We are pleased to present you with the latest update of Product Risk Radar (linked to https://www.globalcompliancenews.com/product-risk-radar/), our online content hub that covers the latest important legal developments in product regulatory and liability risk. The diverse range of articles helps you navigate the increasingly challenging landscape of the newest legal…
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 15 December 2023, the Federal Council adopted a draft Investment Screening Act (the “D-ISA”). To date, Switzerland has no overarching regulation for the review of foreign investments as prevalent in other countries. The D-ISA intends to introduce sector-specific investment control in Switzerland to prevent takeovers of Swiss companies operating in critical sectors by foreign state-controlled investors (public or private investors that are directly or indirectly controlled by a state) if these takeovers endanger or threaten public order or security in Switzerland.
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 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.
The National Executive Power issued Decree No. 4924 on 21 February 2024, which exonerates the following from paying the Large Financial Transactions Tax (LFTT): (i) debits that generate the purchase, sale or transfer of securities issued or guaranteed by the Republic or the Central Bank of Venezuela, (ii) debits or withdrawals related to the payment of their capital or interest, and (iii) securities traded in different stock exchanges or the agricultural stock exchange, made in a currency other than the legal tender.
In January 2024, the Canadian Securities Administrators published amendments and changes to several national instruments and companion policies to implement a new non-mandatory access model for preliminary and final prospectuses of non-investment fund reporting issuers. The access model is not available for rights offerings, medium term note programs and other continuous distributions under a shelf prospectus. The amendments are effective 16 April 2024.
The Government of Catalonia has recently published a guide on the advertising of medicinal products for human use. This guide provides new and updated advice on the understanding of the regulations on advertising on medicinal products. In particular, it focuses on advertising in the digital environment, analyzing the use of digital platforms and tools and providing recommendations for responsible advertising in accordance with the current sectorial regulatory framework.