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  10/09/2024

  APAC region

  No room for ignorance: Singapore High Court clarifies directors’ duties

  Inter-Pacific Petroleum Pte Ltd (in liquidation) v Goh Jin Hian [2024] SGHC 178 In what could be seen as a wake-up call, the High Court of Singapore clarified the scope of director’s duties in Singapore, emphasizing the minimum standard of care required.BackgroundInter-Pacific Petroleum Pte Ltd (“IPP”), a petrochemical and ship bunkering company, was placed under judicial management in September 2019, and later liquidated in March 2021. IPP had borrowed over US$150 million to fund its cargo trading and bunkering transactions. These sums were never repaid to the banks. IPP’s...

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  18/07/2024

  United Kingdom

  Cyber Security and Resilience Bill: what businesses and insurers need to know

  Whilst receiving limited fanfare, the UK Labour government has announced a new Cyber Security and Resilience Bill (Cyber Bill) as part of its legislative package in its first King’s Speech. Contrary to certain expectations, there was no announcement of specific AI regulations, but future AI legislation was signposted.The Cyber Bill is part of the government’s pledge to enhance and strengthen the UK’s cybersecurity measures and protect the digital economy. It is largely in response to recent high-profile cyber incidents impacting key services and infrastructure, such as hospitals,...

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  20/02/2024

  United Kingdom

  Economic Crime and Corporate Transparency Act 2023: changes expected to come into force on 4 March 2024

  From Spring 2024 we expect the role of Companies House and the Registrar of Companies (Registrar) to change significantly from simply incorporating companies and being a largely passive information recipient and depository to being a pro-active regulator with clear objectives and the powers to fulfil them.Changes affecting the ongoing administration of companies and limited liability partnerships are also expected to come into force at the same time. Although no implementing regulation has been published yet, Companies House has announced that the date it is working to is 4 March 2024.The changes...

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  24/11/2023

  International

  Carbon Border Adjustment Mechanism transition in effect since 1 October 2023

  On 1 October 2023, a two-year transitional period began for implementation of Regulation (EU) 2023/956, which introduces the Carbon Border Adjustment Mechanism (CBAM). CBAM levies punitive CO2 charges against third-country importers of certain goods and only permits CBAM declarants to import these goods into the EU. Although reporting obligations have been imposed for the two-year transition period, CBAM does not fully go into effect until 1 January 2026.A. General InformationFrom 1 January 2026, importers of specific goods from third countries will be required to pay punitive CO2 charges under...

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  08/11/2023

  United Kingdom

  Another step towards transparency: the Economic Crime and Corporate Transparency Act 2023 becomes law

  The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which gained Royal Assent on 26 October 2023, is part of a package of reforms aimed at tackling economic crime and preventing the abuse of corporate structures in the UK by improving the transparency of corporations and those behind them. It is far-reaching in scope and Companies House have called its enactment “one of the most significant moments in [its] history”.Amongst other things, the ECCTA reforms Companies House and turns the Registrar of Companies into a more effective regulator with clear objectives and greater...

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  20/10/2023

  Singapur

  Singapore corporate regulator plans changes to stiffen AML prevention

  This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC. Introduction Amidst a high-profile money laundering investigation involving (currently) at least S$2.8 billion in domestic assets, Singapore’s government has recently announced plans to introduce additional measures to strengthen Singapore’s anti-money laundering (“AML”) regime.[1]The Proposed MeasuresThe additional measures primarily target:the role of corporate service providers (“CSPs”) authorized by the Singapore Accounting Corporate and...

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