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On 2 April 2024, the Cyber Security Agency of Singapore issued its closing note to the Public Consultation on the Cybersecurity (Amendment) Bill (“Bill”). The Public Consultation on the draft Bill was held from 15 December 2023 to 15 January 2024. The CSA First Reading of the Bill took place on 3 April 2024. The Second Reading of the Bill is slated to take place on 7 May 2024.

Across jurisdictions, we see a rising trend towards more active ESG enforcement and litigation. In our The Year Ahead: Global Disputes Forecast 2024, nearly three-quarters (73%) of the respondents said that environmental, social and governance disputes presented as the top risks to their organizations in the coming year.
In this client alert, we provide a high-level overview of the key trends and developments in ESG enforcement and litigation in Singapore in three areas: greenwashing, employment law and anti-money laundering (AML).

On 28 March 2024, the Monetary Authority of Singapore (MAS) issued a response paper to feedback received on the repeal of the regulatory regime for registered fund management companies (RFMC).

MAS targets to repeal the RFMC regime on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after this date must apply to be a licensed fund management company restricted to serving accredited and institutional investors.

Excerpt: This update focuses particularly on the expansion of scope to domestic money transfer services, cross-border money transfer services and digital payment token services, and examines who are the persons affected by such expansion, as well as what needs to be done by such affected persons in order to benefit from transitional arrangements and continue operations.

The Personal Data Protection Commission (PDPC) has issued the finalized Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems (“Guidelines”). These Guidelines provide guidance on the use of personal data during three stages of AI system implementation: development, deployment (business-to-consumers) and procurement (business-to-business). In particular, the Guidelines clarify and elaborate on the application of the Consent Obligation and Notification Obligation, and their exceptions, under the Personal Data Protection Act (PDPA) to the use of personal data in AI systems.

The Competition and Consumer Commission of Singapore commenced an investigation under the Consumer Protection (Fair Trading) Act 2003 (CPFTA) against a water filtration system supplier (“Supplier”) for unfair practices between September 2021 and November 2023.
The Supplier was found to be making false claims about its sales kit, misleading promotion listings, and misleading claims on the health benefits of alkaline or filtered water, from its website and social media pages.