The Australian government has been consulting on potential additional sanctions measures to target Russian individuals and entities if considered by the government as being implicated in aggression towards Ukraine. At this point it is unclear what regulatory path the government would take in imposing any new measures. The government could impose measures using the new US Magnitsky-style thematic sanctions that took effect in December 2021. Alternatively, the government may decide to take the path already well-trodden and add to the existing list of designated parties for Russia, Crimea and Sevastopol.
Singapore authorities are looking to address the recent spate of SMS-phishing scams targeting digital bank users through a variety of measures. The multi-stake holder approach involves government entities with responsibilities for the financial, telecommunications and home affairs sectors, as well as industry groups such as the Association of Banks in Singapore.
The Australian Government has released the Treasury Laws Amendment (Measures for Consultation) Bill 2021: Licensing Exemptions for Foreign Financial Service Providers (“Draft Legislation”), outlining the updated exemptions for certain foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services license (AFSL). In particular, the Draft Legislation proposes three exemptions: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption. Each of these exemptions has the objective of promoting diversified investment opportunities for Australian investors and attracting additional investment to Australian markets.
The updated Senate Bill (2094) introduces several changes to the earlier version, such as: (a) the inclusion of petroleum and petroleum products pipeline transmission or distribution systems, airports, seaports, public utility vehicles, and expressways and tollways among the list of public services considered as “public utilities,” subject to a 40% foreign ownership limit; and (b) the classification of telecommunications, air carriers, domestic shipping, railways and subways as “critical infrastructures” — not “public utilities” — which are exempt from the foreign ownership limitation but only if reciprocity is accorded to Filipino nationals through law or treaty.
As the first year of the Biden Administration comes to a close, the US government has continued to use sanctions and other trade tools to target Chinese companies, citing national security, alleged human rights violations, and a range of other policy reasons for its actions. Dozens of Chinese companies have been added to various US trade blacklists, with negative and often far-reaching impacts.
This webinar series provide an in-depth coverage of legal frameworks, practical issues and key trends and developments surrounding customs audits in select Asia Pacific jurisdictions.
Just in time for COP26 in Glasgow, the President passed the long-awaited Presidential Regulation No. 98 of 2021 on the Implementation of Carbon Economic Value for the Achievement of Nationally Determined Contribution Target and Greenhouse Gas Emission Control in National Development. Reg. 98 revokes two prior regulations relating to GHG.
On 10 January 2022, the Singapore Ministry of Communications and Information responded to a parliamentary question on measures that ensure companies in Singapore engage third- and fourth-party IT vendors that are licensed and certified by the MCI. The Singapore government has put in place trustmark certifications to help companies better identify IT vendors with strong data and cyber security practices to minimise the risk of data breaches and leaks. Further cybersecurity trustmarks are under development by the Cyber Security Agency of Singapore.
On 10 January 2022, the Singapore Ministry of Communications and Information responded to a parliamentary question relating to the number of cases of unauthorised sales of consumers’ personal data that have been investigated over the last five years, and how many of those cases were successfully prosecuted by the Personal Data Protection Commission.
On 17 December 2021, the Accounting and Corporate Regulatory Authority launched its public consultation on its proposed legislative amendments to the Companies Act, Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act, Limited Partnerships Act and Variable Capital Companies Act 2018, relating to data, digitalisation, and corporate transparency within Singapore’s business environment. The proposed changes, if enacted, would reduce the amount of data that must be filed with ACRA and limit the personal data that is made available publicly.