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In Cybersecurity, Data and Tech

Hong Kong: The first draft of the new critical infrastructures cybersecurity law is here

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The Hong Kong Government has published on 6 December 2024 a draft of the Protection of Critical Infrastructures (Computer Systems) Bill (“Bill”), marking a significant step towards enhancing cybersecurity standards in relation to essential services and critical societal or economic activities in Hong Kong. This Bill aims to protect the security of the critical computer systems (CCSs) of critical infrastructures (CIs), to regulate operators of CIs (i.e., critical infrastructure operators (CIOs)) and to provide for the investigation into, and response to, computer-system security threats and incidents.

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In Cybersecurity, Data and Tech

Australia: Tranche 1 of New Privacy Laws commence

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The Privacy and Other Legislation Amendment Act 2024 (Cth) received Royal Assent on 10 December 2024.
These changes have been referred to as the “Tranche 1” of amendments to Australia’s privacy laws, with the majority of the changes taking effect on 11 December 2024.

In Asia-Pacific

Singapore: Health Sciences Authority cracks down on 3,300 e-commerce listings for illegal health products

by and 4 Mins Read

The Health Sciences Authority (HSA) conducted a large-scale operation in collaboration with major e-commerce and social media platforms, removing over 3,300 listings of illegal health products. The operation highlights the HSA’s commitment to consumer safety, targeting substandard or counterfeit products that are potentially unsafe and pose health risks.

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In AML & Financial Services Regulatory

Australia: Buy Now Pay Later Act – countdown to regulation has begun

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On 10 December 2024, the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth) (“BNPL Act”) received royal assent. The BNPL Act contains 6 Schedules that respectively amend a range of statutes including relevantly the National Consumer Credit Protection Act 2009 (Cth) which regulates the industry of BNPL products. Providers of BNPL products have six months before this new regulatory framework commences to apply for, or vary an existing Australian credit license as well as update their procedures, policies and contracts.

In AML & Financial Services Regulatory

Australia: ASIC calls out for industry feedback on proposed updates to digital asset regulation

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On 4 December 2024, ASIC released Consultation Paper 381: Updates to INFO 225 Digital Assets: Financial Products and Services (“CP 381”), offering substantial proposed updates to the existing Information Sheet 225: Crypto Assets (“INFO 225”). These proposed updates include providing additional guidance on digital assets, the inclusion of worked examples and transitional relief for businesses who are in the process of applying for one or more licenses from ASIC. ASIC seeks feedback on the updates proposed in CP 381, with plans to finalize INFO 225 by mid-2025.

In AML & Financial Services Regulatory

Hong Kong: Gazettal of the Stablecoins Bill

by , and 1 Min Read

On 6 December 2024, the Hong Kong government gazetted the Stablecoins Bill, which aims to establish a regulatory regime for issuers of fiat-referenced stablecoins in Hong Kong. This follows public consultations by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority. The Bill aims to introduce a licensing and regulatory framework for FRS issuers and those involved in offering FRS.

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In AML & Financial Services Regulatory

Australia: AML/CTF Amendment Act overhauls AML/CTF legislative landscape

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On 10 December 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) received royal assent. This legislation makes material amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and brings about significant reform to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
These amendments have sought to close key legislative gaps and better align Australia’s AML/CTF regime with the international standards set by the Financial Action Task Force.

In Cybersecurity, Data and Tech

Australia: The right to privacy – a new cause of action?

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The recent County Court of Victoria decision, Lynn Waller (A Pseudonym) v Romy Barrett (A Pseudonym) [2024] VCC 962, suggests the existence of an Australian common law cause of action for invasion of privacy.
The trial judge assessed that the right to privacy is a value distinct to the right to keep information confidential. As a result, she considered that privacy requires separate protection to breach of confidence claims. This brings Australia closer to the accepted position in the UK, US, Canada, and New Zealand.

In Cybersecurity, Data and Tech

Hong Kong: Critical infrastructure cybersecurity law – Government’s latest updates

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While this article was published, the Security Bureau of the Hong Kong Government announced that the Protection of Critical Infrastructure (Computer System) Bill will be gazetted on Friday, 6 December 2024, and will be introduced into the Legislative Council for First Reading and Second Reading on 11 December 2024. We will provide an update on further developments.

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