As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “Future of Work: New Workforce Reality.” This session covers interesting developments from an employment perspective, looking closely at key considerations for financial institutions dealing with the changing environment including critical risks in cybersecurity, data privacy and intellectual property confidentiality, occupational health and safety issues, and fraud risks.
As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “ESG Investing and Fintech.” In this session, our speakers discuss key considerations and opportunities in ESG investing and its impact on technology. They also looked at strategies some fintech businesses are adopting to respond to the new regulatory landscape, as well as emerging sustainability opportunities in this sector.
In the Asia Pacific Competition update, we provide you with a practical overview of the most notable antitrust legal developments of the third quarter in 2021 that may affect your business.
In our updated and expanded Guide to Issues for Trades of Non-Performing Loans across Europe and China, we have selected some of the key legal and practical issues to be aware of when conducting a no-performing loan trade in jurisdictions that are strongly anticipated to be key areas of activity.
The ASEAN Model Contractual Clauses are contractual terms and conditions that may be voluntarily adopted by companies as a legal basis for the cross-border transfer of data. The ASEAN MCCs are primarily designed for transfers of personal data between ASEAN nations, but can also be adapted with appropriate modifications for data transfers between businesses within Singapore or transfers to countries outside the Association of Southeast Asian Nations.
With effect from 1 September 2019, organizations are generally not allowed to collect, use or disclose National Registration Identity Card numbers and copies of NRIC and other national identification numbers, except in certain specified circumstances. Notwithstanding clear guidance documents issued by the Personal Data Protection Commission, it appears that some organizations continue to collect, use or disclose such national identification numbers in breach of the Personal Data Protection Act.
This data privacy update addresses the amendments to the Personal Data Protection Act, the changes to the Spam Control Act, the publication of the Cyber Security Agency of Singapore’s report on the Singapore Cyber Landscape in 2020, and the proposed new licensing framework for cybersecurity service providers.
On 20 September 2021, the Ministry of Public Security released the Draft Decree on Cybersecurity Administrative Sanctions. The MPS is collecting public opinions on this Draft Decree until 18 November 2021. The Draft Decree consists of four chapters and 51 articles, with the main substance regarding administrative violations, penalties, and remedial measures covered under Chapter II.
ASIC has written to public companies, large proprietary companies and trustees of registrable superannuation entities urging them to review their whistleblowing policies to ensure they are compliant with the Corporations Act 2001.
The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases