Baker McKenzie’s Sanctions Blog published the alert titled The Singapore Exchange suspends PJSC Gazprom from Trading and what does the Singapore Exchange expect from issuers in relation to sanctions on 11 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Singapore provides details of export control & financial sanctions on Russia on 6 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled “Singapore will impose sanctions on Russia, including export controls and certain bank transactions” on 28 February 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Singapore Budget 2022 makes significant strides in charting Singapore’s path into the future. As the nation faces an ageing population and seeks to recover from a prolonged pandemic amidst an increasingly volatile global landscape, Budget 2022 aims to prepare Singapore to meet these challenges while securing the opportunities of the future. What is of particular note in Budget 2022 is the announcement of changes to the tax system that are broadly aimed at building a fairer and more resilient revenue structure for Singapore. Importantly, Singapore is exploring the possible introduction of a minimum effective tax rate for multinational enterprise groups.
The Singapore Computer Emergency Response Team (SingCERT), set up by the Cyber Security Agency of Singapore to facilitate the detection, resolution and prevention of cybersecurity-related incidents on the internet, has issued a list of measures that organisations should adopt to ensure proper cyber hygiene controls are in place and operating correctly.
SingCERT’s advisory is issued on the basis of warnings of increased cyber threats globally arising from the recent cyberattacks on Ukraine and the developments in the invasion of Ukraine by Russia.
On 23 February 2022, the Singapore Food Authority (SFA) published a media release in relation to a recall of Delissimo Saveur Creme Brulee ice cream products from France, following a notification by the European Commission Rapid Alert System for Food and Feed that the products contain a pesticide, ethylene oxide.
On 4 February 2022, the Dubai International Financial Centre Office of the Commissioner of Data Protection announced that the commissioner issued an adequacy decision recognising, among others, Singapore’s Personal Data Protection Act for safe data transfers from the DIFC. This is a welcome development as it facilitates cross-border personal data transfers from the DIFC to Singapore, which can in turn strengthen business ties between the two territories.
A company was charged with manufacturing more than 430,000 three-ply surgical masks between October 2020 and April 2021 without a valid manufacturer’s licence. The company, which indicated on its website that it locally manufactures “medical grade surgical masks”, is set to plead guilty to the charges.
The Singapore Association of Pharmaceutical Industries Code of Conduct was amended to provide clearer guidelines on the offering of educational materials and items of medical utility to Healthcare Professionals, and the initiation of donations to charitable organisations or institutions.
The Monetary Authority of Singapore requires all providers of cryptocurrency, known under the Payment Services Act as Digital Payment Tokens, to understand that DPT trading is unsuitable for the general public. MAS has issued PS-G02: Guidelines On Provision Of Digital Payment Token Services To The Public on 17 January 2022 to all DPT service providers to ensure that their marketing campaigns, advertisements and promotions for buying or selling of DPTs or facilitating the exchange of DPTs are consistent with the risk disclosures under the PSA, which requires that all actual and potential customers be provided with a risk warning statement highlighting the risks associated with trading in DPTs.