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Legal Updates

Legal Updates for December 2022

Bill to Enhance Online Safety Passed in Parliament
On 9 November 2022, the Online Safety (Miscellaneous Amendments) Bill ("Bill") was passed in Parliament. The Bill seeks to enhance the safety of digital spaces for Singapore users, particularly for children. The Bill will introduce new regulations and obligations on the part of online communication services and internet access service providers, and will empower the Infocomm Media Development Authority ("IMDA") to issue orders blocking harmful content.

The new regulations covering online communication services are currently intended to apply to social media services, which are viewed as a priority area due to the higher proportion of harmful online content on social media platforms. In this regard, IMDA has also issued a draft Code of Practice for Online Safety which sets out obligations that designated social media services have to meet. This Update provides a summary of the key provisions of the Bill and the draft Code of Practice.

SGX RegCo Publishes Cyber Incident Response Guide for SGX-Listed Companies
In October 2022, the Singapore Exchange Regulation ("SGX RegCo") published the Cyber Incident Response Guide ("Guide") to provide guidance on the best practices which are pertinent to helping issuers listed on the Singapore Exchange Securities Trading Limited as well as the SGX members (collectively "Companies") strengthen their cyber risk management strategies and practices. The Guide aims to set out considerations and good practices for Companies to refer to in preparing and operationalising their own cyber incident response plans, and adapting these considerations and good practices as necessary to meet their own requirements.

Although the Guide does not aim to prescribe a set of standards that all Companies should adopt, it is an indication of the impact a cyber incident can have on Companies and provides a perspective on the emphasis of SGX RegCo on Companies' preparedness and response to cyber risks and incidents. Companies should promptly assess whether their existing internal policies and plans deal with cyber risks and cyber incidents, and if so, whether such policies and plans meet the SGX RegCo's expectations set out in the Guide.

MAS Seeks Comments on Changes to Insurance Act and Regulations Governing Insurance Intermediaries
On 4 November 2022, the Monetary Authority of Singapore ("MAS") issued the "Consultation Paper on Amendments to the Insurance Act and the Insurance (Intermediaries) Regulations" containing its proposals to amend:

  1. the Insurance Act 1966 ("IA") to achieve four main objectives: (1) enhance MAS' supervisory powers; (2) clarify MAS' existing policy intent; (3) align with other IA provisions or MAS-administered Acts; and (4) reflect changes in policy intent; and

  2. the Insurance (Intermediaries) Regulations ("IIR") to align the regulations governing insurance brokers with other MAS-administered regulations.
The consultation ends on 13 January 2023.

This Update outlines certain key proposed changes to the IA and IRR.

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