READ REPORT IN ENGLISH READ REPORT IN SPANISH READ REPORT IN MANDARIN The Year Ahead – our publication looking at key developments in global litigation and arbitration for 2021 – is now available in English, Spanish and Mandarin. COVID-19 and its effects have triggered many disputes, with litigation volumes in…
The long awaited Federal Law No. 15 of 2020 on Consumer Protection (“Consumer Protection Law”) has been issued on 10 November 2020 and is a major update which aims to revamp and repeal the old UAE consumer protection laws, being Federal Law No. 24 of 2006 (“Old Law”). Due to the rapid rise of e-commerce globally, including in the UAE, the Consumer Protection Law now acknowledges and captures e-commerce service providers. The Consumer Protection Law has also now imposed a restriction on using personal data of customers for marketing and promotion purposes.
The Hong Kong Securities and Futures Commission (SFC) recently released additional guidance on external electronic data storage in the form of frequently asked questions (FAQs)1, which elaborate on the requirements for using external electronic data storage providers (EDSPs) under the SFC’s 31 October 2019 circular (“EDSP Circular”)2. The FAQs provide further guidance on the following key aspects: (i) key personnel requirements for the purpose of the EDSP Circular; (ii) the application of the EDSP Circular where electronic regulatory records are kept with affiliates; and (iii) the use of undertakings by designated Manager(s)-in-Charge (MIC(s)) / Responsible Officer (RO) (“MIC/RO Undertaking”) as acceptable alternatives to the undertakings provided by the EDSPs (“EDSP Undertaking”). We discuss the implications in these areas further below. The SFC has also made consequential changes to its Frequently Asked Questions on premises for business and record keeping3.
On 20 November 2020, the Personal Data Protection Commission (PDPC) issued the draft Advisory Guidelines on Key Provisions of the Personal Data Protection (Amendment) Bill (“Guidelines”).Â
We had summarized in our previous client alerts the changes proposed during the public consultation (“Consultation Paper”) on the Personal Data Protection (Amendment) Bill (“Bill”), as well as the salient differences between the Consultation Paper and the Bill that was introduced and read in the Singapore Parliament on 5 October 2020. The Bill has since been passed by Parliament on 2 November 2020 (“Act”).Â
For this client alert, we will focus on a few pertinent points that have been highlighted in the Guidelines.
Up to now, there was not a clear position on the obligations (including registration obligation) for offshore or foreign private electronic system operators (“ESOs”).
This has changed with the recent issuance of Minister of Communication and Informatics (“MOCI”) Regulation No. 5 of 2020 on Private Electronic System Operators (“MOCI Regulation 5”), which clarifies registration requirements and other obligations for foreign private ESOs.
MOCI Regulation 5 is an implementing regulation of Government Regulation No. 71 of 2019 on the Implementation of Electronic Transactions and Systems (“GR 71”). The regulation became effective on 24 November (but it was only published on the MOCI’s website on 2 December).
There is a six-month transitional period under the regulation, but this is only applicable for the requirement for private ESOs to register with the MOCI.
Up to now, there was not a clear position on the obligations (including registration obligation) for offshore or foreign private electronic system operators (“ESOs”).
This has changed with the recent issuance of Minister of Communication and Informatics (“MOCI”) Regulation No. 5 of 2020 on Private Electronic System Operators (“MOCI Regulation 5”), which clarifies registration requirements and other obligations for foreign private ESOs.
MOCI Regulation 5 is an implementing regulation of Government Regulation No. 71 of 2019 on the Implementation of Electronic Transactions and Systems (“GR 71”). The regulation became effective on 24 November (but it was only published on the MOCI’s website on 2 December).
There is a six-month transitional period under the regulation, but this is only applicable for the requirement for private ESOs to register with the MOCI.
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In 2020, the COVID-19 pandemic swept away regulatory plans and programmes for the year while regulators rushed to stabilise the markets and protect consumers in distress. Regulators across the globe, just like financial institutions and other businesses, scrambled to implement remote working arrangements and keep their employees safe while adjusting their supervisory processes and plans. Regulatory programmes were postponed or reoriented, and supervisors quickly developed regulatory measures to help provide pandemic relief to both firms and their customers.