Redefining the contours of inbound foreign investment - Singapore's Significant Investments Review A

Singapore's Significant Investment Review Act (“SIRA”), which we have previously examined here, entered into force at the end of March. The stated purpose of SIRA is to protect Singapore's national security interests by regulating significant investments in, and control of, critical entities. SIRA is not exclusively a 'foreign investment law' as it applies to both domestic and foreign investors when they obtain certain rights over designated entities.

SIRA does not apply retrospectively and will only apply to transactions involving designated entities after SIRA came into force.  

In parallel, Singapore’s Minister for Trade and Industry has issued the implementing rules and regulations dealing with (i) the reconsideration of decisions, appeals and judicial review, and (ii) establishing the Review Tribunal.