Legal Updates

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”.

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 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.

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.

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.