MAS Issues Additional Consultation Papers on the Proposed Framework for Variable Capital Companies

The Monetary Authority of Singapore ("MAS") released parts 2 and 3 of the Consultation Papers on the Proposed Framework for Variable Capital Companies ("VCC"). The Consultation Papers propose several regulations governing the registration, operation and management, and insolvency and winding-up of VCCs.

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The Ministry of Law Consults on the Proposed Amendments to the International Arbitration Act

To ensure Singapore's legal framework for arbitration remains responsive to users' needs, the Ministry of Law seeks public comment on proposed amendments to the International Arbitration Act. Among others, the proposed amendments include a new mode of appointing arbitrators in multi-party disputes and the provision for appeal to the High Court on questions of law arising out of an arbitral award.

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IMDA Conducted a Public Consultation on the Review of the Electronic Transactions Act

The Infocomm Media Development Authority of Singapore (IMDA) recently launched a Public Consultation in its review of the Electronic Transactions Act (ETA). The ETA review aims to strengthen Singapore's position as a hub for electronic transactions by expanding the ETA's coverage to apply to more documents and transactions and confirming the ETA's application to emerging technologies.

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Recent PDPC Decisions Focus on the PDPA Protection Obligation

Recent cases of the Personal Data Protection Commission highlight that organisations must implement appropriate security measures to protect personal data in their possession or control, which are appropriate to the sensitive nature of such data. Adequate training and thorough testing are important components of these required security arrangements.

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MAS Consults on Payment Services Notices and Guidelines

The Monetary Authority of Singapore published a Consultation Paper on Payment Services Notices and Guidelines detailing the proposed notices and guidelines applicable to payment services providers under the Payment Services Act 2019 (PSA), including requirements relating to reporting, cyber security measures, conduct of business and public disclosure statements.

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