Singapore: Closed consultation on data, digitalization, and corporate transparency legislative amendments
Description
Closed consultation on data, digitalization, and corporate transparency legislative amendments
On 28 January 2022, the Singaporean Accounting and Corporate Regulatory Authority (ACRA) closed the public consultation 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.
Original sourceScope
Policy Area
Data governance
Policy Instrument
Data protection regulation
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body
Complete timeline of this policy change
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
3rd party
1
Type
Private organisation
Economic activity
cross-cutting
Category
All
3
Type
Government official
Economic activity
other service provider
Category
State-owned organisation
producer / supplier
2
Type
Governmental organisation
Economic activity
other service provider
Category
State-owned organisation
Policy change by business practice
The detailed activities within the scope of this policy or regulatory change.
personal data (all forms): data collection
Regulatory tool
Obligation to make customer data available to government agencies
Sanctions
Regulated subjects
1 3
personal data (all forms): storage (any form)
Regulatory tool
Data storage/retention obligation
Sanctions
Regulated subjects
2
1
Regulatory tool
Sanctions
Civil penalty
Regulated subjects
1