OBS_VALUE: Under the new investment screening regime introduced by the Significant Investments Review Act 2024 (SIRA), an entity may be designated as a Designated Entity if: (a) it was incorporated, formed, or established in Singapore; (b) it carries out any activity in Singapore; or (c) it provides any goods and services to any person in Singapore, and the Minister considers the designation necessary in the interest of Singapore's national security.  “National security” in the context of the Act broadly covers areas critical to Singapore’s sovereignty and security, including its economic security and resilience. Key regulations applicable to Designated Entities include requirements to obtain the Minister's approval before becoming a 12%, 25% or 50% controller or an indirect controller, or acquiring the business or undertaking of the Designated Entity, or before ceasing to be its 50% or 75% controller. The Minister’s approval must also be obtained for the appointment of key officers. The Minister may make a special administrative order to direct that the affairs, business and property of that Designated Entity be managed by a person appointed by the Minister, if the Minister consider it to be in the interest of Singapore’s national security or in the interest of the security and reliability of carrying on the business of a Designated Entity. The Minister can also review transactions involving non-designated entities considered to be acting against Singapore's national security.  In such cases, the Minister may take targeted actions such as directing the transfer or disposal of any equity interest in the entity held by the transacting party; directing that the transfer of or disposal of his or its equity interest in the entity be restricted; or directing the transacting party to transfer or dispose of his or its control of voting power in the entity.  Also to note, except with the prior approval of the Director of Legal Services, a partner or employee of a limited liability law partnership or of a law corporation who is a regulated foreign lawyer must not —(i) hold shares in any (other) law corporation; (ii) be a director, consultant or employee of any (other) law corporation; or (iii) be a partner, consultant or employee of any law firm or any (other) limited liability law partnership.  Also to note, an approval of the Director of Legal Services is required for a foreign law practice to be a shareholder in any Singapore law practice which is a law corporation or share in the profits of any Singapore law practice.