The move reflects a similar trend globally where countries are stepping up their scrutiny of investments to protect critical industries. Read more at straitstimes.com.
Only a handful of critical entities that are currently not yet regulated or not adequately regulated will come under the purview of this Bill, Mr Gan said.
The Ministry of Trade and Industry said on Friday that three categories of businesses would come under the proposed legislation: those which are incorporated, formed, or established in Singapore; those which carry out business activities in Singapore; and those which provide goods and services to people here.
Although most critical entities here are already adequately covered by existing sectoral legislation, there are some which may not be covered adequately, or may be in sectors not covered by those rules, he noted. MTI said that the onus is also on the critical entities to notify the Minister after they become aware of any changes in ownership and control.The MTI spokesperson said that in the case of corporations, key officers refer to the chief executive officer, directors, and chairperson of the board of directors.
MTI said there are clear processes for affected parties that wish to request the Minister to reconsider his decision to designate them as critical entities. Mr Gan said that MTI will engage with the entities that are being considered for designation “to assure them that we will be working with them on the implementation details so as to address their concerns” and to minimise the overall impact on affected businesses.
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