Singapore Legal Update - June 2019
25 June 2019
MAS Expands the Scope of Its Proposed Guidelines on Individual Accountability and Conduct
Ensuring compliance with the MAS’s proposed Guidelines on Individual Accountability and Conduct will be a non-trivial exercise. While non-prescriptive in nature, FIs will need to conduct a proper and systematic analysis of their operations in Singapore and the risks attendant to their business in Singapore to ensure that responsibility for each material aspect is accounted for. The MAS’s recently issued response to its earlier consultation paper describes more fully what its expectations in this regard are.
Organisations Need to Start Preparing for Handling Data Portability Requests
Organisations will need to start planning for how to deal with data portability requests. A number of other jurisdictions already require organisations to transmit personal data held by that organisation to another if so requested by the data subject. Such data portability obligations are being proposed by the PDPC in its recent consultation paper, which also seeks views on data innovation provisions intended to encourage the innovative use of big data in Singapore.