Financial Services Bulletin January 2021: Allen & Gledhill

28 January 2021

Corporate / M&A

SGX RegCo enhances rules on auditors, valuers and valuation reports

ACRA announces revised penalty framework for annual lodgments to take effect from 30 April 2021

Singapore accedes to Apostille Convention

Electronic Transactions (Amendment) Bill tabled for first reading: New provisions on electronic transferable records and electronisation of negotiable instruments, documents of title and bills of lading

Dispute Resolution

New appellate structure in Singapore Supreme Court implemented on 2 January 2021

Singapore Court of Appeal affirms long-standing Dunlop test for contractual penalties

Employment

MOM requires work pass holders to update MOM on new residential address or mobile number within five days of change

Financial Regulatory

Payment Services (Amendment) Bill passed to mitigate money laundering and terrorist financing risks and to impose measures on digital payment token service providers

MAS consults on draft standards for operational risk capital and leverage ratio requirements for Singapore-incorporated banks and issues response to feedback received on proposed implementation of final Basel III reforms

MAS seeks feedback on proposed Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services

Public Policy

Digital Economy Partnership Agreement in force for Singapore and New Zealand from 7 January 2021

SGX strengthens commitment to sustainability with S$20 million plan

Singapore and the US sign MOU on trade financing and investment cooperation

UK-Singapore Free Trade Agreement in effect from 1 January 2021

Tax

Goods and Services Tax Act amended from 1 January 2021 to enhance Comptroller’s powers to counter fraud and investigate tax offences

Regional News

Malaysia

Covid-19 Response: Malaysia’s PERMAI Assistance Package

Malaysia’s Emergency (Essential Powers) Ordinance 2021 in effect from 11 January 2021

Amendments to Malaysia Rules of Court made to take into account electronic and remote communications

Commencement of various subsidiary legislation under Malaysia Prevention and Control of Infectious Diseases Act 1988 on 13 January 2021

Malaysia Federal Court dismisses appeal on compulsory acquisition of lands under Land Acquisition Act 1960

Malaysia Court of Appeal holds that an injured employee has right to claim aggravated and exemplary damages for employer’s gross negligence

Myanmar

Central Bank of Myanmar issues Guideline on Risk Management Practices of Banks

Indonesia

Indonesia extends travel restrictions due to new Covid-19 variant transmission

Vietnam

New decree on foreigners working in Vietnam and recruitment and management of Vietnamese citizens in force 15 February 2021

Vietnam issues new decree on corporate bonds

China

Measures relating to security review of foreign investment in China in force 18 January 2021

Deals

R$11.4 billion initial public offering of Rede D’Or São Luiz S.A.

Issue of S$1.4 billion fixed rate notes by Housing and Development Board

Issue of S$1 billion notes by Singapore Airlines Limited

US$740 million initial public offering of McAfee Corp

S$900 million term and revolving credit facilities to DBS Trustee Limited (in its capacity as trustee of OUE Commercial Real Estate Investment Trust) and RBC Investor Services Trust Singapore Limited (in its capacity as trustee of OUE Hospitality Sub-Trust)

US$43.6 million investment in three solar projects by Leader Energy Pte. Ltd.

News

Allen & Gledhill announces admission of new Partners and Counsels 2021

Awards & Rankings

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia in The Legal 500 Asia Pacific 2021

Allen & Gledhill and Rahmat Lim & Partners ranked in top bands by Global Competition Review (21st edition)

Seven Allen & Gledhill lawyers ranked in Who’s Who Legal: Banking 2021 guide