Legal Updates

The Intellectual Property Office of Singapore has issued circulars announcing new Patents and Trade Marks Acceleration programmes – the SG Patents Fast and SG Trade Marks Fast programmes.

Introduction Confidential information is a key issue in the context of employment. While confidentiality obligations are often included in the

Singapore’s insolvency framework, while marked by efficiency, also contains mechanisms to delay bankruptcy proceedings for legitimate purposes.

Singapore signed its fifth and sixth Implementation Agreements on carbon credits collaboration under Article 6 of the Paris Agreement (“Article

On 21 April 2025, the Upgraded Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (“Upgraded AANZFTA Agreement”) entered into force.

Singapore has established a role as a regional restructuring and insolvency hub, buoyed by a strong framework for the recognition and support of foreign proceedings.

On 8 April 2025, Prime Minister Lawrence Wong announced the Government would establish a taskforce to (i) support businesses and

Within the legal profession, the perception towards generative artificial intelligence (“AI“) has evolved from wariness into growing enthusiasm. As reported

The Cyber Security Agency of Singapore (“CSA“) has expanded its Cyber Essentials and Cyber Trust certification marks to include coverage

To raise industry standards and enhance consumer trust in the financial advisory industry in Singapore, the Monetary Authority of Singapore will implement the following key changes with effect from 29 December 2025.

On 11 April 2025, the ASEAN Capital Markets Forum (“ACMF“) launched the ASEAN Simplified ESG Disclosure Guide for SMEs in

On 8 April 2025, the Monetary Authority of Singapore (“MAS”) issued its “Consultation Paper on Proposed Amendments to AML/CFT Notices and Guidelines” (“Consultation”) to seek feedback on its proposed amendments to the anti-money laundering and countering the financing of terrorism (“AML/CFT”) regime for financial institutions (“FIs”) and variable capital companies (“VCCs”).

On 1 April 2025, the Transport Sector (Critical Firms) Act 2024 (“TSA”) came into operation

The Social Residential Homes Bill (“Bill“) was introduced for Second Reading in Parliament and passed on 8 April 2025. Social

The Monetary Authority of Singapore (“MAS”) has issued a Consultation Paper seeking feedback on its proposed regulatory framework to allow retail investors to access private market investment (“PMI”) funds through authorised long-term investment funds (“LIFs”) with appropriate safeguards (“LIF Framework”).

In 2022, the Ministry of Health (“MOH”) and Health Promotion Board (HPB) introduced a system of Nutri-Grade measures which imposed mandatory nutrition labels and advertising prohibitions for beverages in pre-packaged form and from automated beverage dispensers

The Singapore Customs and the Ministry of Trade and Industry have issued a “Joint Advisory: Export Controls on advanced semiconductor and artificial intelligence (AI) technologies”.

The Competition (Amendment) Bill was introduced for First Reading in Parliament on 5 March 2025, and was introduced for Second Reading and passed on 8 April 2025.

On 7 April 2025, the Building and Construction Authority (“BCA“) announced that: Finalised Code: Following its public consultation (“Consultation“) on

The Infocomm Media Development Authority has introduced Advisory Guidelines (“AGs”) for Cloud Services and Data Centres.

The Cyber Security Agency of Singapore (“CSA“) and the Singapore Cyber Emergency Response Team (SingCERT) have published the Effective Information

On 1 April 2025, the Monetary Authority of Singapore (“MAS“) issued an Information Paper on Strengthening Advisory and Sales Processes

Recently, the Singapore courts have partially set aside two arbitral awards for, respectively, a breach of natural justice and dealing with issues outside the scope of submission to arbitration.

The Energy Conservation Act 2012 will be amended with effect from 1 December 2025, following the coming into force of the Energy Conservation (Amendment) Act 2024 aimed at introducing minimum energy efficiency standards for all existing energy systems in industrial facilities in Singapore.

Singapore has signed two separate Implementation Agreements on carbon credits collaboration under Article 6 of the Paris Agreement (“Article 6”), respectively with Bhutan on 28 February 2025 and Peru on 1 April 2025.

On 27 March 2025, the Monetary Authority of Singapore issued its “Response to Consultation on Proposed Amendments to the Capital Framework for Approved Exchanges and Approved Clearing Houses”.

The detention of a vessel by local authorities is a fairly common occurrence in maritime law.

Where a defendant fails to respond to a claim against him, the court would ordinarily grant the claimant a judgment in default.

On 15 March 2025, the Consumers Association of Singapore and the Competition and Consumer Commission of Singapore (“CCCS”) announced that they are collaborating with major supermarket operators to pilot the display of unit prices for selected grocery items.

In a claim for breach of contract for defective construction, a party may seek the “cost of cure” as the basis for damages, meaning the cost required to rectify the alleged defects.

On 5 March 2025, the Ministry of Trade and Industry introduced the Competition (Amendment) Bill (“Bill”) for First Reading in Parliament.

The judicial recognition of foreign insolvency proceedings is a vital issue in the increasingly global area of restructuring.

From 11 March 2025 to 8 April 2025, the Ministry of Law held a public consultation seeking feedback on the recommendations by the Committee to Enhance Singapore’s Corporate Restructuring and Insolvency Regime.

Licensed Housing Developers purchasing residential land are subject to 40% Additional Buyer’s Stamp Duty (“ABSD”), which consists of (i) a non-remittable component (5%); and (ii) an upfront remittable component (35%).

Globalisation and economic growth have led to a global increase of waste transportation across boundaries.

In SME Care Pte Ltd v Jannie Chan Siew Lee [2025] SGHC 27, the Singapore High Court held a bankrupt ex-director of a company personally liable to the company for failing to take steps to recover sums owed by third parties to the company.

Two recent developments move Singapore closer towards becoming a sustainable, multi-fuel bunkering hub, namely: (i) the publication of a new Technical Reference 129 on Methanol Bunkering; and (ii) the methanol bunkering licenses scheme.

The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill was introduced for First Reading in Parliament on 7 March 2025, and was introduced for Second Reading and passed on 8 April 2025.

The Ministry of Law and the Ministry of Digital Development and Information had proposed a series of measures to enhance online safety and better protect Singaporeans from harmful online content.

In DMZ v DNA [2025] SGHC 31, the Singapore High Court held that proceedings commenced by the claimant seeking review of an administrative decision made by the Singapore International Arbitration Centre (SIAC) were bound to fail.

At the Artificial Intelligence Action Summit in Paris, Singapore introduced new artificial intelligence (“AI”) governance initiatives to enhance the safety of AI for Singaporeans and global citizens.

• Global AI Assurance Pilot – This is a testbed to establish global best practices around technical testing of generative AI applications.

• Joint Testing Report with Japan – This collaboration with Japan aims to make Large Language Models safer in different linguistic environments through assessing if guardrails hold up in non-English settings.

• Singapore AI Safety Red Teaming Challenge Evaluation Report – This seeks to help understand how Large Language Models perform with regard to different languages and cultures in the Asia-Pacific region, and if the safeguards hold up in these contexts.

A trustee-manager, in the context of a business trust, actively runs the trust’s operations while safeguarding the interests of investors.

The Monetary Authority of Singapore completed its thematic inspections in 2024 to assess the governance and risk management of their commodity financing business, with a focus on lending standards and practices for the commodity trader client segment within the oil and gas sector.

On 21 February 2025, the Monetary Authority of Singapore (“MAS”) shared the first set of measures proposed by the Equities Market Review Group to enhance the competitiveness of Singapore’s equities market.

The Competition and Consumer Commission of Singapore (“CCCS”) has stepped up enforcement action against businesses that engage in unfair practices in violation of the Consumer Protection (Fair Trading) Act 2003 (“CPFTA”).

On-demand unconditional performance bonds are a common feature in the construction industry – these are performance bonds that allow the beneficiary to demand payment without needing to prove that the counterparty has breached their contractual obligations.

The Budget Statement for Budget 2025 was delivered on 18 February 2025.

On 5 December 2024, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced that two new payment solutions will be launched in mid-2025. Electronic Deferred Payment (“EDP”) will address the use cases of post-dated payments, and EDP+ will cover transactions requiring greater certainty of payment.

The Infocomm Media Development Authority has issued a Code of Practice for Online Safety for App Distribution Services, which takes effect from 31 March 2025.

On 10 February 2025, the National Climate Change Secretariat (NCCS) unveiled Singapore’s 2035 emissions targets in its Second Nationally Determined Contribution (“2035 NDC”) submitted to the United Nations Framework Convention on Climate Change.

On 5 December 2024, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced that two new payment solutions will be launched in mid-2025. Electronic Deferred Payment (“EDP”) will address the use cases of post-dated payments, and EDP+ will cover transactions requiring greater certainty of payment.

On 5 December 2024, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced that two new payment solutions will be launched in mid-2025. Electronic Deferred Payment (“EDP”) will address the use cases of post-dated payments, and EDP+ will cover transactions requiring greater certainty of payment.

Insolvency and arbitration traditionally do not mix well, as they embody somewhat contrasting legal policies.

In 2024, the ASEAN member states issued the ASEAN Guide on AI Governance and Ethics (“ASEAN AI Guide 2024”), which establishes common principles and recommends best practices on the implementation of trustworthy AI in ASEAN.

On 23 January 2025, the Ministry of Finance issued the second edition of the Singapore Green Bond Framework (January 2025) (“2025 Framework”), updating the first edition issued in June 2022.

The Protection from Scams Bill (“Bill”) was passed in Parliament on 7 January 2025. The Bill seeks to tackle the increasing number of scams where individuals willingly transfer monies to scammers.

While the Personal Data Protection Act 2012 (“PDPA”) stipulates organisation obligations when managing personal data, the applicability of specific prohibitions and exceptions at play has little local judicial precedent.

On 9 December 2024, the Singapore International Arbitration Centre (“SIAC”) published the 7th edition of the Arbitration Rules of the Singapore International Arbitration Centre (“2025 Rules”).

The Administration of Justice (Protection) (Amendment) Act 2024 (“Amendment Act”) has come into effect from 28 January 2025.

On 7 January 2025, the Maintenance of Racial Harmony Bill (“Bill”) was tabled in Parliament. As an overarching aim, the Singapore Government’s enactment of a legislative framework envisions a cohesive multi-racial society.

On 21 and 24 January 2025, Rajah & Tann organised the following Competition & Antitrust and Consumer Protection Breakfast Seminars.

On 24 January 2025, the second tranche of provisions of the Financial Institutions (Miscellaneous Amendments) Act 2024 (“FIMA”) came into effect.

On 17 January 2025, the Ministry of Law (“MinLaw”) announced that Phase 3 of the Criminal Procedure (Miscellaneous Amendments) Act 2024 (“Amendment Act”), which was passed in Parliament on 5 February 2024, will take effect on 14 February 2025.

On 15 January 2025, the Monetary Authority of Singapore (“MAS”) announced the extension of the Global-Asia Bond Grant Scheme (“G-ABGS”) and the launch of the Global-Asia Digital Bond Grant Scheme (“G-ADBGS”).

The 5th ASEAN Digital Ministers’ Meeting (ADGMIN) was held from 16 to 17 January 2025, during which three essential guides pertaining to data protection and artificial intelligence (“AI”) were unveiled.

On 8 January 2025, the Food Safety and Security Bill (“Bill”) was introduced for Second Reading and passed in Parliament. There are three main thrusts in the Bill: (i) consolidate and rationalise food-related legislation; (ii) update Singapore’s food safety regime to better protect consumers; and (iii) strengthen the country’s food resilience.

At the 11th Malaysia-Singapore Leaders’ Retreat on 7 January 2025, Singapore and Malaysia considered steps to address climate change challenges.

The Insolvency, Restructuring and Dissolution (Amendment) Bill (“Bill”) was introduced by the Ministry of Law (“MinLaw”) for Second Reading and passed in Parliament on 7 January 2025.

On 8 January 2025, the landmark Workplace Fairness Bill (“Bill”) was passed in Parliament. The Bill will complement the Tripartite Guidelines on Fair Employment Practices.

The Customs (Amendment) Bill (“Bill”) was introduced for Second Reading and passed in Parliament on 8 January 2025. The Bill will amend the Customs Act 1960 (“Act”).

The Intellectual Property Office of Singapore (“IPOS”) has issued the Registry of Trade Marks Circular No. 1/2025: Partial replacement of national registrations by protected international trade marks (“Circular”).

On 3 January 2025, the Competition and Consumer Commission of Singapore (“CCCS”) provided positive guidance that the joint establishment and operation of Beverage Container Return Scheme (BCRS) Ltd. by Coca-Cola Singapore Beverages Pte. Ltd., F&N Foods Pte Ltd, and Pokka Pte. Ltd. is unlikely to infringe section 34 (which prohibits anti-competitive agreements between businesses) and section 47 (which prohibits abuse of a dominant market position) of the Competition Act 2004.

Under section 224 of the Insolvency, Restructuring and Insolvency Act 2018 (“IRDA”), the Court can make remedial orders if an insolvent company gifted an asset to a counterparty for no consideration, or sold that asset to a counterparty “for a consideration…significantly less than the value provided by the company”.

On 30 December 2024, the Building and Construction Authority (“BCA”) announced its public consultation until 27 January 2025 on its proposed draft Code on Accessibility in the Built Environment 2025 (“Code”).

The disclosure of National Registration Identity Card (“NRIC”) numbers has been the subject of much attention in recent weeks, after unmasked NRIC numbers were made publicly accessible on the new BizFile portal.

On 20 December 2024, the Ministry of Law (“MinLaw”) announced that, following the passing of the Family Justice Reform Act 2023 in Parliament on 8 May 2023, Phase 1 of the new Maintenance Enforcement Process (“MEP”) will be implemented on 16 January 2025.

On 20 December 2024, the Ministry of Trade and Industry (“MTI”) and Singapore Customs (“Customs”) announced that as part of ongoing efforts to work with businesses to address key challenges, including regulations, they have collaborated to facilitate smoother cross-border movement of goods.

On 1 January 2025, the Platform Workers Act (“Act”) came into effect, as announced by the Ministry of Manpower (“MOM”) on 17 December 2024.

The Ministry of Law (“MinLaw”) and Intellectual Property Office of Singapore (“IPOS”) have effected key changes to the prescribed exceptions allowing users to circumvent access control measures for non-infringing uses from 1 January 2025.

On 28 November 2024, the Monetary Authority of Singapore (“MAS”) announced the following changes affecting real estate investment trusts (“REITs“), which will take immediate effect

Section 20 of the Probate and Administration Act 1934 (“Section 20”) plays a crucial role in safeguarding an estate’s assets during the often protracted and lengthy process of probate litigation.

On 31 December 2024, the Financial Services and Markets (Resolution of Financial Institutions) (Amendment) Regulations 2024 (“FSM RFI Regulations”) came into effect.

Workplace investigations, disciplinary hearings and summary dismissals are deeply contentious, and must be carried out with great care and due process to survive subsequent challenge.

On 5 December 2024, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced that two new payment solutions will be launched in mid-2025. Electronic Deferred Payment (“EDP”) will address the use cases of post-dated payments, and EDP+ will cover transactions requiring greater certainty of payment.

On 9 December 2024, the ACRA (Registry and Regulatory Enhancements) Act 2024 (“ACRA Enhancements Act”) partially took effect. The ACRA Enhancements Act aims to bolster data protection, facilitate digital communications between the Government and businesses, and to enhance the regulatory framework for entities under the purview of the Accounting and Corporate Regulatory Authority (“ACRA”).

To support clean energy transition and sustainable infrastructure development across Southeast Asia, the Monetary Authority of Singapore (“MAS”) announced on 3 December 2024 that the Australian Government will invest US$50 million into the Green Investments partnership (“GIP”) under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”) initiative.

The Ministry of Law and the Ministry of Digital Development and Information are seeking feedback through a public consultation to address the growing concerns regarding online harms with proposed measures to bolster the existing legal and regulatory regime in order to empower individuals to seek relief from harmful online content and hold responsible parties accountable

On 2 January 2025, the Intellectual Property Office of Singapore (“IPOS“) will launch a pilot for an Expedited Track for

In his maiden National Day Rally 2024 speech, Prime Minister Mr Lawrence Wong announced that the Government would introduce a new shared parental leave (“SPL”) scheme for parents of children born (or due) on or after 1 April 2025, as well as making mandatory an additional two weeks of paternity leave.

On 27 November 2024, the Inland Revenue Authority of Singapore (“IRAS“) announced that Singapore had committed to the implementation of

With the persistent and evolving threat of digitally-enabled scams in Singapore, it is of vital importance that individuals and enterprises take appropriate and adequate preventative measures.

At the National Day Rally 2021, the then Prime Minister Mr Lee Hsien Loong announced an intended law to deal with workplace discrimination.

Earlier in the year, the Monetary Authority of Singapore (“MAS“) increased the Maximum Deposit Insurance (“DI“) Coverage from S$75,000 to

In Re: Bu Shen Xi (S) Pte Ltd [2024] SGHC 247, the Singapore High Court considered an application for a winding-up order in respect of a company on the basis of sections 125(1)(a) and/or 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”).

In July 2023, the Monetary Authority of Singapore (“MAS”) published its Consultation Paper on Proposed Framework for Single Family Offices (“Consultation”).

On 14 November 2024, the Singapore Tourism Board (“STB“) introduced two initiatives to elevate Singapore’s position as a leading sustainable

To support the use of transition credits in accelerating and scaling the early retirement of coal-fired power plants (“CFPPs“), the

On 12 November 2024, the Ministry of Sustainability and the Environment (“MSE“) introduced the Food Safety and Security Bill (“Bill“)

The Energy Conservation (Amendment) Bill (“Bill“) was passed on 11 November 2024. The Bill will extend the Minimum Energy Efficiency

On 13 November 2024, the Ministry of Home Affairs (“MHA“) announced that the Anti-Money Laundering and Other Matters Act 2024

The Civil Aviation Authority of Singapore (“CAAS“) has announced that, with effect from 1 December 2025, all unmanned aircraft (“UA“)

The Protection for Scams Bill (“Bill“) was introduced for First Reading in Parliament on 11 November 2024. The Bill empowers

On 11 November 2024, the ASEAN Capital Markets Forum (“ACMF“) published the “Working Paper on a Practical Approach to Transition Finance

On 11 November 2024, the Ministry of Law (“MinLaw“) introduced the Insolvency, Restructuring and Dissolution (Amendment) Bill (“Bill“) in Parliament to revamp

A key feature of arbitration as a dispute resolution option is that it offers parties the opportunity to have their dispute resolved in private.

In Asia-Euro Capital SPV I LLP v Regulus Advisors Pte Ltd [2024] SGHC 279, the Singapore High Court was faced with the scenario of an aggrieved investor who had suffered investment losses in a private equity investment, and subsequently raised numerous issues as to how the investment had been marketed to him.

On 5 November 2024, Banque de France (“BDF“) and the Monetary Authority of Singapore (“MAS“) announced the completion of a groundbreaking joint experiment in

On 4 November 2024, the Monetary Authority of Singapore (“MAS“) announced plans to facilitate tokenisation in financial services through the following

By 2025, the Indonesian government aims to achieve a minimum of 23% renewable energy in the national energy mix and 31% by 2050. Despite the ambitious target, the Electricity Law (Law No. 30 of 2009 as amended by Government Regulation in lieu of Law No. 2 of 2022) requires independent power producers (IPPs) to prioritise the use of domestic products in developing power generation projects, including renewable energy projects.

By 2025, the Indonesian government aims to achieve a minimum of 23% renewable energy in the national energy mix and 31% by 2050. Despite the ambitious target, the Electricity Law (Law No. 30 of 2009 as amended by Government Regulation in lieu of Law No. 2 of 2022) requires independent power producers (IPPs) to prioritise the use of domestic products in developing power generation projects, including renewable energy projects.

National AML Strategy On 30 October 2024, Singapore published its National Anti-Money Laundering (“AML“) Strategy, which outlines its strategic approach to

In Re: Bu Shen Xi (S) Pte Ltd [2024] SGHC 247, the Singapore High Court considered an application for a winding-up order in respect of a company on the basis of sections 125(1)(a) and/or 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”).

The Infocomm Media Development Authority (“IMDA”) has announced that the second iteration of the Generative Artificial Intelligence Sandbox for SMEs (“GenAI Sandbox 2.0”) will be launched on 2 December 2024.

On 29 October 2024, the Ministry of Home Affairs (“MHA”) announced that certain provisions of the Casino Control (Amendment) Act 2024 (“Amendment Act”), which amends the Casino Control Act 2006 (“CCA”), will come into effect on 30 October 2024.

On 30 October 2024, the Monetary Authority of Singapore (“MAS”) announced the launch of the Global Finance & Technology Network (“GFTN”) to reinforce Singapore’s position as a leading global FinTech hub and boost international connectivity for impactful financial services innovation.

The Elections (Integrity of Online Advertising) (Amendment) Bill (“Bill”) was passed in Parliament on 15 October 2024.

On 25 October 2024, the Ministry of Finance (“MOF”) and Singapore Customs (“Customs”) issued a summary of the feedback received to the Consultation (from 13 September 2024 to 4 October 2024) on proposed amendments to the Customs Act 1960 (“Act”) via the draft Customs (Amendment) Bill.

On 21 October 2024, the ASEAN Capital Markets Forum (“ACMF”) held its 41st Chairs’ Meeting in Vientiane, Lao PDR, hosted by the Lao Securities Commission Office (“Meeting”).

In October 2024, Singapore has taken several steps to implement tax measures announced in Budget 2024.

On 18 October 2024, the Monetary Authority of Singapore (“MAS”) published the Guidelines to MAS Notice FSM-N02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions’ Information Sharing Platform (“Guidelines”).

On 1 October 2024, the Workplace Safety and Health Council (“Council”) launched a public consultation on the draft Guidelines on Providing Support for Employees with and at-risk of Mental Health Conditions (“Guidelines”).

The Platform Workers Bill (“Bill”) was passed in Parliament on 10 September 2024 to provide platform workers with protections in three areas: (i) housing and retirement adequacy through Central Provident Fund (“CPF”) contributions; (ii) compensation for work injuries; and (iii) a legal framework for representation.

To guide businesses to reduce Scope 2 carbon emissions, the Energy Market Authority (“EMA”), the Energy Research Institute @ Nanyang Technological University, Singapore (“NTU”) and Enterprise Singapore announced on 22 October 2024 that they are developing a playbook titled “Powering a Sustainable Future: A Playbook on Scope 2 Emissions Reduction for Singapore Businesses” (“Playbook”).

On 21 October 2024, the Family Justice Courts (“FJC”) launched the Therapeutic Justice Model (“TJ Model”). TJ, which was formally adopted by the FJC as its “lens of care” in 2020, is about helping families accept the past and move towards their best possible future.

On 22 October 2024, the Energy Market Authority (“EMA”) announced that the Ministry of Trade and Industry, EMA and the United States Department of Energy will commence the second phase of the United States-Singapore Feasibility Study on Regional Energy Connectivity (“Study”) through the Net Zero World Initiative.

On 21 October 2024, the Monetary Authority of Singapore (“MAS”) issued a Circular on “Audit of AML/CFT Policies, Procedures and Controls” (“Circular”).

Singapore is on a journey to decarbonise its power sector. This journey will result in Singapore’s energy supply mix becoming more diverse and the growing use of domestic solar and electricity imports.

The Monetary Authority of Singapore (“MAS”) is consulting (until 4 November 2024) on proposed: (i) Financial Services and Markets Regulations (“FSM Regulations”); (ii) notices, including on anti-money laundering and countering the financing of terrorism (“AML/CFT”); and (iii) other applicable guidelines, for the regulatory framework for virtual asset service providers (“VASPs”) under Part 9 of the Financial Services and Markets Act 2022 (“FSMA”).

As cybersecurity risks continue to proliferate, Singapore has turned its attention to the cybersecurity of medical devices.

With the growing deployment of Artificial Intelligence (“AI”) systems, the associated cybersecurity risks have become a major concern, highlighting the importance of making AI secure by design and secure by default. To help organisations adopt AI in a secure manner, the Cyber Security Agency of Singapore (“CSA”) has launched the Guidelines on Securing AI Systems (“Guidelines”) and the accompanying Companion Guide for Securing AI Systems (“Companion Guide”) on 15 October 2024.

In October 2024, Singapore has moved to implement Pillar Two of the Base Erosion and Profit Shifting (“BEPS”) 2.0 initiative.

On 14 October 2024, the Mutual Assistance in Criminal Matters (Amendment) and Other Matters Bill (“MACMA Bill”) was introduced for First Reading in Parliament.

On 14 October 2024, the Ministry of Law (“MinLaw”) introduced the Singapore International Commercial Court (International Committee) Bill (“Bill”) for First Reading in Parliament.

The Association of Southeast Asian Nations (“ASEAN”) member states and China have substantially concluded the ASEAN-China Free Trade Area (“ACFTA”) 3.0 Upgrade negotiations.

On 14 October 2024, the Ministry of Law (“MinLaw”) introduced the Administration of Justice (Protection) (Amendment) Bill (“AOJP Bill”) for First Reading in Parliament.

In February 2024, Singapore announced that it would implement the Multinational Enterprise Top-up Tax (“MTT”) and the Domestic Top-up Tax (“DTT”) under Pillar Two of the Base Erosion and Profit Shifting (“BEPS”) 2.0 initiative.

At the 23rd Singapore International Bunkering Conference (SIBCON) organised by the Maritime and Port Authority of Singapore (“MPA”) and held from 8 to 10 October 2024, Dr Amy Khor, Senior Minister of State for the Ministry of Sustainability and the Environment and the Ministry of Transport, shared the efforts that Singapore has been undertaking to develop and enhance its maritime sector, as well as upcoming initiatives that are set to be implemented.

In Rajesh Harichandra Budhrani v INTL FCStone Pte Ltd and others [2024] SGHC(A) 29, the Appellate Division of the Singapore High Court was faced with a dispute between an investor and a broker-dealer regarding liability for investment losses sustained in margin trading amidst a volatile market.

The National Climate Change Secretariat in the Strategy Group, Prime Minister’s Office (“NCCS”) conducted a public consultation from 8 October 2024 to 5 November 2024 seeking the public’s view on Singapore’s climate ambition, transition towards a low-carbon economy, and planned decarbonisation measures.

On 25 September 2024, the Singapore Exchange Regulation (“SGX RegCo”) released changes to the sustainability reporting requirements set out under the Listing Rules (Mainboard) and the Listing Rules (Catalist) (collectively, “Listing Rules”).

On 17 September 2024, the Monetary Authority of Singapore (“MAS”) announced its Consultation (closing on 18 October 2024) on various proposed legislative changes to enhance: (i) corporate governance for registered business trusts (“BTs”); and (ii) alignment between the requirements for BTs and the requirements for Real Estate Investment Trusts (“REITs”) and companies.

Where the Court has granted recognition of foreign insolvency proceedings against a company, an automatic stay and suspension of actions or proceedings against that company will arise.

Maritime disputes often involve parties from different countries, contracts governed by different laws, and events occurring in different jurisdictions. The choice of forum for the resolution of such disputes is thus of particular importance, potentially having significant impact on the outcome, costs, and enforceability of the claims.

Connectivity is a vital element in commerce and digital growth, leading to an increased reliance on undersea cable infrastructure, which can present major national and economic security risks.

From 25 September 2024 to 25 October 2024, the Monetary Authority of Singapore (“MAS”) is consulting on proposed guidelines (“Proposed Guidelines”) to accompany MAS Notice 134 (“MAS Notice 134”).

On 25 September 2024, the Monetary Authority of Singapore (“MAS”) published the revised Notice PSN11 – Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to Persons in the People’s Republic of China (“Revised Notice PSN11”).

The updated national Operational Technology (“OT”) Cybersecurity Masterplan (“OT Masterplan 2024”) was launched in August 2024. It outlines Singapore’s plans to boost the technical cybersecurity capabilities and competencies of the OT sector so as to tackle new cyber threats to OT systems, and to further enhance the security and resilience of stakeholders.

On 9 September 2024, the Multinational Enterprise (Minimum Tax) Bill (“MNE Bill”) and the Income Tax (Amendment) Bill 2024 (“ITA Bill”) (collectively, the “Bills”) were first read in Parliament.

From 12 September 2024 to 11 October 2024, the Monetary Authority of Singapore (“MAS”) conducted a public consultation on its proposed amendments to the Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024 (“FSM-RFI Regulations”).

From 13 September 2024 to 4 October 2024, the Ministry of Finance (“MOF”) and Singapore Customs (“Customs”) consulted on the proposed amendments to the Customs Act 1960 (“Act”) to improve the operational effectiveness of Customs and strengthen its regulatory and enforcement regime.

On 12 September 2024, the Infocomm Media Development Authority (“IMDA”) introduced the e-Apostille Framework which will allow public documents to be authenticated online from 2025.

Singapore has seen a rise in incidents of scams, particularly cases involving the voluntary transfer of monies by the victim to the scammer.

On 10 September 2024, the Platform Workers Bill was passed in Parliament, with the intention for it to come into

The Casino Control (Amendment) Bill (“CCA Bill“), introduced  by the Ministry of Home Affairs (“MHA“) for First Reading in Parliament

It has often been said that an unconditional on-demand bond is “as good as cash”, and that the bond issuer (usually a bank) must pay the specified sum to the beneficiary upon receipt of a compliant demand.

On 26 August 2024, the Accounting and Corporate Regulatory Authority (“ACRA“) announced that alternate addresses in ACRA’s public records will be

The Monetary Authority of Singapore has published an information paper on “Cyber Risks Associated with Generative AI”.

On 20 August 2024, the Building and Construction Authority (“BCA“) launched a public consultation titled “Raising Competencies and Enhancing Safety in

In December 2023, the Monetary Authority of Singapore (“MAS”) extended the scope of due diligence checks to a wider group of individuals and entities associated with family offices who are applying for tax incentives.

The updated national Operational Technology Cybersecurity Masterplan (“OT Masterplan 2024“) was launched by Mrs Josephine Teo, Minister for Digital Development

The Ministry of Sustainability and the Environment (“MSE“) and the Singapore Food Agency (“SFA“) will be introducing the Food Safety

Artificial Intelligence (“AI”), while holding great potential for efficiency and innovation, also carries certain inherent threats such as vulnerability to cyber security risks.

On 26 July 2024, the Monetary Authority of Singapore announced that it will implement: (i) refinements to the tier structure requirements together with certain exclusions from the same; and (ii) remuneration prohibitions relating to volume-based incentives, for financial advisory firms.

From 15 August 2024 to 14 September 2024, the Monetary Authority of Singapore (“MAS“) conducted a public consultation on its

The Monetary Authority of Singapore issued a consultation paper seeking comments on its proposals to: (i) simplify the leverage requirements for real estate investment trusts (“REITs”); and (ii) require REITs to perform and disclose sensitivity analyses on the impact of changes in EBITDA and interest rates on their interest coverage ratio (ICR) in their interim financial results and annual reports

The Intellectual Property Office of Singapore (“IPOS“) has issued Circular No. 3/2024: Simplified Requests for Examination Reports and Other Legislative

On 26 July 2024, the Monetary Authority of Singapore issued the Circular titled “Establishing the Sources of Wealth of Customers” (Circular No.: AMLD 08/2024).

On 9 August 2024, the ASEAN Taxonomy Board (“ATB“) released the ASEAN Taxonomy for Sustainable Finance, Supplementary Document: Foundation Framework

When a principal engages an agent to bring about a transaction, many would reasonably assume that to claim their commission, the agent should have been the effective cause of, or minimally have done some work on, the transaction

The Guidelines on Licensing for Payment Service Providers (PG-G01) issued by the Monetary Authority of Singapore were revised recently to include new requirements for licence applications under the Payment Services Act 2019.

On 6 August 2024, the Building Control (Amendment) Bill (“Bill“) was introduced in Parliament. The Bill was subsequently passed by

On 20 August 2024, the Building and Construction Authority (“BCA“) issued a Consultation Paper titled “Proposed Enhancements to Regulatory Regime for

On 6 August 2024, the Energy Transition Measures and Other Amendments Bill (“Bill“) was introduced for First Reading in Parliament,

Food wastage and food insecurity are growing issues in Singapore. To provide a remedy to these twin problems, the Good

On 5 August 2024, the Monetary Authority of Singapore (“MAS“) published a Consultation Paper on Proposed Measures in Relation to the

On 31 July 2024, the Singapore Economic Development Board (EDB) and IETA (formerly the International Emissions Trading Association) announced the

Singapore and the United States (“US“) have announced the conclusion of a bilateral Digital Economic Cooperation Roadmap (“Roadmap“) on 31

On 1 August 2024, phase two of the Criminal Procedure (Miscellaneous Amendments) Act 2024 (“Amendment Act“) came into effect. The

On 31 July 2024, the Monetary Authority of Singapore (“MAS”) published the “Consultation Paper on Proposed Legislative Amendments to the Requirements for Enhancing Pre and Post-Transaction Safeguards for Retail Clients” (“Consultation Paper”).

The Personal Data Protection Commission (“PDPC”) has launched a Proposed Guide on Synthetic Data Generation (“Guide”) to help organisations understand Synthetic Data (“SD”) generation techniques and potential use cases. The Guide will be offered as a resource within the Privacy Enhancing Technology (“PET”) Sandbox.

On 1 July 2024, the Bank for International Settlements (“BIS”) and partners announced the completion of phase 3 of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems (“IPS”).

In Foreland Singapore Pte. Ltd. & Anor v IG Asia Pte. Ltd. [2024] SGHC 179, the Court considered a claim for notional profits earned by the two plaintiffs (collectively, “Foreland”) on certain closing nickel contract-for-differences (CFD) trades (“FCTs”) done on 8 March 2022 following an extraordinary surge in nickel prices, which the defendant (“IGA”) had automatically put through to its central risk management entity (“IGM”) in London.

The Ministry of Trade and Industry (“MTI”) announced the conclusion of negotiations on the European Union (“EU”)-Singapore Digital Trade Agreement (“EUSDTA”) on 25 July 2024.

In Re: Xerxes J Medora [2024] SGHC 196, the Singapore Court considered a novel question on the administration of bankruptcy estates: is a claim against a bankrupt for breach of fiduciary duty a provable debt in bankruptcy?

In Banque de Commerce et de Placements SA, DIFC Branch & Anor v China Aviation Oil (Singapore) Corporation Ltd [2024] SGHC 145, the Singapore High Court considered a claim based on a letter of credit (“LC”), in which a branch of the bank issuing the LC sought to claim against the beneficiary of the LC for moneys paid out under the LC, alleging that the underlying transaction was a sham transaction.

On 31 May 2024, at the Asia Tech x Singapore (ATxSG) 2024, Singapore’s Minister for Communications and Information, Mrs Josephine Teo, launched the AI Verify Project Moonshot (“Project Moonshot”), an easy-to-use testing toolkit designed to address security and safety challenges often associated with the use of large language models (“LLMs”). It is one of the world’s first open-sourced tools to bring together red-teaming, benchmarking, and baseline testing in one platform.

From 1 January 2025, companies that import or export waste electrical and electronic equipment (“WEEE”) and its components (“e-waste”), or whose e-waste transits through Singapore, will be required to (i) carry out the Prior Informed Consent (“PIC”) procedure specified under the Basel Convention, and (ii) obtain a Basel Permit from the National Environment Agency’s (“NEA”) Chemical Control and Management Department (“CMCD”), which serves as the competent authority (“CA”) for Singapore under the Basel Convention.

On 24 June 2024, the Ministry of Trade and Industry (“MTI”) and the Energy Market Authority (“EMA”) issued their Consultation Outcome following a consultation exercise that ran from 8 May to 5 June 2024.

The Bioethics Advisory Committee (“BAC”) has launched a public consultation on the ethical, legal, and social issues arising from Human Nuclear Genome Editing (“HNGE”). The public consultation runs from 3 June 2024 to 13 August 2024.

On 12 June 2024, the Monetary Authority of Singapore (“MAS”) and the Bank for International Settlements (“BIS”) announced that through Project Viridis, they have developed a blueprint for a climate risk platform that financial authorities can use to draw nascent insights on climate-related financial risks faced by financial institutions as well as potential systemic stability.

On 20 June 2024, the Monetary Authority of Singapore (“MAS”), Ministry of Finance (“MOF”), and Ministry of Home Affairs (“MHA”) published the updated Money Laundering (“ML”) National Risk Assessment (“ML NRA 2024”).

With effect from 1 July 2024, couples can opt to cite divorce by mutual agreement (“DMA”) as a sixth fact of divorce as the relevant sections of the Women’s Charter (Amendment) Act 2022 (“Act”) have now come into force.

On 27 June 2024, the Monetary Authority of Singapore (“MAS”) announced that it is expanding its initiatives to scale asset tokenisation for financial services.

The Misuse of Drugs Act 1973 (“MDA”) and the Constitution of the Republic of Singapore (“Constitution”) were amended by the Misuse of Drugs (Amendment) Act 2023 (“MDA Amendment Act”) and the Constitution of the Republic of Singapore (Amendment) Act 2021 (“Constitution Amendment Act”), respectively (see the Misuse of Drugs (Amendment) Bill and the Constitution of the Republic of Singapore (Amendment) Bill).

On 15 July 2024, the Singapore Exchange Regulation (“SGX RegCo”) issued a Regulator’s Column titled “Potential scenarios when general offers lead to loss of public float” (“Column”).

In Kiri Industries Limited v Senda International Capital Limited & Anor [2024] SGHC(I) 15, the Singapore International Commercial Court (“SICC”) upheld the principle that when a Chinese national resident in the People’s Republic of China (“PRC”) is to be examined under an examination of judgment debtor order (“EJD Order”), the relevant treaty procedure should be followed, rather than by allowing the EJD Order to be served on him out of jurisdiction in the PRC.

As part of efforts to strengthen Singapore’s anti-money laundering regime, the Accounting and Corporate Regulatory Authority has introduced a number of legislative amendments to the corporate compliance framework, which were passed in Parliament on 2 July 2024.

On 12 July 2024, the Beverage Container Return Scheme (“Scheme”) under the new Part 4B of Resource Sustainability Act 2019, as introduced by the Resource Sustainability (Amendment) Act 2023, came into force.

On 19 June 2024, the Singapore Exchange Regulation issued the “Guidance Note on Change of Auditors” setting out its approach towards assessing an application by an issuer listed on SGX-ST (“issuer”) for a change of auditors (“Application”).

Mandatory climate reporting requirements are set to commence in a phased approach from financial year (“FY”) 2025, as announced by Second Minister for Finance, Mr Chee Hong Tat, at the Ministry of Finance Committee of Supply speech in February 2024.

Amendments to the licensed general builder and licensed specialist builder framework are set to come into operation on 15 June 2024.

On 2 August 2023, Parliament passed the Oaths, Declarations and Notarisations (Remote Methods) Act 2023 to, among other things, provide individuals, businesses, and service providers who are executing statutory declarations, with the option of remote witnessing (in place of an in-person meeting) and electronic signing (in place of wet-ink signing) as long as both the declarant and service provider are physically present in Singapore.

On 1 March 2024, the revised Free Trade Zones (“FTZ”) regime took effect. Singapore Customs has now issued Circular No: 03/2024 which provides updates and more information on the submission requirements of the Bill of Lading (“BL”) data for both containerised and non-containerised sea cargo, and clarifications to frequently asked questions pertaining to the submission of BL data.

On 6 August 2024, the Anti-Money Laundering and Other Matters Bill (“AML Bill”) was introduced for Second Reading in Parliament and was passed

On 6 August 2024, the Land Surveyors (Amendment) Bill 2024 (“Bill”) was passed in Parliament.

In February 2024, a suite of tax measures was announced in Singapore’s Budget 2024, including the upcoming implementation of Pillar Two of the Base Erosion and Profit Shifting 2.0 on 1 January 2025.

The Significant Investments Review Act 2024 (“Act”), which came into force on 28 March 2024, sets out a new investment management regime that applies to both local and foreign investors for entities that are critical to Singapore’s national security interests.

On the Cutting Edge of AI Governance – Singapore Launches Model AI Governance Framework for Generative AI, Develops Digital Forum of Small States AI Governance Playbook

On 30 May 2024, the Monetary Authority of Singapore updated the “Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers”.

On 30 May 2024, at the ATxSummit, Deputy Prime Minister Mr Heng Swee Keat launched the Green Data Centre (“DCs”) Roadmap to guide digital sustainability and to chart green growth pathways for DCs.

Amendments to the licensed general builder and licensed specialist builder framework are set to come into operation on 15 June 2024.

The Competition and Consumer Commission of Singapore is seeking public feedback on its proposed recommendation to renew the Competition (Block Exemption for Liner Shipping Agreements) Order for five years from 1 January 2025 to 31 December 2029.

In Nicholas Eng Teng Cheng v Government of the City of Buenos Aires [2024] SGCA 15, the Singapore Court of Appeal considered the proper law to determine whether to lift the corporate veil of a Singapore-incorporated company that entered into a contract governed by foreign law – is it the law of incorporation or the governing law of the contract?

In this Sustainability Update, we explore briefly the issues surrounding a particular type of backsheet material, commonly used in solar panels, which has given rise to quality issues and purchasers’ potential legal recourses.

The Competition and Consumer Commission of Singapore is seeking public feedback on its proposed recommendation to renew the Competition (Block Exemption for Liner Shipping Agreements) Order for five years from 1 January 2025 to 31 December 2029.

On 7 May 2024, the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill and the Corporate Service Providers Bill were introduced in Parliament for their first reading.

The Accounting and Corporate Regulatory Authority (Registry and Regulatory Enhancements) Bill was introduced in Parliament for its first reading on 7 May 2024.

When seeking to resolve a dispute, parties generally aim for a full and final resolution to the dispute. In arbitration, this takes the form of a final arbitral award.

On 10 May 2024, the provisions in the Financial Services and Markets Act 2022 (“FSMA”) which empower the Monetary Authority of Singapore (“MAS”) to impose harmonised technology and risk management (“TRM”) requirements on all financial institutions (“FIs”) took effect.

In Singapore, specified financial institutions which are licensed in Singapore and significant derivatives holders are subject to reporting obligations relating to over-the-counter derivatives contracts provided in Part 6A of the Securities and Futures Act 2001 (“OTC Derivatives Reporting Regime”), unless they are exempted. Details of the reporting obligations are set out in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (“SF(RDC)R”).

On 1 May 2024, the Prevention of Proliferation Financing and Other Matters Act 2024 (“Act”) came into operation.

Environmental crimes, such as illegal wildlife trafficking and illegal logging, disrupt and harm our environment and eco-system with far-reaching and long-term impact for future generations.

The Digital Enterprise Blueprint (“DEB”) was launched at Asia Tech x Singapore 2024 on 29 May 2024 by Mr Tan Kiat How, Senior Minister of State for Communications and Information.

On 8 May 2024, the Ministry of Trade and Industry (“MTI”) and Energy Market Authority (“EMA”) announced that they are seeking public feedback on the proposed legislative amendments to the Energy Market Authority of Singapore Act 2001, Electricity Act 2001 (“Electricity Act”), and Gas Act 2001 (“Gas Act”).

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 23 April 2024, the Singapore Exchange Regulation issued a Consultation Paper on “Facilitating Shareholder-Requisitioned Meetings” to seek feedback on its proposed changes to the SGX-ST Listing Rules (Mainboard) and SGX-ST Listing Rules (Catalist).

In DGE v DGF [2024] SGHC 107, the claimant DGE advanced eight grounds for setting aside an arbitral award in the defendant DGF’s favour, that the photovoltaic modules (solar panels) supplied by DGE were inherently defective. The High Court dismissed each of these grounds in declining to set aside the award.

Merger notifications in Singapore are necessary where thresholds are close to being or are crossed. A failure to notify can result in investigations and if a substantial lessening of competition (SLC) is found, penalties and remedies can be imposed.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

The Free Trade Zones (Amendment) Act 2023 (“Amendment Act“) and related subsidiary legislation came into operation on 1 March 2024.

Charities and Institutions of a Public Character (IPCs) (collectively, “Charities“) must adapt to changing environments and manage risks amid global

The Ministry of Law (“MinLaw“) and the Intellectual Property Office of Singapore (“IPOS“) are seeking comments on situations in which

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

In a much-needed step to clarify the new normal, on 16 April 2024, the Ministry of Manpower launched the Tripartite Guidelines on Flexible Work Arrangement Requests (FWA Guidelines).

On 4 April 2024, the Payment Services (Amendment) Act 2021 came into effect, revising the Payment Services Act 2019 in these main areas: (i) broadening the definition of “digital payment token” (“DPT”) services; (ii) widening the definition of “cross-border money transfer” services; and (iii) empowering the Monetary Authority of Singapore to impose additional measures to regulate DPT service providers to enhance consumer protection and maintain financial stability.

The Cyber Security Agency of Singapore has introduced the Cybersecurity (Amendment) Bill to keep pace with emerging threat factors and operational practicalities.

On 1 April 2024, the Monetary Authority of Singapore launched COSMIC (Collaborative Sharing of Money Laundering / Terrorism Financing Information & Cases), the first centralised digital platform to facilitate the sharing of customer information among prescribed financial institutions to combat money laundering, terrorism financing, and proliferation financing globally.

Introduced in 2019, InvoiceNow is a nation-wide e-invoicing network which enables businesses to easily send and receive invoices in a

On 15 April 2024, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Ms Grace Fu, announced that

On 28 March 2024, the Monetary Authority of Singapore issued its Response to feedback received on the Consultation Paper on the Repeal of Regulatory Regime for Registered Fund Management Companies (RFMCs).

The facts of DDI v DDJ [2024] SGHC 68 (“DDI”) are eye-catching, with a mix of drama-worthy elements – jewellery of uncertain origins, celebrities of uncertain bankability, and a billionaire uncle of uncertain existence.

When a former employee leaves his erstwhile employer to join a rival company, should the erstwhile employer be allowed to maintain the interim injunctions it obtained against the former employee, on the basis of a non-compete clause and a confidentiality clause (in the employment contract between the former employee and the erstwhile employer)?

The Mental Capacity (Amendment) Bill (“Bill”) was introduced in Parliament on 6 March 2024, and had its second reading on 2 April 2024.

Tax liability insurance products fully or partially indemnify the insured’s tax risks, offering coverage for scenarios such as tax liabilities imposed by tax authorities, defence costs against tax claims, and gross-up taxes on proceeds.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 27 March 2024, the ASEAN Taxonomy Board (“ATB“) announced the release of the ASEAN Taxonomy for Sustainable Finance Version

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

Introduced in 2019, InvoiceNow is a nation-wide e-invoicing network which enables businesses to easily send and receive invoices in a

On 28 March 2024, the Significant Investments Review Act 2024 (“Act”) and subsidiary legislation under the Act, the Significant Investments Review Regulations 2024 and Significant Investments Review (Reviewing Tribunal) Rules 2024, came into force.

Many Singapore Exchange Securities Trading Limited (“SGX-ST”) listed issuers have their financial year-end in December, and the peak period in which issuers schedule their annual general meeting (“AGMs”) typically is the second half of April (two weeks preceding the deadline in April for holding of AGMs).

The Business Trusts (Amendment) Act 2022 contains changes to the Business Trusts Act 2004 which governs the registration and regulation of registered business trusts (BTs).

The AML/CFT Industry Partnership, led by the Association of Banks in Singapore (“ABS”), has published the Industry Perspectives on Best Practices – Leveraging on Data Analytics and Machine Learning Methods for AML/CFT (“Paper”).

In Alternative Advisors Investment Pte Ltd v Asidokona Mining Resources Pte Ltd & Anor [2024] SGCA 3, the Singapore Court of Appeal (comprising Sundaresh Menon CJ, Steven Chong JCA and Belinda Ang JCA) considered an “unusual” and “unique” case with “several layers of complexity” in relation to the doctrine of ratification.

Modern day commercial transactions are typically executed by agents (usually, directors) on behalf of their principals.

On 22 March 2024, the Singapore Exchange Regulation Pte. Ltd. (“SGX RegCo”) issued a Consultation Paper on its proposals to revise existing limits on the liability of clearing members to meet default losses, particularly where losses arise from multiple events of default (“multiple defaults”).

On 20 March 2024, the Monetary Authority of Singapore (“MAS”) issued Circular No. ID 05/24 on its Response to feedback (“Response”) received on the Consultation Paper on Amendments to the Insurance Act 1966 (“IA”) and the Insurance (Intermediaries) Regulations (“IIR”) (“Consultation Paper”).

On 12 March 2024, the Ministry of Finance and the Accounting and Corporate Regulatory Authority jointly issued a consultation on: (i) the draft Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill; and (ii) the new draft Corporate Service Providers Bill

The Ministry of Sustainability and the Environment (“MSE”) and the Singapore Food Agency (“SFA”) will be introducing the Food Safety and Security Bill (“Bill”) which aims to enhance Singapore’s food safety and security regime and safeguard food supply resilience.

On 28 February 2024, the Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation (“SGX RegCo”) announced details of mandatory climate-related disclosure for: (1) issuers listed on the SGX-ST (“listed issuers”) from financial year (“FY”) 2025; and (2) large non-listed companies limited by shares with annual revenue of at least S$1 billion and total assets of at least S$500 million (“Large NLCos”) (unless exempted) from FY 2027, as part of a finalised climate reporting and assurance implementation roadmap set out in the Response paper.

The Singapore Exchange Regulation is seeking comments on its proposed changes to the SGX Listing Rules (Mainboard) and SGX Listing Rules (Catalist) to clarify the obligations of issuers listed on SGX-ST undergoing the corporate restructuring process under Insolvency, Restructuring and Dissolution Act 2018 of Singapore, and to streamline the application process for trading resumption by suspended issuers.

The National Council of Social Service (“NCSS”) has launched a public consultation to seek feedback on the Sustainable Philanthropy Framework (“Framework”).

On 5 March 2024, the Ministry of Finance and the Accounting and Corporate Regulatory Authority jointly issued a Consultation Paper on “Proposed Legislative Amendments Relating to Digital Communications and Regulatory Enhancements” to seek comments on the draft ACRA (Registry and Regulatory Enhancements) Bill (“Bill”).

The case of Public Prosecutor v Gumede Sthembiso Joel [2024] SGHC 23 involved the illegal transport of rhinoceros horns by the Respondent, for which he was charged with assisting another to retain the benefits from criminal conduct under section 51(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.

On 2 April 2024, the Goods and Services Tax (Amendment) Bill (“Bill”) was passed in Parliament.

In general, only the parties to an arbitration may participate in proceedings to enforce the resulting arbitral award. Are there exceptions to this? If so, under what circumstances can a third party apply to be added to the enforcement proceedings?

On 4 March 2024, the Ministry of Manpower (“MOM”) announced the next increment in the retirement and re-employment ages effective in 2026.

On 4 March 2024, the Ministry of Manpower (“MOM”) announced updates to its foreign workforce policies.

The Singapore Geospatial Masterplan (2024-2033) (“Masterplan”) was launched on 6 March 2024 at the Geo Connect Asia 2024 opening ceremony by Mr Edwin Tong, Minister for Culture, Community and Youth, and Second Minister for Law.

Competition benefits consumers. However, there may be instances where business competitors need to collaborate for the greater, or greener, good.

On 1 March 2024, the Singapore Personal Data Protection Commission (“PDPC”) published the Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems (“Guidelines”).

In Logistics Construction Pte Ltd [2024] SGHC 58, the Singapore High Court considered whether a company should be placed under judicial management and whether the judicial manager nominated by the company should be appointed.

The rapid growth of artificial intelligence (“AI”) has shone a light on the pressing need to manage its development and inherent risks.

On 29 February 2024, the Health Sciences Authority issued a public consultation on the proposed amendments to Regulation 23 of the Health Products (Therapeutic Products) Regulations on the registration of therapeutic products.

In the course of bankruptcy proceedings, the disposition of property by the bankrupt is subject to a degree of control and restriction, requiring the consent or ratification of the Court.

In Farzin Ratan Karma v Helen Campos & 2 Ors [2024] SGHC 41, which centred on issues of conflict in business relationships, the Singapore High Court had to determine a claim for commercially unfair and oppressive acts, as well as a counterclaim for breach of fiduciary duties owed as director

On 19 February 2024, the ASEAN Taxonomy Board shared the updated ASEAN Taxonomy for Sustainable Finance Version 2 (“ASEAN Taxonomy v2”), effective from even date.

On 16 February 2024, Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, delivered the Budget speech in Parliament for the approval of the financial policy of the Government for the financial year 1 April 2024 to 31 March 2025. Several policies were introduced, including changes to the Additional Buyer’s Stamp Duty (“ABSD”) regime, and adjustments to the property tax (“PT”) rates.

The Financial Institutions (Miscellaneous Amendments) Bill 2024 was passed on 7 March 2024 to enhance and streamline the Monetary Authority of Singapore’s investigative, reprimand, supervisory and inspection powers across various MAS-administered Acts governing the financial industry.

The Budget Statement for Budget 2024 was delivered on 16 February 2024.

On 8 February 2024, the Ministry of Manpower announced that the compensation limits in the Work Injury Compensation Act will be increased from 1 November 2025.

The Computer Misuse (Amendment) Bill and the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) (Amendment) Bill were passed by Parliament on 9 May 2023.

On 7 February 2024, Enterprise Singapore (“EnterpriseSG”) and the Infocomm Media Development Authority (“IMDA”) launched the Generative Artificial Intelligence (“Gen AI”) Sandbox for small and medium-sized enterprises (“SMEs”).

On 6 February 2024, the Monetary Authority of Singapore issued the revised MAS Notice PSN05 Notice on Technology Risk Management to extend its application to include all holders of a payment services licence under the Payment Services Act 2019 that carry on a business of providing digital payment token services.

The Cyber Security Agency of Singapore (“CSA”) has provided an update on the development of an Association of Southeast Asian Nations (“ASEAN”) Regional Computer Emergency Response Team (“CERT”), which aims to enhance collective cybersecurity within the region.

The updated Joint Guide to ASEAN Model Contractual Clauses and EU Standard Contractual Clauses (“Joint Guide”) was unveiled at the 4th ASEAN Digital Ministers’ Meeting on 2 February 2024.

From 2 February 2024 to 15 March 2024, the Monetary Authority of Singapore is seeking comments on its proposals to reduce the information financial institutions need to collect when making recommendation of selected life or long-term (LT) accident and health insurance policies based on the Basic Financial Planning Guide,, subject to safeguards.

The Online Criminal Harms Act (“OCHA”), which was passed in Parliament on 5 July 2023, has partially come into force on 1 February 2024, with remaining measures slated to come into effect at a later stage.

When an experienced investor suffers losses after instructing his broker to sell his futures contracts, to what extent can the broker be held liable for his losses?

On 24 January 2024, the Infocomm Media Development Authority (“IMDA”) and the Government Technology Agency (“GovTech”) announced a set of digital sustainability initiatives aimed at greening the information and communications technology (“ICT”) sector, as well as utilising ICT to green the rest of the economy.

The Singapore Sustainable Finance Association (“SSFA”) was launched on 24 January 2024 to bring together the financial sector and industry to achieve Singapore’s transition to net zero.

When a company is being wound up, its liquidators have powers to investigate into the company’s affairs and dealings.

The AI Verify Foundation and the Infocomm Media Development Authority announced on 16 January 2024 that they have developed a draft Model AI Governance Framework for Generative AI (“Draft Framework”).

On 22 January 2024, the Ministry of Law (“MinLaw”) announced that it will extend the application period for the Simplified Insolvency Programme (“SIP”) by 24 months, from 29 January 2024 to 28 January 2026.

On 16 February 2024, the Inland Revenue Authority of Singapore (“IRAS”) (Amendment) Bill (“Bill”) was passed in Parliament to amend the IRAS Act.

On 5 February 2024, the Criminal Procedure (Miscellaneous Amendments) Bill (“Bill”) was passed in Parliament to introduce several significant amendments to the Criminal Procedure Code (“CPC”).

The Prevention of Proliferation Financing and Other Matters Bill (“Bill”), introduced in Parliament on 9 January 2024, was passed on 6 February 2024.

On 8 January 2024, the Ministry of Health (“MOH”) launched an industry consultation for a new not-for-profit private acute hospital model. Interested private healthcare operators who wished to participate in the consultation were given until 21 January 2024 to register.

On 9 January 2024, the Significant Investments Review Bill (“Bill”) was read for a second time and passed.

Does a parent’s absence from a child’s life warrant the making of a sole custody order? The case of WMR v WMQ examines the threshold for the making of sole custody orders, in particular, where parental absence is involved.

The Monetary Authority of Singapore (“MAS”) issued Notice 134 Recovery and Resolution Planning for Insurers (“Notice”) which will take effect on 1 January 2025.

The cybersecurity landscape is constantly shifting, with new threat factors emerging at an ever-accelerating rate. To keep Singapore’s legislative framework up to date, the Cybersecurity Agency of Singapore has introduced the draft Cybersecurity (Amendment) Bill.

作为新加坡最受瞩目的投资移民计划之一，新加坡 “全球商业投资者计划 (Global Investor Programme, ‘GIP计划’) ”自2004年推出以来一直与时俱进，经历了数次改革和调整。

On 19 December 2023, the Ministry of Sustainability and Environment (“MSE”) and the National Environment Agency (“NEA”) published the Eligibility List under the International Carbon Credit Framework (“ICC Framework”), which is effective from 1 January 2024.

On 15 December 2023, the Singapore Exchange Regulation (“SGX RegCo”) issued a regulator’s column titled “What SGX RegCo expects of listed issuers when allotting excess rights shares”, which set out SGX RegCo’s expectations of issuers when allotting excess rights shares in a rights issue.

Artificial intelligence has been widely employed to enhance productivity, services and products, and customer experiences by financial institutions (“FIs”), and FIs are no doubt familiar with the Monetary Authority of Singapore’s Fairness, Ethics, Accountability and Transparency (FEAT) Principles concerning the responsible use of Artificial Intelligence and Data Analytics (AIDA).

The finalised Code of Conduct for ESG Rating and Data Product Providers (“Code”) and an accompanying Checklist for providers to self-attest their compliance to the Code were published by the Monetary Authority of Singapore on 6 December 2023.

On 13 December 2023, the Ministry of Health (“MOH”) announced that the Tripartite Workgroup for the Prevention of Abuse and Harassment of Healthcare Workers (“Workgroup”) has launched the Tripartite Framework for the Prevention of Abuse and Harassment in Healthcare (“Framework”).

While the adoption of artificial intelligence (AI) technology by governments and businesses has been swift and widespread, there remain certain barriers to the implementation of AI solutions, particularly in the cross-border context.

At the COP28 Singapore Pavilion Finance Day on 3 December 2023, Monetary Authority of Singapore launched the first version of the Singapore-Asia Taxonomy for Sustainable Finance and a Transition Credits Coalition (TRACTION), among other transition financing initiatives.

The Foreign Interference (Countermeasures) Act (“FICA”) was passed in Parliament in October 2021 to enhance the Government’s ability to prevent foreign interference in domestic politics conducted through: (i) hostile information campaigns (“HICs”); and (ii) the use of local proxies.

From 11 December 2023 to 11 January 2024, the Ministry of Health (“MOH”) conducted a public consultation seeking views on the proposed Health Information Bill (“HIB”).

The Monetary Authority of Singapore (“MAS”) will be imposing requirements on financial institutions (“FIs”) to conduct and respond to reference checks on a minimum set of standardised information.

The Electric Vehicles Charging Bill 2022 was passed in Parliament on 30 November 2022 to regulate the safe charging of electric vehicles (“EVs”), ensure the provision of reliable EV charging services by requiring EV charging operators (“EVCOs”) to be licensed, and to expand the network of accessible charging infrastructure in Singapore.

The meteoric rise of artificial intelligence (“AI”) has been one of the loudest headlines of the past year, with the initial hype quickly translating into real-world impact. As governments and businesses race to fully explore and adopt AI solutions, industry stakeholders have begun looking further into the future of AI.

On 4 December 2023, the Infocomm Media Development Authority (“IMDA”) announced that it would be partnering with AI Singapore and the Agency for Science, Technology and Research to launch the National Multimodal Large Language Model Programme (“NMLP”).

Under the new online platform, Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases (“COSMIC”), prescribed financial institutions (i.e. banks in Singapore or financial institutions (other than a bank) that are prescribed under subsidiary legislation) (“prescribed FIs”) can securely share with one another information on a “relevant party” who exhibits multiple “red flags” that may indicate potential financial crime concerns, if stipulated thresholds are met.

The Financial Services and Markets Act 2022 was amended earlier this year to, among other things, establish a new electronic

In Singapore, cryptocurrencies are generally regulated as digital payment tokens (“DPTs”) under the Payment Services Act 2019 (“PS Act”). Currently, DPT service providers are regulated under the PS Act primarily for anti-money laundering and countering the financing of terrorism (AML/CFT) risks, and technology and cyber risks.

On 30 November 2023, the ASEAN Taxonomy Board (“ATB”), representing ASEAN finance sectoral bodies, announced the completion of targeted stakeholder consultation exercises for Version 2 of the ASEAN Taxonomy for Sustainable Finance (“ASEAN Taxonomy”).

The rules surrounding the service of documents aim to ensure that such documents come to the attention of the party

On 24 November 2023, the Ministry of Health (“MOH“) issued a circular announcing the commencement of Phase 3 of the

Disagreements as to the existence of contractual terms frequently occur between contracting parties. In Lim Siau Hing @ Lim Kim Hoe and another v Compass Consulting Pte Ltd and another appeal [2023] SGCA 39, the Court of Appeal was required to determine two related appeals concerning whether a specific term formed part of the agreement between the parties.

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

Most of us are familiar with “Champagne” or “Bordeaux” wines. These are known as Geographical Indications (“GI“), which are signs

On 6 November 2023, the Significant Investments Review Bill (“Bill“) was introduced in Parliament. The Bill sets out a new

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

Greenwashing has gained considerable prominence in recent times. This naturally followed the growth and importance of environmental sustainability in the

Trust is at the core of most, if not all, successful ventures, initiatives and relationships. This human concept extends to

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

At the Singapore FinTech Festival, Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (“MAS“), shared the key

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

As digital payments and transactions continue their rapid growth, so too has the risk posed by digitally-enabled scams. The Singapore regulators have sought to implement greater certainty in this regard by introducing relevant frameworks and guidelines. The Monetary Authority of Singapore and the Infocomm Media Development Authority are now looking to establish specific measures to address the responsibilities, duties and liability of the relevant parties – in particular, financial institutions and telecommunication operators.

The Singapore Quick Response Code (“SGQR“) is a single standardised quick response (“QR“) code for e-payments and combines multiple payment

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

Collective Management Organisations (“CMOs“) perform a vital role in Singapore’s creative sector by acting as a conduit between content rights

The UNCITRAL Model Law on Cross-Border Insolvency, which has been enacted in Singapore in an adapted form (“SG Model Law“),

On 3 April 2024, the Ministry of Transport (“MOT“) introduced the Transport Sector (Critical Firms) Bill (“Bill“) in Parliament. The

On 24 October 2023, the Monetary Authority of Singapore (“MAS“) published the Consultation Paper on Repeal of Regulatory Regime for

From 1 November 2023, bankruptcy estates are required to be administered by Private Trustees in Bankruptcy (“PTIBs“), except for cases

On 19 October 2023, the first live digital trade between China and Singapore was completed by Singapore’s Infocomm Media Development

On 17 October 2023, the Cyber Security Agency of Singapore (“CSA“) and the Cloud Security Alliance launched two Cloud Security

On 7 November 2023, the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill (“Bill“) was passed in Parliament. The

On 24 October 2023, the initial findings from the first phase of the joint Feasibility Study on Regional Energy Connectivity (“Study”) were announced in a Joint Ministerial Statement by the Ministry of Trade and Industry (“MTI”), Energy Market Authority of Singapore (“EMA”), and the United States (“US”) Department of Energy (“DOE”).

On 30 October 2023, the Monetary Authority of Singapore (“MAS“) announced that it is collaborating with the Financial Services Agency

To facilitate transition planning processes, the Monetary Authority of Singapore (“MAS”) issued a set of three Consultation Papers proposing guidelines on transition planning (“TP Guidelines”) respectively for banks, insurers and asset managers as they build climate resilience and enable robust climate mitigation and adaptation by customers and (where relevant) asset managers and investee companies.

Since the outbreak of COVID-19, commercial parties in the shipping industry have increasingly incorporated clauses dealing with infectious diseases into

The 39th ASEAN Capital Markets Forum (“ACMF“) Meeting made several inroads in driving transition towards sustainable capital markets in the

On 4 October 2023, the Free Trade Zones (Amendment) Bill 2023 (“Bill“) was passed in Parliament. The Bill amends the

Representatives appointed by capital markets intermediaries and financial advisers to conduct regulated activities under the Securities and Futures Act (“SFA“)

On 4 October 2023, the Ministry of Sustainability and the Environment and the National Environment Agency shared a set of

On 13 October 2023, the Consumers Association of Singapore (“CASE“) launched the CaseTrust Accreditation Scheme for E-businesses (“e-CaseTrust scheme“) to

An owner who has purchased a ship through commercial channels at arm’s length does not typically face challenges to its

The core principle of the digital economy is connectivity, finding its form in the digital links between people, organisations and

Over the years, Singapore’s investments in startups, research and innovation have transformed it into a technology and startup hub not

The commercial purpose of a confirmed documentary letter of credit is to provide assurance to the beneficiary that it will

On 29 September 2023, the Monetary Authority of Singapore (“MAS”) issued a consultation paper to seek comments on the following key proposals to augment the resolution regime for the insurance sector.

On 21 September 2023, the Singapore Exchange Regulation (“SGX RegCo”) issued a Consultation Paper titled “Proposed changes to the Futures Trading Rules and other rulebooks”.

Under Singapore law, claimants are required to bring certain types of actions within six years of the accrual of their

The Singapore Exchange (“SGX Group“) identifies green, social and sustainability (“GSS“) bonds listed on the SGX-ST that meet recognised standards

In October last year, the Monetary Authority of Singapore (“MAS“) issued a Consultation Paper on its proposed framework for Domestic

In commercial contracts, it is not uncommon to find provisions allowing for contractual discretion on the part of one or more parties. While such provisions give a certain amount of decision-making power to the party that has been conferred the discretion, they are not without limit.

As the global economy becomes increasingly driven by innovation and intangibles, the value of an enterprise is no longer limited

On 22 September 2023, the Monetary Authority of Singapore (“MAS”) issued the first part of its Response to feedback received on the “Consultation Paper on Proposed Enhancements to the Deposit Insurance Scheme in Singapore”.

On 8 September 2023, the Singapore Exchange Regulation (“SGX RegCo“) issued the “Regulator’s Column: Developing and executing a credible climate