On 6 December 2024, the Hong Kong government gazetted the Stablecoins Bill, which aims to establish a regulatory regime for issuers of fiat-referenced stablecoins in Hong Kong. This follows public consultations by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority. The Bill aims to introduce a licensing and regulatory framework for FRS issuers and those involved in offering FRS.
On 10 December 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) received royal assent. This legislation makes material amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and brings about significant reform to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
These amendments have sought to close key legislative gaps and better align Australia’s AML/CTF regime with the international standards set by the Financial Action Task Force.
The recent County Court of Victoria decision, Lynn Waller (A Pseudonym) v Romy Barrett (A Pseudonym) [2024] VCC 962, suggests the existence of an Australian common law cause of action for invasion of privacy.
The trial judge assessed that the right to privacy is a value distinct to the right to keep information confidential. As a result, she considered that privacy requires separate protection to breach of confidence claims. This brings Australia closer to the accepted position in the UK, US, Canada, and New Zealand.
While this article was published, the Security Bureau of the Hong Kong Government announced that the Protection of Critical Infrastructure (Computer System) Bill will be gazetted on Friday, 6 December 2024, and will be introduced into the Legislative Council for First Reading and Second Reading on 11 December 2024. We will provide an update on further developments.
On 26 November 2024, The Stock Exchange of Hong Kong Limited (SEHK) issued a new guidance letter (GL120-24) to inform the market of its expectations on investigations conducted by suspended issuers and the roles of the directors and the independent investigation committees (IIC). According to the latest monthly prolonged suspension status report published by the SEHK, as at 29 November 2024, there were 57 Main Board and eight GEM issuers which have been suspended for three months or more.
Singapore and the European Union (EU) have formalized their collaboration on Artificial Intelligence (AI) safety with the establishment of a new Administrative Arrangement (AA). This arrangement aims to enhance cooperation in promoting technological innovation and the development and responsible use of safe, trustworthy, and human-centric AI. The AA was signed by Mr Joseph Leong, Permanent Secretary of the Ministry of Digital Development and Information of Singapore, and Mr Roberto Viola, Director-General of the Directorate-General for Communications Networks, Content and Technology of the European Commission.
Singapore and the United Kingdom have signed a new Memorandum of Cooperation (MoC) to enhance the safety and reliability of artificial intelligence (AI) technologies in its development and use. This agreement aims to pave the way for greater public trust in AI advancements. The MoC was signed by Minister for Digital Development and Information, Josephine Teo, and Secretary of State for Science, Innovation, and Technology, Peter Kyle, during Minister Teo’s working visit to the UK.
On 6 November 2024, the Monetary Authority of Singapore published its responses to the feedback on the July 2023 consultation paper that set out a proposed regulatory framework for Single Family Offices operating in Singapore. SFOs are exempt from licensing under the Securities and Futures Act 2001, and the proposals are aimed at harmonizing the criteria for a simplified class exemption regime and addressing potential money laundering risks posed by SFOs.
MAS will provide further details on the effective date of implementation, revised legislation and mode of submission for the initial notification and annual return prior to the implementation of the SFO framework.
The Ministry of Home Affairs introduced the Protection from Scams Bill for First Reading in Parliament on 11 November 2024. The Bill empowers the Police to issue Restriction Orders (ROs) to banks to restrict an individual’s banking transactions, if there is reasonable belief that the individual will make money transfers to scammers.
The Australian Parliament passed the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 without any amendments on 28 November 2024, marking a new chapter for merger control in Australia.
The merger laws are slated to come into effect on 1 January 2026 and will constitute a significant departure from the existing voluntary regime. Companies will need to take account of these changes for their acquisition strategies (including planning and execution) for both local and multi-jurisdictional deals over the next 12 months.