The Monetary Authority of Singapore issued the Notice on Business Conduct Requirements for Corporate Finance Advisers on 23 February 2023. This comes around 14 months after the MAS issued the Consultation Paper P020-2021 which proposed to introduce regulatory requirements on the conduct of due diligence by corporate finance advisers, strengthen public confidence and promote informed decision making by investors through quality disclosures.
Budget 2023 focuses on building a more resilient and innovative Singapore. As the country emerges from the Covid-19 pandemic, the nation now contends with inflationary pressures in the midst of global uncertainty. Budget 2023 seeks to provide support to businesses and households to weather the challenges ahead while ensuring that Singapore continues to uphold fiscal prudence.
On 20 February 2023, the Health Sciences Authority announced that it had seized over 737,000 units of illegal health products worth SGD 640,000 in 2022 through enforcement raids and covert purchases. Illegal health products include unregistered or counterfeit health products, as well as products with potent medicinal ingredients and/or banned substances illegally added to them.
As part of the government’s efforts to improve the visibility of medical devices security, raise overall cyber hygiene levels and better secure Singapore’s cyberspace, the Cybersecurity Labelling Scheme for Medical Devices was announced in 2022.
From end-2023, freshly prepared beverages with high sugar and saturated fat content will be required to display ‘Nutri-Grade’ labels. The ‘Nutri-Grade’ labelling requirements that presently apply to retail settings will also be extended to apply to non-retail settings such as workplaces, schools and healthcare institutions.
On 13 February 2023, the Singapore Food Agency published a media release in relation to a licensed food importer’s failure to arrange for the inspection, examination and certification of its imported food consignments. The food importer proceeded to sell the imported food consignments prior to the inspections and was fined SGD 13,500 by the court.
The Tripartite Committee on Workplace Fairness has released its interim report on 13 February 2023 with its 20 recommendations for the proposed Workplace Fairness Legislation.
In 2021, the Singapore government announced that it will be taking steps to enshrine the Tripartite Guidelines on Fair Employment Practices (TGFEP) in law. The TGFEP, which is non-legally binding, sets out principles of workplace fairness and best practices for employers. While the TGFEP has improved standards of workplace fairness in Singapore, it does not have legal force. Enshrining the TGFEP in law is a significant step towards strengthening Singapore’s stand against workplace discrimination.
Due to workplace safety and health concerns arising from the lack of improvement in rates of workplace fatalities and a rise in major injuries in certain sectors, the Ministry of Manpower has announced the following:
• A three-month extension to the Heightened Safety Period (HSP) to 31 May 2023. The HSP, which applies across all industries, was due to end on 28 February 2023
• Additional measures adopting the Recommendations by International Advisory Panel to Strengthen Workplace Safety & Health on 19 January 2023
The Environmental Public Health Amendment Bill, introduced in Parliament on 9 January 2023, has proposed revisions to the cleaning business license regulatory framework in a bid to drive capabilities and raise public health standards of cleaning businesses. The existing framework, which was introduced in September 2014, only provides for one type of cleaning business license. However, the revised framework, which is intended to come into force from 1 January 2024, will provide for three different classes of cleaning business licenses.
The Electric Vehicles Charging Act 2022 that seeks to regulate the provision of safe and reliable charging of Electric Vehicles and the expansion of the EV charging infrastructure in Singapore was passed by Parliament in January 2023. The Act is expected to take effect in the second half of 2023. Notably, the Act sets out a licensing regime for EV charging operators and also prescribes certification requirements that all EV chargers would have to meet before the chargers can be installed and used in Singapore.