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In Cybersecurity, Data and Tech

Singapore: Singapore and the European Union agree to strengthen collaboration on AI safety

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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.

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In Cybersecurity, Data and Tech

Singapore: Singapore and UK sign agreement to strengthen global AI safety and governance

by , , , and 3 Mins Read

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.

In AML & Financial Services Regulatory

Singapore: MAS responds to feedback received on proposed framework for single family offices

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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.

In Cybersecurity, Data and Tech

Singapore: First Reading of the Protection from Scams Bill

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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.

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In Product Regulation & Liability

Singapore: Health Sciences Authority updates guidance on implementation of Good Manufacturing Practice (GMP) Evidence for Drug Substance (DS) manufacturers

by and 2 Mins Read

In October 2024, the Health Sciences Authority (HSA) updated its Guidance on the Implementation of Good Manufacturing Practice (GMP) Evidence for Drug Substance (DS) Manufacturers (“Guidance”).
This is a timely amendment to the Guidance as the requirement for chemical DS manufacturers to provide evidence of GMP compliance became mandatory with effect from 1 October 2024, after a one-year grace period.

In Cybersecurity, Data and Tech

Singapore: Shared Responsibility Framework to be implemented from 16 December 2024

by , and 5 Mins Read

On 24 October 2024, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) announced that the Shared Responsibility Framework (SRF) for phishing scams will be implemented on 16 December 2024 via a set of guidelines. Under the SRF, financial institutions (FIs) and telecommunication operators are assigned duties to mitigate phishing scams. The MAS and IMDA expect responsible entities to bear any scam losses arising from failure to fulfill any of the relevant duties under the “waterfall” approach.

In AML & Financial Services Regulatory

Singapore: MAS publishes consultation paper on proposed regulatory approach for digital token service providers under the FSMA

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On 4 October 2024, the Monetary Authority of Singapore (MAS) published the Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 (P010-2024) (“Consultation Paper”).
The Consultation Paper, which includes a number of Annexes, sets out the MAS’ proposed new regulatory framework for digital token service providers (DTSPs) that will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). The MAS’ key proposals for the new regulatory framework for DTSPs center around licensing requirements, anti-money laundering and countering the financing of terrorism compliance, financial obligations and governance requirements

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In Product Regulation & Liability

Singapore: Ministry of Health announces extension of Nutri-Grade labeling requirements to reduce sodium and saturated fat intake

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The Ministry of Health will be extending the Nutri-Grade labeling requirements and advertising restrictions to products high in sodium and saturated fats, such as prepacked salt, sauces and seasonings; instant noodles; and cooking oil. These measures aim to help consumers make healthier choices and encourage industry reformulation.

In Asia-Pacific

Singapore: Industry consultation for guidance on Change Management Program (CMP) for SaMD

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The Medical Devices Cluster of the Health Sciences Authority has released a draft guidance on the Change Management Program for Software as a Medical Device. Change Management Program is the new optional regulatory pathway that aims to streamline the SaMD regulatory framework and facilitate timely implementation of software changes for registered SaMDs in Singapore.

In Product Regulation & Liability

Singapore: Ministry of Health investigating healthcare provider’s potential breaches of the Healthcare Services Act

by and 3 Mins Read

The Ministry of Health commenced an investigation into a clinic offering telemedicine services for its allegedly clinically and ethically inappropriate practices. The Ministry of Health has stated that this is a likely breach of the Healthcare Services Act 2020. The medical practitioners engaged by the clinic are also being investigated for breach of the Singapore Medical Council’s Ethical Code and Ethical Guidelines.

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