Legal Bulletin July 2021: Allen & Gledhill

29 July 2021

Covid-19

Support package to help workers and businesses during Phase Two (Heightened Alert)

MAS and financial industry further extend support measures for SMEs in Tier 1 and 2 sectors and individuals, ESG further extends support measures

MAS, SIC, and SGX RegCo further extend option for electronic dissemination of rights issue and take-over documents until further notice

Extension of temporary relief measures for property developers affected by disruptions to construction timelines following tighter border measures

MOM, NTUC, SNEF issue advisory on Covid-19 vaccination in employment settings

MOM updates advisory on safe management measures at the workplace with effect from 20 July 2021

Banking & Finance

Banking Act amended to rationalise banking regulation and enhance prudential oversight

Competition

CCCS seeks feedback on proposed clarifications to scope of mitigating factors in its Penalty Guidelines

CCCS consults on proposed recommendation for Block Exemption Order for liner shipping agreements

OECD recommendations to enhance competition and efficiency for logistics sector in Singapore

Corporate / M&A

ACRA revises Guidance relating to requirements on registers of registrable controllers and registers of nominee directors

Dispute Resolution

Third-party funding permitted for more categories of legal proceedings in Singapore

SICC determines value of shares following finding of minority oppression

Employment, Health & Safety

Bill to amend Child Development Co-Savings Bill introduced towards family-friendly policies at the workplace

ESG & Public Policy

MSE launches GreenGov.SG as key enabler of national sustainability agenda

Singapore to develop and deploy low-carbon technological solutions

Intellectual Property

IPOS consults on Intellectual Property (Amendment) Bill 2021 and corresponding amendments to respective IP legislation

Real Estate

MinLaw refines criteria for publicly listed housing developers with substantial connection to Singapore to be exempted from Qualifying Certificate regime under Residential Property Act

Restructuring & Insolvency

Singapore Court of Appeal clarifies test for inability to pay debts in winding up proceedings

Singapore High Court considers whether to set aside judicial managers’ decision to sell insolvent company’s assets

Tax

MOF consults on proposed amendments to Goods and Service Tax Act

White Collar & Investigations

MAS consults on proposed new AML/CFT Notice for precious stones and precious metals activities and updates to existing AML/CFT Notices

General

Singapore launches SGTraDex to digitalise supply chain ecosystem

Singapore Court of Appeal finds “no-oral modification” clause did not apply to rescission of agreement

Regional News

Malaysia

Malaysian Government launches PEMULIH relief package

Amendments to Malaysia Capital Markets and Services Act 2007 in effect 1 July 2021

Bank Negara Malaysia issues anti-money laundering policy on non face-to-face verification processes by money services businesses

Malaysia Federal Court holds corporation sole does not need to be governed by board of directors

Malaysia Federal Court allows appeal by celebrity on goodwill and passing off

India

Indian Supreme Court in a significant pro-arbitration decision holds that two Indian parties may validly select a foreign seat of arbitration to resolve their disputes

Publications

Journal of Investment Compliance: Singapore variable capital companies - The many uses and benefits

Practical Law Regulation of State and Supplementary Pension Schemes in Singapore

The Dominance and Monopolies Review (9th Ed, 2021)

Deals

Issue of €300 million fixed rate notes by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Real Estate Investment Trust)

Issue of US$401 million infrastructure asset-backed securities by Bayfront Infrastructure Capital II Pte. Ltd.

US$25 million Series D financing of StashAway led by Sequoia Capital India

Issue of S$15 million in principal amount of digital notes by DBS Group Holdings Ltd.

Awards & Rankings

Allen & Gledhill maintains top position in IFLR1000’s Capital Markets and Investment Funds rankings

Allen & Gledhill Partners recognised in Benchmark Litigation Asia-Pacific’s Top 100 Women in Litigation 2021

Allen & Gledhill maintains leading position in IAM Patent 1000’s firm and individual rankings

Allen & Gledhill recognised in world’s top international arbitration practices worldwide