MAS Revises the Technology Risk Management Guidelines

The Monetary Authority of Singapore has revised the Technology Risk Management Guidelines applicable to financial institutions and their third party service providers. The revised Guidelines highlight MAS's increased expectations for cybersecurity controls and their importance in a financial institution's technology development and delivery lifecycle.

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IMDA Consults on a draft Code of Practice for Competition in the Provision of Telecommunication and Media Services

The Infocomm Media Development Authority (IMDA) has launched a second public consultation on the draft Code of Practice for Competition in the Provision of Telecommunication and Media Services. The Draft Code contains IMDA proposals that seek to harmonise and streamline existing Codes of Practice for competition in the telecommunications and media markets.

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Singapore Changes Its Strategic Goods Control List

The Singapore government has amended its list of strategic goods and technology that are controlled for export from or transit through Singapore. The amendments are implemented in the Strategic Goods (Control) Order 2020 (SGCO 2020) which came into effect from 16 November 2020. The amendments affect a range of military and dual-use goods but do not change the scope of the controls that apply to strategic goods and technology.

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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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New Zealand High Court Issues Landmark Cryptocurrency Ruling

In Ruscoe v Cryptopia Ltd, the New Zealand High Court issued a landmark ruling that the cryptocurrencies in question constitute property and were held on trust. In its ruling, the New Zealand High Court provides guidance on how traditional principles of property and trust may be applied to cryptocurrencies.

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