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In AML & Financial Services Regulatory

Hong Kong: SFC publishes regulatory roadmap for Hong Kong’s virtual asset market

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On 19 February 2025, the Securities and Futures Commission (SFC) issued a regulatory roadmap for Hong Kong’s virtual asset market. Entitled “‘A-S-P-I-Re’ Roadmap for a Resilient Virtual Asset Ecosystem”, it sets out a five-pillar framework (Access, Safeguards, Products, Infrastructure, and Relationships) that is intended to serve as a strategic action plan for addressing emerging new priorities in the virtual asset space (e.g., managing liquidity fragmentation and ensuring investor protection across decentralized and centralized platforms) and, in the SFC’s words, “future-proof[ing] Hong Kong’s VA ecosystem”.

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In Cybersecurity, Data and Tech

Singapore: Health Sciences Authority launches public consultation on the Best Practices Guide for Medical Device Cybersecurity

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On 10 March 2025, the Health Sciences Authority launched its public consultation for the draft on the Best Practices Guide for Medical Device Cybersecurity. The document provides medical device manufacturers and healthcare providers with best practice recommendations and considerations on general cybersecurity principles to protect the security of medical devices for their entire product life cycle.

In Product Regulation & Liability

Singapore: Ministry of Health announces reforms to the industry with updates to the regime under the Healthcare Services Act

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On 7 March 2025, the Ministry of Health announced a host of changes to the healthcare system to address the shifting needs of the Singapore population. These changes included a review of advertising regulations for certain healthcare professionals, the recognition of family medicine as a medical specialty and the introduction of registration requirements for psychologists.

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In Antitrust / Competition

Australia: ACCC releases guidance on transition to new mandatory merger regime

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On 4 March 2025, the Australian Competition and Consumer Commission (ACCC) released transitional guidelines to help businesses navigate the transition to the new mandatory and suspensory merger control regime which comes into force on 1 January 2026.
The Guidelines set out details on key dates and processes for how the ACCC will manage merger clearance reviews during the transition period. The ACCC is encouraging businesses to voluntarily notify transactions under the new regime from 1 July 2025 to avoid the potential need for re-notification if the ACCC is unable to complete its review in time.

In Cybersecurity, Data and Tech

China: CAC issued detailed rules on personal information protection compliance audit

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On 12 February 2025, the Cyberspace Administration of China (CAC) issued the Measures for the Administration of Personal Information Compliance Audit (“Audit Measures”), which will take effect from 1 May 2025. The draft of the Audit Measures was first released for solicitation of public comments on 3 August 2023, and it took a year and a half for CAC to finalize the Audit Measures. In the final version of the Audit Measures, there are a few notable changes compared with the draft version, which reflect the evolving and more relaxed data protection regulatory stance of the CAC.

In Cybersecurity, Data and Tech

Singapore: New AI safety initiatives announced, including the Global AI Assurance Pilot

by , , , and 3 Mins Read

On 11 February 2025, the Singapore government announced new AI safety initiatives, namely: (i) the Global AI Assurance Pilot for best practices around technical testing of generative AI applications; (ii) the Joint Testing Report with Japan; and (iii) the publication of the Singapore AI Safety Red Teaming Challenge Evaluation Report. These initiatives aim to enhance AI governance, innovation and safety standards.

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In AML & Financial Services Regulatory

Australia: Easing compliance – ASIC’s proposed reporting measures for licensees relief

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On 18 February 2025, ASIC commenced consultation on proposals to:
1. provide additional relief for Australian financial services and credit licensees from reporting certain breaches of the misleading and deceptive conduct (MDC) provisions and certain contraventions of civil penalty provisions (CPPs); and
2. consolidate this additional relief and the relief in ASIC Corporations and Credit (Breach Reporting — Reportable Situations) Instrument 2024/620 (ASIC Instrument 2024/620) into a single instrument.
The proposals, as further described in CS 16, aim to reduce the reporting burden on Australian financial services and credit licensees. ASIC’s rationale for the changes is, under the current reportable situations regime, some reports of MDC and CPP breaches have been of minimal intelligence value to ASIC.

In Antitrust / Competition

Australia: ACCC Compliance and Enforcement Priorities in 2025/26

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On 20 February 2025, the Chair of the Australian Competition and Consumer Commission (ACCC), Gina Cass-Gottlieb, announced the ACCC’s compliance and enforcement priorities for 2025/26 at the annual address to the Committee for Economic Development of Australia. Ms Cass-Gottlieb identified a range of industry sectors, as well as specific competition and consumer law issues that will be the focus of the ACCC’s compliance and enforcement activities for 2025/26. Many of these areas continue from last year.

In Antitrust / Competition

China’s new guidelines offer a prescriptive roadmap for horizontal merger review

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On 20 December 2024, China’s State Administration for Market Regulation (SAMR) officially released the final version of its Guidelines on the Review of Horizontal Mergers (the “Guidelines”), which came into effect on the same day. The Guidelines provide a comprehensive framework of the key regulatory considerations under China’s merger control regime, setting out potential competition law concerns arising from M&A transactions between actual or potential competitors, and outlining possible arguments to mitigate these concerns.

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