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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

Switzerland: Draft Investment Screening Act

by , and 1 Min Read

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.

In AML & Financial Services Regulatory

Australia: Long awaited buy now pay later reforms arrive

by , and 6 Mins Read

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.

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.

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In AML & Financial Services Regulatory

Thailand: Thai Government to dust off the Entertainment Complex Bill

by , , , , and 2 Mins Read

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.

In AML & Financial Services Regulatory

Venezuela: Decree exonerates foreign currency debits that generate certain transactions with securities from paying the Large Financial Transactions Tax

by , and 4 Mins Read

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 AML & Financial Services Regulatory

Canada: CSA implements new “Access Model” to facilitate delivery of prospectuses by non-investment fund issuers

by , and 2 Mins Read

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.

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In AML & Financial Services Regulatory

Vietnam: New draft decree on regulatory sandbox in the banking sector

by , and 3 Mins Read

On 4 March 2024, the State Bank of Vietnam released a new draft decree (“Draft Decree”) on the regulatory sandbox for the banking sector in Vietnam. The Draft Decree proposes a comprehensive framework for a regulatory sandbox program applicable to fintech solutions by detailing, among others, eligible solutions, eligibility criteria for service providers, and requirements for participation.

In AML & Financial Services Regulatory

Mexico: New Regulation improves digital commerce transactions by allowing the use of electronic credit instruments

by , , and 7 Mins Read

Mexican lawmakers have passed amendments to the General Law on Negotiable Instruments and Credit Transactions and the General Law of Credit Organizations and Auxiliary Credit Activities. These amendments allow the issuance of digital versions of credit instruments, such as certificates of deposit, promissory notes, bills of exchange and checks.

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