Singapore seeks to widen IMDA oversight on media stake buys

Immaterial transactions would no longer need prior written approval.

Singapore has tabled amendments that will expand the regulatory oversight of the Infocomm Media Development Authority (IMDA), including requiring approvals for media sector acquisitions involving 30% of equity interests.

Key amendments to the IMDA Act include requiring approval from IMDA over transactions that result in a person acquiring 30% or more equity interests or voting power in a regulated person (RP), effective control over an RP’s operations, or a person taking over the RP’s media business.

Currently, only acquisitions, mergers, or consolidations between RPs or between RPs and ancillary media services require IMDA’s prior approval.

Another key amendment will enable IMDA to issue a direction to prevent what it perceives as unfair market conduct in the media sector or for the protection of customers.

As of present, IMDA can only provide directions if there is non-compliance with competition or consumer protection obligations under the IMDA Act and the Telecom and Media Competition Code (TMCC).

Another amendment aims to streamline treatment of immaterial transactions. Instead of requiring written approval from IMDA, RPs simply need to inform IMDA of such transactions.

Amendments will also be made to the Telecommunications Act for alignment purposes, IMDA said.

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Infocomm Media Development Authority

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