Immediate Tasks for Nine Designated Entities under Significant Investments Review Act 2024
Ministry of Trade and IndustrySpeakers
Summary
This question concerns the immediate tasks and implementation steps for nine designated entities under the Significant Investments Review Act 2024, as raised by MP Neil Parekh Nimil Rajnikant. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong clarified that these entities are not currently required to undertake any immediate tasks or additional protective measures. Compliance actions are only triggered by changes in ownership, control, or key personnel, which may require notification or ministerial approval. Furthermore, designated entities cannot undergo voluntary dissolution, winding up, or judicial management without the express consent of the Minister. To support these requirements, the Office of Significant Investments Review serves as a dedicated touchpoint to provide guidance and ensure adherence to the Act.
Transcript
49 Mr Neil Parekh Nimil Rajnikant asked the Deputy Prime Minister and Minister for Trade and Industry (a) what immediate tasks are expected of the nine designated entities under the Significant Investments Review Act 2024 (SIRA); and (b) what steps will the Ministry take to ensure that these nine designated entities will implement the necessary protective measures within the expected timeframe as required under SIRA.
Mr Gan Kim Yong: The nine designated entities under the Significant Investments Review Act need not undertake any immediate tasks or additional protective measures.
Designated entities and relevant parties only need to take action when there are certain changes in ownership or control. For example: (a) prospective controllers, existing controllers and designated entities may need to notify or seek approval from the Minister when there are changes in ownership or control at specified thresholds; (b) designated entities need to seek the Minister’s approval for changes in key personnel; and (c) designated entities cannot be dissolved, terminated, wound up voluntarily or be subject to judicial management without the consent of the Minister.
The Ministry has set up the Office of Significant Investments Review to oversee the implementation of the Act and serve as a one-stop touchpoint to provide affected stakeholders with guidance. The Office has been closely engaging designated entities prior to their designation and will continue to work with them to facilitate their compliance with the Act.