Update to E-Payments User Protection Guidelines
On 25 April 2019, the Monetary Authority of Singapore ("MAS") updated the E-Payments User Protection Guidelines ("Guidelines").
The Guidelines set out MAS' expectations of any responsible financial institution ("Responsible FI") that issues or operates a protected account. You may access the updated Guidelines on the MAS website.
Protection from Online Falsehoods and Manipulation Act - An Overview
The Protection from Online Falsehoods and Manipulation Act ("POFMA") was passed by Parliament on 8 May 2019 after a vigorous debate in Parliament. This article summarises the ambit of POFMA, the powers it confers on the government, the offences and penalties, and the avenues for appeal.
Amendments to the Building and Construction Industry Security Of Payment Act ("SOPA")
The Building and Construction Industry Security of Payment Act ("SOPA") was introduced in 2004 to improve cash-flow in the building and construction industry. The SOPA Amendment Act 2018, passed by Parliament on 2 October 2018 ("Amendments"), introduces several improvements to SOPA. The Amendments are expected to come into force once changes to the Security of Payment Regulations are completed, which is slated to take place in the second half of 2019. This update provides a brief overview of the Amendments as regards construction contracts.
The listing decision by The Stock Exchange of Hong Kong Limited on reasons for rejection of certain listing applications in 2018
On 22 March 2019, The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") published a listing decision (LD121-2019) to provide guidance on the reasons for rejecting 24 listing applications in 2018, an eight-fold increase from 3 in 2017. Such increase in the number of rejections of applications is due to a heightened level of scrutiny exercised by the Hong Kong Stock Exchange in its assessment of suitability of listing applicants, and the exercise of its discretion to determine whether there are facts and circumstances to form a reasonable basis to believe that the applicants are likely to invite speculative trading upon listing or to be acquired for their listing status.
Recent updates to the Personal Data Protection Act investigation and enforcement regime
The Guide on Active Enforcement and Guide to Managing Data Breaches 2.0 released by the Personal Data Protection Commission ("PDPC") on 22 May 2019 (collectively, the "Guides") are the latest in a series of guides published by the regulatory body to assist organisations in understanding the PDPC's approach to regulating Singapore's personal data protection regime.