MAS Consults on a New Omnibus Act for the Financial Sector

The Monetary Authority of Singapore (MAS) published a consultation paper on the New Omnibus Act for the Financial Sector. The proposed new omnibus Act (the New Act) will consolidate provisions in the MAS Act into one legislation. The New Act will also include additional provisions relating to the expanded power to issue prohibition orders, expansion of the scope of AML/CFT, imposition of technology risk management requirements and an approved dispute resolution scheme with statutory protection from liability.

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ACRA Consults on Proposed Amendments to the Companies Act

ACRA and its Companies Act Working Group issued a public consultation paper seeking comments on recommended amendments to the Companies Act. The proposed changes aim to ease companies' compliance obligations and ensure Singapore's corporate laws and regulatory framework keep abreast with companies' changing practices in the current business landscape.

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Singapore Eases Overseas Transfers of Personal Data

Asia Pacific Economic Cooperation Cross-Border Privacy Rules (CBPR) System and Privacy Recognition for Processors (PRP) system certifications are now recognised by Singapore as one of the modes of data transfer abroad. In its updated Advisory Guidelines on Key Concepts in the PDPA published on 2 June 2020, the PDPC explained that a transfer of an organisation's personal data to a CBPR or PRP accredited recipient meets the criteria of an overseas transfer under the PDPA.

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Public Consultation on the Proposed Amendments to the Personal Data Protection Act

The MCI and PDPC published a consultation paper on the proposed amendments to the Personal Data Protection Act (PDPA) and related amendments to the Spam Control Act (SCA). The proposed amendments strengthen organisations' accountability, introduce additional bases for collecting, using and disclosing personal data, impose a data portability obligation, harmonise PDPA and SCA provisions, and fortify available enforcement measures.

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Singapore's Job Support in the Time of COVID-19

The Jobs Support Scheme has been introduced in Singapore to encourage employers to retain their employees in response to the economic challenges brought on by the COVID-19 pandemic.

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