Financial Services Bulletin October 2021: Allen & Gledhill

28 October 2021

Covid-19

Rental waiver framework for businesses impacted by Phase 2 (Heightened Alert) takes effect

MOM issues advisory on work and leave arrangements for employees who test positive on Covid-19 Antigen Rapid Test (ART) but are physically well

Vaccination as entry requirement for work pass holders from 1 November 2021

English High Court considers whether Covid-19 regulations relieve tenants from obligation to pay rent

Capital Markets

ACRA proposes changes to Limited Partnerships Act to introduce specific provisions for fund limited partnerships and update other provisions for all limited partnerships

Competition & Antitrust

State Courts, following CCCS actions, order supplier of essential goods to cease unfair trade practices

Cybersecurity & Data Protection

CSA consults on licensing framework for cybersecurity service providers under Cybersecurity Act: Proposed licence conditions and regulations

Singapore Cybersecurity Strategy 2021 launched

Regulations and advisory guidelines under Personal Data Protection Act 2012 amended to provide for how business contact information of data protection officers may be set out

Employment, Health & Safety

Bill introduced to amend Retirement and Re-employment Act to change statutory limits for prescribed minimum retirement age and re-employment age

ESG & Public Policy

Enterprise Singapore launches S$180 million Enterprise Sustainability Programme to help at least 6,000 enterprises build sustainability capabilities

Financial Regulatory

MAS consults on proposed digital platform for FIs to share information to counter money laundering, terrorism financing and proliferation financing

MAS implements exemption frameworks for cross-border business arrangements of capital markets intermediaries involving foreign related corporations and foreign offices

MAS issues second consultation paper and response to feedback on proposed revisions to Guidelines on Business Continuity Management

SGX amends default management process for clearing members of CDP

MAS consults on proposed amendments to appeals regulations

Tax

Bill to amend Income Tax passed giving effect to tax changes announced in Budget 2021 Statement

Bill to amend Goods and Services Tax Act tabled for first reading

Regional News

Malaysia

Bank Negara Malaysia issues exposure draft on financial reporting for Takaful operators

Malaysia expands scope of Self-Employment Social Security Act 2017 from 1 October 2021

MyCC releases market review on selected transportation sectors in Malaysia

Instruments executed under Bank Negara Malaysia High Tech Facility - National Investment Aspirations exempt from stamp duty

Myanmar

Recent amendments to tax administration in Myanmar

Central Bank of Myanmar reduces time frame for conversion of export proceeds

Myanmar allows courts to refer matters to mediation in amended Code of Civil Procedure

Vietnam

Resolution 105 eases restrictions relating to issuance of work permits for foreigners in Vietnam

Foreign traders and entities in Vietnam to comply with new e-commerce rules from 1 January 2022

Indonesia

Indonesia passes new Law on the Harmonization of Tax Regulations

Publications

Business Law International: Spotlight on SPACs - Key trends and issues

The Initial Public Offerings Law Review (5th Ed, 2021)

Deals

Establishment of S$3 billion multicurrency medium term note programme and issue of S$1.65 billion notes by National Environment Agency

US$575 million acquisition of AXA Insurance Pte. Ltd. by HSBC Insurance (Asia-Pacific) Holdings Ltd.

Issue of inaugural S$675 million sustainability-linked notes by Sembcorp Industries Ltd

S$632.4 million pre-conditional voluntary general offer to acquire all the issued ordinary shares in Roxy-Pacific Holdings Limited by TKL & Family Pte. Ltd.

US$400 million Series D financing of Advance AI co-led by Softbank Vision Fund 2

US$120 million Series E financing of Moglix

US$65.7 million Series C financing of Doctor Anywhere led by Asia Partners

US$30 million acquisition of a 51% stake in Myanmar Metals Limited by Win Myint Mo Industries Co., Ltd and EAP Global Mining Co., Ltd

Acquisition of LYS Energy Solutions Pte Ltd by Leader Energy Pte Ltd

Awards & Rankings

Allen & Gledhill clinches major regional awards at ALB SE Asia Law Awards 2021