The new investment management regime will apply to both local and foreign investments, ensuring “a level playing field for all investors”, says MTI.
The proposed law aims to regulate significant investments, be it local or foreign, into entities that are critical to the country’s national security interests, says the Ministry of Trade and Industry
It will also empower the government to review ownership or control transactions, and take targeted actions at any entity that has acted against Singapore’s national security interests. The new investment management regime is necessary, given an increasingly complex economic landscape, said the minister, reiterating a point he made in August when he first mentioned how the government is exploring ““We have specific legislations ...
Under the proposed investment management regime, entities can be identified and designated as critical if they are incorporated, formed or established in Singapore, carry out activities in the country, or provide goods and services to people in the country.Firstly, these entities and their investors will have to notify or seek approval for ownership or control changes. Transactions that occur without the necessary approvals will be rendered void.
Such officers may be removed if they have been appointed without approval or if the conditions of approval are breached. The minister may also remove key officers in the interest of national security. The Bill will also allow the minister to review ownership or control transactions involving an entity that was not designated as critical but has acted against Singapore’s national security interests.
In recent years, several countries have introduced or tightened measures to subject foreign investments in strategically important sectors or companies to greater scrutiny.
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