The Securities and Exchange Commission (SEC) recently published a concept release seeking public comment on redefining the term “foreign private issuer” (FPI). The current framework provides FPIs with less regulation than domestic issuers, based on the understanding that FPIs face different circumstances, such as compliance with home country laws. However, a recent study revealed significant changes in the FPI population, including an increase in China-based issuers incorporated in lightly regulated tax havens. The SEC is concerned that the current FPI definition may no longer be suitable and is considering potential amendments.
In response to heightened scrutiny over country of origin declarations amid ongoing global tariff tensions, Singapore Customs issued Circular No. 06/2025 on 9 June 2025 to provide important clarification on the applicable preferential and non-preferential rules of origin when declaring the “country of origin” for importation into, exportation out of, and transshipments through Singapore.
The new DOJ FCPA enforcement policy emphasizes US national security and business interests, moving away from solely prosecuting bribery of foreign officials. The focus will be on bribes involving Transnational Criminal Organizations (TCOs), cartels, and those impacting US competitiveness or national security. Routine, locally accepted business practices are deprioritized. The DOJ will exercise discretion to determine if conduct genuinely impacts US interests, leaving other cases to the SEC or foreign regulators. This creates a more nuanced and unpredictable enforcement environment, with clarity expected only as enforcement patterns emerge.
The National Superintendence of Securities (SUNAVAL) issued Administrative Ruling No. 251 on 27 March 2025, amending the Rules Regarding the Administration and Control of Risks Related to the Crimes of Money Laundering, Financing of Terrorism, Financing of the Proliferation of Weapons of Mass Destruction and Other Illicit Activities, Applicable to Entities Obligated by the National Superintendence of Securities. The Ruling establishes the parameters that entities acting in the securities market should follow and includes a new regulatory regime for money laundering, financing of terrorism, financing of the proliferation of weapons of mass destruction and other illicit activities. The Ruling became effective on 27 March 2025.
Product regulation and safety is a key area of focus for consumer protection authorities around the world. In…
In a landmark ruling, the Pretoria High Court in Standard Bank v South African Reserve Bank ruled that cryptocurrencies do not constitute “capital” under South Africa’s Exchange Control Regulations. This means crypto assets are not subject to the country’s strict exchange control regime, offering long-awaited clarity for the crypto industry. While this judgment removes the need for SARB approval to export crypto, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law.
On 10 April 2025, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 383 ‘Reportable situations and internal dispute resolution data publication’. Through the Consultation Paper, ASIC has proposed publication of data on Reportable Situations (RS) and Internal Dispute Resolution (IDR), respectively, across two separate interactive dashboards.
RS data is proposed to be published annually, by the end of October each year. IDR data will be published biannually.
On 6 May 2025, the US Food and Drug Administration (FDA) announced that it will expand the use of unannounced inspections at foreign manufacturing facilities that produce foods, essential medicines, and other medical products intended for US consumers and patients. The announcement came one day after the White House issued an Executive Order instructing FDA to provide regulatory relief to promote domestic production of critical medicines and improve FDA’s risk-based inspection regime to enhance routine inspections of foreign facilities.
On 3 May 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing to remove the current exclusions under the Financial Advisers Regulations and the Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R) that exempt certain financial institutions from complying with advertising regulations.
This proposal is part of MAS’s broader initiative to enhance market conduct standards, following its 2023 Consultation Paper on Enhancing Safeguards for Proper Conduct of Digital Prospecting and Marketing Activities.
On 6 May 2025, the US Food and Drug Administration (FDA) announced that it will expand the use of unannounced inspections at foreign manufacturing facilities that produce foods, essential medicines, and other medical products intended for US consumers and patients. The announcement came one day after the White House issued an Executive Order instructing FDA to provide regulatory relief to promote domestic production of critical medicines and improve FDA’s risk-based inspection regime to enhance routine inspections of foreign facilities. The expansion will build upon FDA’s existing Foreign Unannounced Inspection Pilot Program in India and China, with the aim of ensuring that foreign facilities will receive the same level of regulatory oversight and scrutiny as domestic facilities.