The Government of Malaysia has on 15 April 2024 announced that it will establish an Energy Exchange Malaysia (“ENEGEM”) to facilitate cross-border sales of green electricity to neighboring countries, namely Singapore and Thailand. The ENEGEM platform will implement cross-border energy sales based on the latest Guide for Cross-Border Electricity Sales issued by the Energy Commission of Malaysia.
The Tripartite Alliance for Fair and Progressive Employment Practices has issued the mandatory Tripartite Guidelines on Flexible Work Arrangement Requests, which will come into effect on 1 December 2024, as announced by the Ministry of Manpower on 16 April 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 4 April 2024, the Minister for Communications opened consultation on significant and comprehensive stage two reforms to the National Classification Scheme (“Scheme”). The Scheme is comprised of a number of laws and regulatory instruments – together, operating as a regulatory framework for classifying films, certain publications and computer games under cooperative arrangements between the Commonwealth, and the States and Territories. In addition, the Scheme directly underpins the online content scheme in Part 9 of the Online Safety Act 2021 (Cth) (“OSA” ) and informs elements of the broadcast television self-classification requirements in place under industry codes of practice under the Broadcasting Services Act 1992 (Cth).
On 12 March 2024, the Australian Government released exposure draft legislation on Buy Now, Pay Later products (“BNPLs”) for public consultation. This follows the Government’s previous consultation on the regulatory framework for BNPLs, and growing calls to regulate the BNPL industry in order that these products might have similar or the same protections that exist for consumer credit products in Australia.
On 26 March 2024, the Australian Senate resolved to establish the Select Committee on Adopting Artificial Intelligence (“Committee”) to inquire into and report on the opportunities and impacts arising out of the adoption of AI technologies in Australia.
The Committee’s inquiry provides an important opportunity for Australian companies to shape the future direction of Australia’s AI-related regulatory reforms as the Government continues to formulate its position on the regulation of AI.
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.
The Thai Food and Drug Administration (FDA) has recently issued two notifications, namely the Notification of the Ministry of Public Health Re: Good Manufacturing Practice, B.E. 2566 (2023), and the Notification of the Ministry of Public Health Re: Good Importing and Sales Practice, B.E. 2566 (2023). These notifications aim to regulate the quality systems of medical device manufacturing facilities, as well as importers and sellers of medical devices.
The Entertainment Complex Policy Parliamentary Committee has considered and endorsed the draft Entertainment Complex Bill, B.E. (“Entertainment Complex Bill”), a concept initiated many years ago. The Entertainment Complex Bill aims to facilitate the establishment of entertainment complexes that include casinos. This has been passed to the House of Representatives in March 2024.
On 10 April 2024, the Treasurer Dr Jim Chalmers MP announced a major change to Australia’s merger control regime with the introduction of a new single mandatory, suspensory merger control system. The Australian Competition and Consumer Commission (ACCC) will be the key decision maker and given stronger powers to examine transactions, including serial acquisitions and mergers by businesses with substantial market power. The notification thresholds remain a critical unknown piece and will be subject to further consultation.