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Covering Zepzelca, Resolution Planning, Rule VI, Capital Adequacy, Adverse Event Reporting. Explore key regulatory developments across ASEAN covering Zepzelca authorization, enhanced resolution planning for capital market infrastructures, Rule VI consultation in the Philippines, capital adequacy frameworks, and advancements in adverse event reporting standards.
Regulatory news, updates, and insights for countries in the ASEAN region presented by the Carver Agents team
Welcome to Carver's ASEAN Regulatory Updates for March 29, 2026.
Starting with Singapore, the Monetary Authority of Singapore has issued a Consultation Paper on a new Notice and Guidelines under the Financial Services and Markets Act 2022. This introduces expanded recovery and resolution planning requirements and proposes statutory bail-in powers for systemically important capital market infrastructures. Notified capital market financial market infrastructures must prepare and maintain recovery plans identifying critical functions, stress scenarios, recovery options, and communication plans. They are also required to prepare orderly wind-down plans reviewed annually and submit detailed organizational and risk information to MAS. This enhancement aligns Singapore’s resolution regime with international standards to reduce risks and impacts of failure in the capital markets.
In Singapore again, the Health Sciences Authority reported that in 2025 it seized over 1 million illegal health products and removed more than 2,300 online listings. The HSA has reclassified etomidate as a Class C drug, imposing harsher penalties. Enforcement and surveillance efforts have increased to protect public health and safety. The HSA continues to collaborate with e-commerce and social media platforms to remove illegal listings and encourages the public to report suspected adulterated or harmful products.
Also involving Singapore, the Singapore-Israel Industrial R&D Foundation, or SIIRD, has introduced operating guidelines for its fund on smart cities. These guidelines define governance, funding, eligibility, and cooperation frameworks for joint research and development projects between Singaporean and Israeli entities. Projects must involve entities from both countries with at least one academic institution. Compliance with Israel’s IIA Rules and Singapore’s EDG(CIP) Policy is required. Funding is managed separately by each country’s agency with no cross-border fund transfers. This structured bilateral framework facilitates cross-border innovation partnerships.
Turning to Indonesia, the Government of Indonesia is considering temporarily lifting its fiscal deficit cap amid elevated oil prices. The government plans to monitor oil price trends closely and may adjust the fiscal deficit accordingly. Measures under consideration include curbing fuel consumption, adjusting subsidies, and issuing more government debt to increase subsidy allocation.
In the Philippines, the Department of Trade and Industry has issued a call for inputs regarding the Access List under Republic Act No. 12234. This initiative aims to promote competition, enable market entry, and support efficient use of digital infrastructure. Interested parties are invited to submit inputs as stipulated in Rule VI of the Act. This update will impact regulatory compliance and market competition in the digital infrastructure sector.
Lastly, the Philippines has initiated a safeguard investigation on ceramic tiles. This investigation involves multiple European Union member states as exporters and covers specific CN codes. The investigation may lead to trade measures affecting imports and exports of ceramic tiles between the European Union and the Philippines.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.