 03/2024 which provides updates and more information on the submission requirements of the Bill of Lading (“BL”) data for both containerised and non-containerised sea cargo, and clarifications to frequently asked questions pertaining to the submission of BL data.

On 6 August 2024, the Anti-Money Laundering and Other Matters Bill (“AML Bill”) was introduced for Second Reading in Parliament and was passed

On 6 August 2024, the Land Surveyors (Amendment) Bill 2024 (“Bill”) was passed in Parliament.

In February 2024, a suite of tax measures was announced in Singapore’s Budget 2024, including the upcoming implementation of Pillar Two of the Base Erosion and Profit Shifting 2.0 on 1 January 2025.

The Significant Investments Review Act 2024 (“Act”), which came into force on 28 March 2024, sets out a new investment management regime that applies to both local and foreign investors for entities that are critical to Singapore’s national security interests.

On the Cutting Edge of AI Governance – Singapore Launches Model AI Governance Framework for Generative AI, Develops Digital Forum of Small States AI Governance Playbook

On 30 May 2024, the Monetary Authority of Singapore updated the “Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers”.

On 30 May 2024, at the ATxSummit, Deputy Prime Minister Mr Heng Swee Keat launched the Green Data Centre (“DCs”) Roadmap to guide digital sustainability and to chart green growth pathways for DCs.

Amendments to the licensed general builder and licensed specialist builder framework are set to come into operation on 15 June 2024.

The Competition and Consumer Commission of Singapore is seeking public feedback on its proposed recommendation to renew the Competition (Block Exemption for Liner Shipping Agreements) Order for five years from 1 January 2025 to 31 December 2029.

In Re Mingda Holding [2024] SGHC 130, the liquidator (“Liquidator”) of Mingda Holding Pte Ltd (“Mingda”) identified suspicious transactions between Mingda and some of its creditors (i.e. Orient Nickel Pte Ltd (“Orient”) and Mr Yang Mingdong (“Mr Yang”)) shortly before and after Mingda was placed into winding up.

In Nicholas Eng Teng Cheng v Government of the City of Buenos Aires [2024] SGCA 15, the Singapore Court of Appeal considered the proper law to determine whether to lift the corporate veil of a Singapore-incorporated company that entered into a contract governed by foreign law – is it the law of incorporation or the governing law of the contract?

In this Sustainability Update, we explore briefly the issues surrounding a particular type of backsheet material, commonly used in solar panels, which has given rise to quality issues and purchasers’ potential legal recourses.

The Competition and Consumer Commission of Singapore is seeking public feedback on its proposed recommendation to renew the Competition (Block Exemption for Liner Shipping Agreements) Order for five years from 1 January 2025 to 31 December 2029.

On 7 May 2024, the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill and the Corporate Service Providers Bill were introduced in Parliament for their first reading.

The Accounting and Corporate Regulatory Authority (Registry and Regulatory Enhancements) Bill was introduced in Parliament for its first reading on 7 May 2024.

When seeking to resolve a dispute, parties generally aim for a full and final resolution to the dispute. In arbitration, this takes the form of a final arbitral award.

On 10 May 2024, the provisions in the Financial Services and Markets Act 2022 (“FSMA”) which empower the Monetary Authority of Singapore (“MAS”) to impose harmonised technology and risk management (“TRM”) requirements on all financial institutions (“FIs”) took effect.

In Singapore, specified financial institutions which are licensed in Singapore and significant derivatives holders are subject to reporting obligations relating to over-the-counter derivatives contracts provided in Part 6A of the Securities and Futures Act 2001 (“OTC Derivatives Reporting Regime”), unless they are exempted. Details of the reporting obligations are set out in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (“SF(RDC)R”).

On 1 May 2024, the Prevention of Proliferation Financing and Other Matters Act 2024 (“Act”) came into operation.

Environmental crimes, such as illegal wildlife trafficking and illegal logging, disrupt and harm our environment and eco-system with far-reaching and long-term impact for future generations.

The Digital Enterprise Blueprint (“DEB”) was launched at Asia Tech x Singapore 2024 on 29 May 2024 by Mr Tan Kiat How, Senior Minister of State for Communications and Information.

On 8 May 2024, the Ministry of Trade and Industry (“MTI”) and Energy Market Authority (“EMA”) announced that they are seeking public feedback on the proposed legislative amendments to the Energy Market Authority of Singapore Act 2001, Electricity Act 2001 (“Electricity Act”), and Gas Act 2001 (“Gas Act”).

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 23 April 2024, the Singapore Exchange Regulation issued a Consultation Paper on “Facilitating Shareholder-Requisitioned Meetings” to seek feedback on its proposed changes to the SGX-ST Listing Rules (Mainboard) and SGX-ST Listing Rules (Catalist).

In DGE v DGF [2024] SGHC 107, the claimant DGE advanced eight grounds for setting aside an arbitral award in the defendant DGF’s favour, that the photovoltaic modules (solar panels) supplied by DGE were inherently defective. The High Court dismissed each of these grounds in declining to set aside the award.

Merger notifications in Singapore are necessary where thresholds are close to being or are crossed. A failure to notify can result in investigations and if a substantial lessening of competition (SLC) is found, penalties and remedies can be imposed.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

The Free Trade Zones (Amendment) Act 2023 (“Amendment Act“) and related subsidiary legislation came into operation on 1 March 2024.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

In a much-needed step to clarify the new normal, on 16 April 2024, the Ministry of Manpower launched the Tripartite Guidelines on Flexible Work Arrangement Requests (FWA Guidelines).

On 4 April 2024, the Payment Services (Amendment) Act 2021 came into effect, revising the Payment Services Act 2019 in these main areas: (i) broadening the definition of “digital payment token” (“DPT”) services; (ii) widening the definition of “cross-border money transfer” services; and (iii) empowering the Monetary Authority of Singapore to impose additional measures to regulate DPT service providers to enhance consumer protection and maintain financial stability.

The Cyber Security Agency of Singapore has introduced the Cybersecurity (Amendment) Bill to keep pace with emerging threat factors and operational practicalities.

On 1 April 2024, the Monetary Authority of Singapore launched COSMIC (Collaborative Sharing of Money Laundering / Terrorism Financing Information & Cases), the first centralised digital platform to facilitate the sharing of customer information among prescribed financial institutions to combat money laundering, terrorism financing, and proliferation financing globally.

Introduced in 2019, InvoiceNow is a nation-wide e-invoicing network which enables businesses to easily send and receive invoices in a

Many Singapore Exchange Securities Trading Limited (“SGX-ST”) listed issuers have their financial year-end in December, and the peak period in which issuers schedule their annual general meeting (“AGMs”) typically is the second half of April (two weeks preceding the deadline in April for holding of AGMs).

On 15 April 2024, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Ms Grace Fu, announced that

On 28 March 2024, the Monetary Authority of Singapore issued its Response to feedback received on the Consultation Paper on the Repeal of Regulatory Regime for Registered Fund Management Companies (RFMCs).

In an age where commercial disputes frequently span multiple jurisdictions, litigants may find themselves seeking to obtain the participation of parties located abroad, or to obtain evidence from parties in foreign jurisdictions..

On 28 March 2024, the Significant Investments Review Act 2024 (“Act”) and subsidiary legislation under the Act, the Significant Investments Review Regulations 2024 and Significant Investments Review (Reviewing Tribunal) Rules 2024, came into force.

The Mental Capacity (Amendment) Bill (“Bill“) was introduced in Parliament on 6 March 2024, and had its second reading on

On 4 March 2024, the Ministry of Manpower (“MOM”) announced the next increment in the retirement and re-employment ages effective in 2026

On 4 March 2024, the Ministry of Manpower (“MOM”) announced updates to its foreign workforce policies.

Tax liability insurance products fully or partially indemnify the insured’s tax risks, offering coverage for scenarios such as tax liabilities imposed by tax authorities, defence costs against tax claims, and gross-up taxes on proceeds.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 27 March 2024, the ASEAN Taxonomy Board (“ATB“) announced the release of the ASEAN Taxonomy for Sustainable Finance Version

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

Introduced in 2019, InvoiceNow is a nation-wide e-invoicing network which enables businesses to easily send and receive invoices in a

On 28 March 2024, the Significant Investments Review Act 2024 (“Act”) and subsidiary legislation under the Act, the Significant Investments Review Regulations 2024 and Significant Investments Review (Reviewing Tribunal) Rules 2024, came into force.

Many Singapore Exchange Securities Trading Limited (“SGX-ST”) listed issuers have their financial year-end in December, and the peak period in which issuers schedule their annual general meeting (“AGMs”) typically is the second half of April (two weeks preceding the deadline in April for holding of AGMs).

The Business Trusts (Amendment) Act 2022 contains changes to the Business Trusts Act 2004 which governs the registration and regulation of registered business trusts (BTs).

The AML/CFT Industry Partnership, led by the Association of Banks in Singapore (“ABS”), has published the Industry Perspectives on Best Practices – Leveraging on Data Analytics and Machine Learning Methods for AML/CFT (“Paper”).

In Alternative Advisors Investment Pte Ltd v Asidokona Mining Resources Pte Ltd & Anor [2024] SGCA 3, the Singapore Court of Appeal (comprising Sundaresh Menon CJ, Steven Chong JCA and Belinda Ang JCA) considered an “unusual” and “unique” case with “several layers of complexity” in relation to the doctrine of ratification.

Modern day commercial transactions are typically executed by agents (usually, directors) on behalf of their principals.

On 21 March 2023, the Misuse of Drugs (Amendment) Bill 2023 (“MDA Bill”) and the Constitution of the Republic of Singapore (Amendment) Bill (collectively, “Bills”) were passed.

On 22 March 2023, the Resource Sustainability (Amendment) Bill (“Bill”) was passed.

On 22 March 2024, the Singapore Exchange Regulation Pte. Ltd. (“SGX RegCo”) issued a Consultation Paper on its proposals to revise existing limits on the liability of clearing members to meet default losses, particularly where losses arise from multiple events of default (“multiple defaults”).

On 20 March 2024, the Monetary Authority of Singapore (“MAS”) issued Circular No. ID 05/24 on its Response to feedback (“Response”) received on the Consultation Paper on Amendments to the Insurance Act 1966 (“IA”) and the Insurance (Intermediaries) Regulations (“IIR”) (“Consultation Paper”).

On 12 March 2024, the Ministry of Finance and the Accounting and Corporate Regulatory Authority jointly issued a consultation on: (i) the draft Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill; and (ii) the new draft Corporate Service Providers Bill

The Ministry of Sustainability and the Environment (“MSE”) and the Singapore Food Agency (“SFA”) will be introducing the Food Safety and Security Bill (“Bill”) which aims to enhance Singapore’s food safety and security regime and safeguard food supply resilience.

On 28 February 2024, the Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation (“SGX RegCo”) announced details of mandatory climate-related disclosure for: (1) issuers listed on the SGX-ST (“listed issuers”) from financial year (“FY”) 2025; and (2) large non-listed companies limited by shares with annual revenue of at least S$1 billion and total assets of at least S$500 million (“Large NLCos”) (unless exempted) from FY 2027, as part of a finalised climate reporting and assurance implementation roadmap set out in the Response paper.

The Singapore Exchange Regulation is seeking comments on its proposed changes to the SGX Listing Rules (Mainboard) and SGX Listing Rules (Catalist) to clarify the obligations of issuers listed on SGX-ST undergoing the corporate restructuring process under Insolvency, Restructuring and Dissolution Act 2018 of Singapore, and to streamline the application process for trading resumption by suspended issuers.

The National Council of Social Service (“NCSS”) has launched a public consultation to seek feedback on the Sustainable Philanthropy Framework (“Framework”).

On 5 March 2024, the Ministry of Finance and the Accounting and Corporate Regulatory Authority jointly issued a Consultation Paper on “Proposed Legislative Amendments Relating to Digital Communications and Regulatory Enhancements” to seek comments on the draft ACRA (Registry and Regulatory Enhancements) Bill (“Bill”).

The case of Public Prosecutor v Gumede Sthembiso Joel [2024] SGHC 23 involved the illegal transport of rhinoceros horns by the Respondent, for which he was charged with assisting another to retain the benefits from criminal conduct under section 51(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.

On 2 April 2024, the Goods and Services Tax (Amendment) Bill (“Bill”) was passed in Parliament.

In general, only the parties to an arbitration may participate in proceedings to enforce the resulting arbitral award. Are there exceptions to this? If so, under what circumstances can a third party apply to be added to the enforcement proceedings?

On 4 March 2024, the Ministry of Manpower (“MOM”) announced the next increment in the retirement and re-employment ages effective in 2026.

On 4 March 2024, the Ministry of Manpower (“MOM”) announced updates to its foreign workforce policies.

The Singapore Geospatial Masterplan (2024-2033) (“Masterplan”) was launched on 6 March 2024 at the Geo Connect Asia 2024 opening ceremony by Mr Edwin Tong, Minister for Culture, Community and Youth, and Second Minister for Law.

The Mental Capacity (Amendment) Bill (“Bill”) was introduced in Parliament on 6 March 2024, and had its second reading on 2 April 2024.

Competition benefits consumers. However, there may be instances where business competitors need to collaborate for the greater, or greener, good.

On 1 March 2024, the Singapore Personal Data Protection Commission (“PDPC”) published the Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems (“Guidelines”).

In Logistics Construction Pte Ltd [2024] SGHC 58, the Singapore High Court considered whether a company should be placed under judicial management and whether the judicial manager nominated by the company should be appointed.

The rapid growth of artificial intelligence (“AI”) has shone a light on the pressing need to manage its development and inherent risks.

On 29 February 2024, the Health Sciences Authority issued a public consultation on the proposed amendments to Regulation 23 of the Health Products (Therapeutic Products) Regulations on the registration of therapeutic products.

In the course of bankruptcy proceedings, the disposition of property by the bankrupt is subject to a degree of control and restriction, requiring the consent or ratification of the Court.

In Farzin Ratan Karma v Helen Campos & 2 Ors [2024] SGHC 41, which centred on issues of conflict in business relationships, the Singapore High Court had to determine a claim for commercially unfair and oppressive acts, as well as a counterclaim for breach of fiduciary duties owed as director

On 19 February 2024, the ASEAN Taxonomy Board shared the updated ASEAN Taxonomy for Sustainable Finance Version 2 (“ASEAN Taxonomy v2”), effective from even date.

On 16 February 2024, Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, delivered the Budget speech in Parliament for the approval of the financial policy of the Government for the financial year 1 April 2024 to 31 March 2025. Several policies were introduced, including changes to the Additional Buyer’s Stamp Duty (“ABSD”) regime, and adjustments to the property tax (“PT”) rates.

The Financial Institutions (Miscellaneous Amendments) Bill 2024 was passed on 7 March 2024 to enhance and streamline the Monetary Authority of Singapore’s investigative, reprimand, supervisory and inspection powers across various MAS-administered Acts governing the financial industry.

The Budget Statement for Budget 2024 was delivered on 16 February 2024.

On 8 February 2024, the Ministry of Manpower announced that the compensation limits in the Work Injury Compensation Act will be increased from 1 November 2025.

The Computer Misuse (Amendment) Bill and the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) (Amendment) Bill were passed by Parliament on 9 May 2023.

On 7 February 2024, Enterprise Singapore (“EnterpriseSG”) and the Infocomm Media Development Authority (“IMDA”) launched the Generative Artificial Intelligence (“Gen AI”) Sandbox for small and medium-sized enterprises (“SMEs”).

On 6 February 2024, the Monetary Authority of Singapore issued the revised MAS Notice PSN05 Notice on Technology Risk Management to extend its application to include all holders of a payment services licence under the Payment Services Act 2019 that carry on a business of providing digital payment token services.

The Cyber Security Agency of Singapore (“CSA”) has provided an update on the development of an Association of Southeast Asian Nations (“ASEAN”) Regional Computer Emergency Response Team (“CERT”), which aims to enhance collective cybersecurity within the region.

The updated Joint Guide to ASEAN Model Contractual Clauses and EU Standard Contractual Clauses (“Joint Guide”) was unveiled at the 4th ASEAN Digital Ministers’ Meeting on 2 February 2024.

From 2 February 2024 to 15 March 2024, the Monetary Authority of Singapore is seeking comments on its proposals to reduce the information financial institutions need to collect when making recommendation of selected life or long-term (LT) accident and health insurance policies based on the Basic Financial Planning Guide,, subject to safeguards.

The Online Criminal Harms Act (“OCHA”), which was passed in Parliament on 5 July 2023, has partially come into force on 1 February 2024, with remaining measures slated to come into effect at a later stage.

When an experienced investor suffers losses after instructing his broker to sell his futures contracts, to what extent can the broker be held liable for his losses?

On 24 January 2024, the Infocomm Media Development Authority (“IMDA”) and the Government Technology Agency (“GovTech”) announced a set of digital sustainability initiatives aimed at greening the information and communications technology (“ICT”) sector, as well as utilising ICT to green the rest of the economy.

The Singapore Sustainable Finance Association (“SSFA”) was launched on 24 January 2024 to bring together the financial sector and industry to achieve Singapore’s transition to net zero.

When a company is being wound up, its liquidators have powers to investigate into the company’s affairs and dealings.

The AI Verify Foundation and the Infocomm Media Development Authority announced on 16 January 2024 that they have developed a draft Model AI Governance Framework for Generative AI (“Draft Framework”).

On 22 January 2024, the Ministry of Law (“MinLaw”) announced that it will extend the application period for the Simplified Insolvency Programme (“SIP”) by 24 months, from 29 January 2024 to 28 January 2026.

On 16 February 2024, the Inland Revenue Authority of Singapore (“IRAS”) (Amendment) Bill (“Bill”) was passed in Parliament to amend the IRAS Act.

On 5 February 2024, the Criminal Procedure (Miscellaneous Amendments) Bill (“Bill”) was passed in Parliament to introduce several significant amendments to the Criminal Procedure Code (“CPC”).

The Prevention of Proliferation Financing and Other Matters Bill (“Bill”), introduced in Parliament on 9 January 2024, was passed on 6 February 2024.

On 8 January 2024, the Ministry of Health (“MOH”) launched an industry consultation for a new not-for-profit private acute hospital model. Interested private healthcare operators who wished to participate in the consultation were given until 21 January 2024 to register.

On 9 January 2024, the Significant Investments Review Bill (“Bill”) was read for a second time and passed.

Does a parent’s absence from a child’s life warrant the making of a sole custody order? The case of WMR v WMQ examines the threshold for the making of sole custody orders, in particular, where parental absence is involved.

The Monetary Authority of Singapore (“MAS”) issued Notice 134 Recovery and Resolution Planning for Insurers (“Notice”) which will take effect on 1 January 2025.

The cybersecurity landscape is constantly shifting, with new threat factors emerging at an ever-accelerating rate. To keep Singapore’s legislative framework up to date, the Cybersecurity Agency of Singapore has introduced the draft Cybersecurity (Amendment) Bill.

作为新加坡最受瞩目的投资移民计划之一，新加坡 “全球商业投资者计划 (Global Investor Programme, ‘GIP计划’) ”自2004年推出以来一直与时俱进，经历了数次改革和调整。

On 19 December 2023, the Ministry of Sustainability and Environment (“MSE”) and the National Environment Agency (“NEA”) published the Eligibility List under the International Carbon Credit Framework (“ICC Framework”), which is effective from 1 January 2024.

On 15 December 2023, the Singapore Exchange Regulation (“SGX RegCo”) issued a regulator’s column titled “What SGX RegCo expects of listed issuers when allotting excess rights shares”, which set out SGX RegCo’s expectations of issuers when allotting excess rights shares in a rights issue.

Artificial intelligence has been widely employed to enhance productivity, services and products, and customer experiences by financial institutions (“FIs”), and FIs are no doubt familiar with the Monetary Authority of Singapore’s Fairness, Ethics, Accountability and Transparency (FEAT) Principles concerning the responsible use of Artificial Intelligence and Data Analytics (AIDA).

The finalised Code of Conduct for ESG Rating and Data Product Providers (“Code”) and an accompanying Checklist for providers to self-attest their compliance to the Code were published by the Monetary Authority of Singapore on 6 December 2023.

On 13 December 2023, the Ministry of Health (“MOH”) announced that the Tripartite Workgroup for the Prevention of Abuse and Harassment of Healthcare Workers (“Workgroup”) has launched the Tripartite Framework for the Prevention of Abuse and Harassment in Healthcare (“Framework”).

While the adoption of artificial intelligence (AI) technology by governments and businesses has been swift and widespread, there remain certain barriers to the implementation of AI solutions, particularly in the cross-border context.

At the COP28 Singapore Pavilion Finance Day on 3 December 2023, Monetary Authority of Singapore launched the first version of the Singapore-Asia Taxonomy for Sustainable Finance and a Transition Credits Coalition (TRACTION), among other transition financing initiatives.

The Foreign Interference (Countermeasures) Act (“FICA”) was passed in Parliament in October 2021 to enhance the Government’s ability to prevent foreign interference in domestic politics conducted through: (i) hostile information campaigns (“HICs”); and (ii) the use of local proxies.

From 11 December 2023 to 11 January 2024, the Ministry of Health (“MOH”) conducted a public consultation seeking views on the proposed Health Information Bill (“HIB”).

The Monetary Authority of Singapore (“MAS”) will be imposing requirements on financial institutions (“FIs”) to conduct and respond to reference checks on a minimum set of standardised information.

The Electric Vehicles Charging Bill 2022 was passed in Parliament on 30 November 2022 to regulate the safe charging of electric vehicles (“EVs”), ensure the provision of reliable EV charging services by requiring EV charging operators (“EVCOs”) to be licensed, and to expand the network of accessible charging infrastructure in Singapore.

The meteoric rise of artificial intelligence (“AI”) has been one of the loudest headlines of the past year, with the initial hype quickly translating into real-world impact. As governments and businesses race to fully explore and adopt AI solutions, industry stakeholders have begun looking further into the future of AI.

On 4 December 2023, the Infocomm Media Development Authority (“IMDA”) announced that it would be partnering with AI Singapore and the Agency for Science, Technology and Research to launch the National Multimodal Large Language Model Programme (“NMLP”).

Under the new online platform, Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases (“COSMIC”), prescribed financial institutions (i.e. banks in Singapore or financial institutions (other than a bank) that are prescribed under subsidiary legislation) (“prescribed FIs”) can securely share with one another information on a “relevant party” who exhibits multiple “red flags” that may indicate potential financial crime concerns, if stipulated thresholds are met.

The Financial Services and Markets Act 2022 was amended earlier this year to, among other things, establish a new electronic

In Singapore, cryptocurrencies are generally regulated as digital payment tokens (“DPTs”) under the Payment Services Act 2019 (“PS Act”). Currently, DPT service providers are regulated under the PS Act primarily for anti-money laundering and countering the financing of terrorism (AML/CFT) risks, and technology and cyber risks.

On 30 November 2023, the ASEAN Taxonomy Board (“ATB”), representing ASEAN finance sectoral bodies, announced the completion of targeted stakeholder consultation exercises for Version 2 of the ASEAN Taxonomy for Sustainable Finance (“ASEAN Taxonomy”).

The rules surrounding the service of documents aim to ensure that such documents come to the attention of the party