Singapore: Opened consultation on data, digitalization, and corporate transparency legislative amendments

On 17 December 2021, the Singaporean Accounting and Corporate Regulatory Authority (ACRA) launched a public consultation until 28 January 2022 on certain proposed legislative amendments (to the Companies Act, Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act, Limited Partnerships Act, and Variable Capital Companies Act 2018). The ACRA seeks input on five major areas. ACRA aims to lessen the amount of data that must be filed, increase corporate transparency, balance transparency and user privacy, facilitate digital correspondence and streamline corporate processes, regulatory requirements and data governance.