Singapore ACRA striking a balance between corporate transparency and personal data privacy
The Accounting and Corporate Regulatory Authority of Singapore (Singapore ACRA) is running a public consultation exercise from 17 December 2021 to 28 January 2022 to seek feedback from the public on proposed amendments to the Companies Act, Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act, Limited Partnerships Act, and Variable Capital Companies Act 2018 (collectively, the ACRA-administered legislation) relating to data, digitalization, and corporate transparency.
As the national business registry, ACRA collects documents and information relating to business entities and public accountants and provides public access to such data information to enhance corporate transparency as well as facilitate business activity and economic growth.
The proposed amendments by ACRA seek to strike a balance between corporate transparency and personal data privacy. ACRA seeks to address concerns that individuals may have over the disclosure of the personal data that they file with ACRA by reducing the amount of data that must be filed with ACRA, while at the same time responding to requests from government agencies and private institutions for ACRA to share more business data for research, enforcement, and verification purposes. read more