Singapore: Monetary Authority responds to feedback received
in short On 6 November 2024, the Monetary Authority of Singapore (MAS) published its response to feedback on the July 2023 consultation paper setting out a proposed regulatory framework for single-family offices (SFOs) operating in Singapore. SFOs are not required to obtain a license under the Securities and Futures Act 2001 (SFA) and the proposals aim to harmonize standards for a simplified class exemption regime and address potential money laundering (ML) risks posed by SFOs. You can access our previous reminders about consultations here. MAS will provide further details on the implementation effective date, the revised legislation and the means of submitting initial notifications and annual returns prior to the implementation of the SFO framework. The MAS has provided further details and clarification on key measures to be implemented under the SFO framework. These further details and instructions appear below in red font: MAS proposes to provide a one-year transition period from the date when the proposed SFO framework comes…
Saudi Red Sea Authority launches yacht charter service
The Saudi Red Sea Authority (SRSA) has made significant progress in developing tourism along the Saudi coast by issuing its first yacht charter license. This milestone supports the broader goals of Saudi Vision 2030, which aims to strengthen tourism services, attract investment and expand the economic contribution of the sector. Also read: Saudi Red Sea Authority launches 'More Than a Sea' to boost coastal tourism As part of its mandate, SRSA focuses on developing policies and strategies to regulate maritime and nautical tourism activities while overseeing terminal operations. This includes issuing permits and licenses to promote investment and innovation in the marine tourism industry. The newly issued license was issued under the Large Yacht Charter Regulatory Framework and authorizes the company to operate yacht charter exclusively in the Red Sea region of Saudi Arabia. The first companies to receive these licenses include Hill Robinson Saudi Limited, Faisal M. Higgi & Associates Co. Ltd and JLS Yachts Limited. To ensure compliance,…
Sweden: Swedish Competition Authority on
in short As of last Friday, 1 November 2024, the Swedish Competition Authority has started to implement its declaration on free access to procurement documents. According to the Swedish Competition Authority, this means that the contracting authority is now expected to offer standard contracts such as AB04 and ABT06 free of charge to bidders in all public procurement processes. The decision prompted discussion and concerns about increased administrative burdens and costs for contracting authorities and bidders. Additionally, there are concerns that adoption of standards that encourage predictability and transparency may decrease. Although not legally binding on courts, the Swedish Competition Authority's positions are intended to guide the public and clarify the assessment of specific legal issues. In a statement of 28 June 2024, the Swedish Competition Authority argued that reference in procurement to documents that are not freely available violates Chapter 10, Section 7 of the Swedish Public Procurement Act. The Swedish Competition Authority stresses that procurement documents such as…
Singapore: Health Sciences Authority updated guidance
in short In October 2024, the Health Sciences Authority (HSA) updated its guidance on evidence of implementation of good manufacturing practice (GMP) by manufacturers of drug substances (DS) (“guide"). This is a timely revision to the guidance, as the requirement for chemical DS manufacturers to provide evidence of GMP compliance becomes mandatory from 1 October 2024, after a one-year grace period. Effective October 1, 2024, all new or generic drug applications (NDA or GDA) and minor change applications ("IV-1") Adding a new DS manufacturer must be supported by evidence of GMP compliance by the DS manufacturer. Applications that do not meet these requirements will not be accepted. The guidance clarifies that this mandatory requirement does not apply to existing registered products unless a MIV-1 application is submitted to add or change drug substance manufacturers/sites. Only GMP certificates issued by Drug Inspection Cooperation Program agencies are accepted; HSA does not accept certificates issued by third-party certification agencies. The GMP compliance evidence…
Singapore: Monetary Authority issues consultation paper on proposals
in short On October 4, 2024, the Monetary Authority of Singapore (MAS) published proposed regulatory approaches, regulations, notices and guidance for digital token service providers under the Financial Services and Markets Act 2022 (P010-2024). Consultation Paper ("Consultation document"). The consultation paper includes a number of annexes setting out MAS’s proposed new regulatory framework for digital token service providers (DTSPs), which will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). MAS' key recommendations on the new regulatory framework for DTSPs revolve around licensing requirements, anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, financial obligations and governance requirements. We've provided more details on each area below. We anticipate that this consultation paper will be of most interest to DTSPs who are not currently licensed and may wish to be regulated under Part 9 of FSMA. If you have any feedback or comments on the proposals related to the new regulatory framework for DTSP, please…
Establishing Authority in Trading: The Role
In the competitive world of online trading, establishing authority is crucial to attracting and retaining customers. Not only does authority influence the decisions of potential traders, it can also improve search engine rankings, thereby driving organic traffic to your trading platform. One of the most effective ways to build authority in the trading space is to use backlinks strategically. Backlinks serve as endorsements from other websites, showing search engines that your content is valuable and trustworthy. Work with a professional company like this #1 CBD SEO Agency Can help enhance your link building strategy, especially if you are targeting a niche within the trade industry. Also Read: Unleashing New Revenue Streams: How Businesses Can Leverage Digital Marketing Services Understanding the role of backlinks and implementing an effective link building strategy can significantly impact your authority in the trading space. This article explores the importance of backlinks, how to obtain them, and strategies you can use to build strong authority in…
Singapore: The Monetary Authority of Singapore has revised
brief On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Payment Service Provider Licensing Guidelines (PS-G01) (“guide”), which comes into force on 26 August 2024. The changes apply to existing and future standard payment institutions (SPIs) and major payment institutions (MPIs) under the Payment Services Act (PSA). These updates can be divided into updates related to: (i) the process for applying for a new MPI or SPI license or changes to an existing license under the PSA; and (ii) updates related to ongoing business operations. Please click here to read the full alert. * * * * * © 2024 Baker & McKenzie.Wong & Leow. All rights reserved. Baker & McKenzie.Wong & Leow is a limited liability company and a member firm of Baker & McKenzie International, a global law firm with member firms located throughout the world. In accordance with common terminology used in professional services organizations, “client” means a partner or equivalent in such law…
Singapore: The Monetary Authority of Singapore has revised
brief On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Payment Service Provider Licensing Guidelines (PS-G01) (“guide”), which comes into force on 26 August 2024. The changes apply to existing and future standard payment institutions (SPIs) and major payment institutions (MPIs) under the Payment Services Act (PSA). These updates can be divided into updates related to: (i) the process for applying for a new MPI or SPI license or changes to an existing license under the PSA; and (ii) updates related to ongoing business operations. Please click here to read the full alert. * * * * * © 2024 Baker & McKenzie.Wong & Leow. All rights reserved. Baker & McKenzie.Wong & Leow is a limited liability company and a member firm of Baker & McKenzie International, a global law firm with member firms located throughout the world. In accordance with common terminology used in professional services organizations, “client” means a partner or equivalent in such law…
Egypt: Egyptian Competition Authority publishes three prices
brief This week, the Egyptian Competition Authority (ECA) launched three price-fixing cartel cases against 21 major table egg producers, including board members of the Table Egg Chamber of Commerce, which is affiliated to the General Union of Chicken Producers (“Cartel membersIn these cases, cartel members agreed on the selling prices of white and red eggs, in violation of Article 6 of the Egyptian Competition Law No. 3 of 2005. The Egyptian Competition Authority filed a criminal case against the cartel members with the Public Prosecution, but the case was not concluded. The ECA press release states that cartel members agree on daily prices for white and red table eggs sold by farmers to traders/merchants. Such actions have led to excessive price increases of table eggs in the Egyptian market over the past period of time. The Egyptian Egg Association found that at the end of each day, the Egg Chamber and the major farms negotiate the selling price of eggs…
Saudi Red Sea Authority launches “More Than an Ocean” program to promote
The Saudi Red Sea Authority (SRSA) has launched a new campaign, “More Than a Sea,” which is organized around four pillars: regulation, sustainability, investment attraction and tourism promotion. The initiative aims to boost Saudi Arabia’s coastal tourism by highlighting the multifaceted role of the SRSA. Also read: Maersk launches SAR 1.3 billion logistics hub at Jeddah Islamic Port: a major milestone in Saudi Arabia’s global supply chain ambitions The event focused on the regulatory responsibilities of the Saudi Coastal Authority, including the development of policies, strategies and initiatives to oversee navigation and marine tourism activities. The Saudi Coastal Authority, in collaboration with relevant entities, has issued seven regulations governing tourism along the coast of Saudi Arabia, ensuring a well-structured and safe environment for visitors. The campaign also highlights the potential of the Red Sea as a lucrative investment destination, with a population of approximately 7 million and 1,800 km of coastline. The region’s diverse landscapes, rich cultural heritage and abundant…
GT Podcast – Episode 131 – The Port Authority of New York and New Jersey –
Subscribe: Apple Podcasts | Amazon Music | MoreEpisode 131 - Port Street Corridor Project In the latest episode of GT Podcasts, From a Logistics Perspective, our host Eric Kleinsorge, CEO and Publisher of Global Trade Magazine, said: Sit down with Charlie Bontempo and Patrick Thrasher of the Port Authority of New York and New Jersey to discuss the transformative Port Street Corridor Project. This ambitious plan aims to transform and expand critical transportation infrastructure around the Port of New York and New Jersey, one of the busiest ports in the United States. Charlie Bontempo and Patrick Thrasher provide insight into the project’s scope and goals. They explain how the Port Street Corridor project will ease congestion, increase cargo movement efficiency, and improve overall logistics in the port region. Key components of the project include road expansion, modernization of traffic management systems, and development of new intermodal connections to facilitate smoother movement of goods. The interview delved into the project’s expected…
Italy: Italian Competition Authority – Untrue moral boasting
brief The Italian Competition Authority (AGCM) has opened two investigations (PS12793 and PS12805) against two major luxury goods groups, alleging violations of the Consumer Code in the promotion and sale of clothing and accessories. According to the AGCM, in both cases, the companies may have False ethical and social responsibility statementsin particular with regard to working conditions and compliance with legal requirements of its suppliers. As stated in the press release (in Italian and English), in some cases, these companies use supplies from laboratories that employ workers who are not paid enough. They also work hours that exceed legal limits and in inadequate health and safety conditions. If the AGCM damage theory is confirmed, Have excellent production level It would conflict with the conditions of workers employed in the production process, leading to unfair business practices. The AGCM’s actions aim to sanction the use of untrue product quality claims in order to gain prestige in the eyes of consumers by…
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