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In Product Regulation & Liability

Singapore: Health Sciences Authority issues update on reclassified medicines

by and 4 Mins Read

The Health Sciences Authority (HSA) adopts different forensic classifications, with varying degrees of access controls, for therapeutic products in Singapore. In May 2024, the HSA issued an update on the reclassification of certain medicines, which would consequently affect the level of access controls that are required. Companies engaging in the distribution or sale of such reclassified medicines in Singapore should ensure that their distribution and sale processes account for the different levels of restrictions that would apply following this reclassification of medicines.

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In ESG

Singapore: Climate-related disclosures and the ESG landscape in Asia Pacific

by , , and 2 Mins Read

Rising investor expectations have spurred a global push for publicly listed companies to disclose comprehensive sustainability information. As a result, regulatory bodies worldwide are either mandating or strongly recommending the issuance of sustainability reports by PLCs, focusing on environmental, social, and governance factors. The integration of ESG disclosures with financial reporting enables investors to evaluate more accurately the financial outlook and management effectiveness of PLCs, a trend strongly supported by regulators.

In Cybersecurity, Data and Tech

Singapore: Public Consultation on the Cybersecurity (Amendment) Bill

by , , and 4 Mins Read

On 2 April 2024, the Cyber Security Agency of Singapore issued its closing note to the Public Consultation on the Cybersecurity (Amendment) Bill (“Bill”). The Public Consultation on the draft Bill was held from 15 December 2023 to 15 January 2024. The CSA First Reading of the Bill took place on 3 April 2024. The Second Reading of the Bill is slated to take place on 7 May 2024.

In ESG

Singapore: ESG developments

by , , , , and 12 Mins Read

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).

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In AML & Financial Services Regulatory

Singapore: MAS announces target date for the repeal of the RFMC regime

by , and 2 Mins Read

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.

In AML & Financial Services Regulatory

Singapore: Phase 2 of the Singapore payment services regime comes into force expanding licensable activities

by , , and 1 Min Read

Excerpt: This update focuses particularly on the expansion of scope to domestic money transfer services, cross-border money transfer services and digital payment token services, and examines who are the persons affected by such expansion, as well as what needs to be done by such affected persons in order to benefit from transitional arrangements and continue operations.

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