Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Author:
Global | Publication | June 2018
New South Wales Parliament has today passed the Modern Slavery Act 2018 (NSW). The Act:
1. Establishes the role of Anti-Slavery Commissioner that will be responsible for maintaining a public register of Modern Slavery statements, interacting with agencies, reporting to parliament, monitoring the effectiveness of the Act and raising awareness.
2. Requires all commercial entities (that supply goods and services) with total revenue of $50m and an employee in NSW to prepare annual public modern slavery statement for each financial year to be made publicly available within a set period after the end of that business’s financial year to be set out in the regulations made under the Act.
3. Penalties of up to $1.1 m will apply for non-compliance and for false or misleading statement. In contrast, the proposed federal Modern Slavery Bill is expected to be limited to entities with total consolidated revenue of threshold at $100 m and it is not expected to provide any penalties for non-compliance; and
4. Provides that the reporting requirements of statements will be set by regulation, but may include:
(a) the organisation's structure, its business and its supply chains;
(b) its due diligence process in relation modern slavery;
(c) parts of the business and supply chains where risks exist, and steps taken to manage those risks; and
(d) training about modern slavery to its employees.
5. For Government Procurement, the Commissioner must regularly consult with the Auditor-General and the NSW Procurement Board to monitor the effectiveness of due diligence procedures in place to ensure that the procurement of goods and services by government agencies are not the product of modern slavery.
It is expected that the reporting requirement will not apply to foreign corporations or government agencies. Commercial organisations that are subject to obligations under the anticipated Commonwealth Modern Slavery Act will be exempt from the reporting requirements under the act, subject to it being prescribed that the legislation is comparable. No doubt this will be a relevant factor in determining the respective reporting criteria under both pieces of legislation.
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.
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