Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Author:
Australia | Publication | October 2022
The federal government announced late last week it will introduce amendments to the Telecommunications Regulations 2021 designed to allow telecommunications entities that have suffered a data breach to share data of affected customers with all APRA-regulated financial institutions, except branches of foreign banks. The data sharing is intended to enable the financial institutions to provide enhanced monitoring and safeguards to protect their customers from fraud and other financial harm.
The data-sharing scheme is elective: financial institutions can choose to participate. Doing so may allow a financial institution to provide better outcomes for its customers, but the financial institution must meet certain criteria to take part. While we are still awaiting the detailed regulations to be published imminently, the various press releases have provided high level detail on what financial institutions may be able to receive in the near future.
All APRA-regulated financial institutions are eligible, except branches of foreign banks.
The government’s amendments of the regulations to facilitate such cross-sectoral data sharing for the purpose of customer protection is an unprecedented move in the face of the scale of the Optus breach. While many financial institutions may wish to avail themselves of the option, the above requirements are significant and any organisation attempting to do so will need to ensure that it has adequately and appropriately established the relevant governance and suitable systems, processes and controls to protect customer data. Our Digital Operations, Cyber Risk and Financial Crime Risk Advisory team would be happy to assist should your organisation wish participate in the scheme.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
Publication
The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023