MAS Launches Sandbox Express for Faster Market Testing of Innovative Financial Services

MAS launched Sandbox Express to provide a faster option to conduct experiments within a pre-determined and standardised construct. Under this framework, MAS hopes to enable certain MAS-regulated activities that will bring innovative financial services or products into the market through a shortened approval process. Eligible applicants are thus allowed to commence market testing within 21 days of an application and may remain in Sandbox Express for a maximum period of 9 months.

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PDPC Publishes Guide to Accountability Under the Personal Data Protection Act

The Personal Data Protection Commission's (PDPC) Guide to Accountability (Guide) emphasises the importance of demonstrating accountability by developing an organisational culture of compliance and responsibility when handling and managing personal data.

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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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