Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Singapore | Publication | June 2024
The recent spotlight in Singapore on elaborate and expensive gifts and entertainment may have led some companies to shy away from offering or receiving them altogether. While most companies may be aware of the perennial risks associated with gifts, entertainment and hospitality, it may not be immediately obvious how they can be effectively managed to allow a business to thrive while being compliant with applicable laws.
On 29 May 2024, we hosted an interactive workshop in our Singapore office for legal and compliance personnel on topical issues relating to gifts, entertainment and hospitality. The workshop was conducted by our Regulatory Compliance and Investigations team, led by Wilson Ang (Partner, Co-head of Regulatory Compliance and Investigations, Asia-Pacific), and supported by Jeremy Lua (Senior Associate), Charis Low (Senior Associate), Wang Chen Yan (Associate), and Terence De Silva (Associate).
Participants of the workshop were provided with a timely refresher on the laws of anti-bribery and corruption relating to gifts, entertainment and hospitality, and had lively discussions exploring practical ways to deal with complex yet realistic scenarios.
Below are the key takeaways and highlights from the workshop. If you would like to learn more about these topics, please contact our Regulatory Compliance and Investigations team.
Refresher on the law regarding bribery and corruption
To kick off the workshop, Chen Yan provided a refresher on the law regarding bribery and corruption in Singapore, including: (a) the elements of the primary offences under the Singapore Prevention of Corruption Act 1960 (PCA); (b) factors typically considered by the Singapore Courts in PCA cases; (c) the inadmissibility of customary evidence; (d) issues relating to corporate liability for bribery and recent prosecutions of companies; (e) an enforcement case study illustrating the prohibition against bribes to cultivate the recipient so that he/she would become beholden to the briber; and (f) a comparison between the primary PCA offences and the offence under Section 165 of the Singapore Penal Code 1871 (relating to a public servant’s acceptance of or attempt to obtain any valuable thing from a person in connection with his official functions). Permissible forms of gifts, entertainment and hospitality, and the use of proxy monetary thresholds to assess the reasonableness of the value of a benefit given/received were also discussed.
Key takeaways from discussions relating to hypothetical scenarios
Participants were taken through some hypothetical scenarios (derived from our experience advising clients on such matters) illustrating often unexpected risks from a compliance perspective that could arise in the business context, which require a considered and nuanced approach to handling gifts, entertainment and hospitality.
The scenarios generated lively discussions among the participants who shared valuable insights and perspectives for navigating challenges relating to:
Wilson wrapped up the workshop with a summary of the key takeaways:
We sincerely thank the participants who took the time to join our workshop. If there are other topics of interest, please feel free to provide us with your feedback.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
The European Commission (EC) is contemplating a revision of the procedural framework for antitrust investigations that is laid down in Regulation 1/2003 and Regulation 773/2004 (together, the “Regulations”).
Publication
On 01 August 2024, the European Commission (EC) launched a public consultation on the draft text of the Guidelines on the application of Article 102 TFEU to abusive exclusionary conduct by dominant undertakings (the draft Guidelines).
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