Financial Services Bulletin November 2021

29 November 2021

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Covid-19

Tripartite partners update Advisory on Covid-19 vaccination at the workplace

Tripartite partners update Advisory on requirements for safe management measures at the workplace

Competition & Antitrust

Antitrust developments in South-east Asia: July to September 2021

Block Exemption Order for certain liner shipping agreements extended till 31 December 2024

Corporate / M&A

Bill to enhance Singapore’s regime on transparency and beneficial ownership of companies and LLPs tabled in Parliament

Dispute Resolution

Proposed framework for conditional fee agreements set out in Legal Profession (Amendment) Bill 

SICC establishes technology, infrastructure and construction list to manage technically complex disputes

Court of Appeal finds relief ordered by arbitral tribunal to be constructive remedy to compensate and a “pragmatic solution to the realities of the situation”

Court of Appeal clarifies when an arbitration agreement can be deemed to exist

Employment, Health & Safety

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

ESG & Public Policy

Energy (Resilience Measures and Miscellaneous Amendments) Bill passed, MTI and EMA issue response to feedback on draft Bill

EMA launches new Singapore Standard for Renewable Energy Certificates, explores geothermal energy

Singapore commits to phasing out unabated coal power by 2050

ASEAN regional connectivity to be enhanced by Multimodal Transport Act 2021 in effect 28 November 2021

Singapore and Australia to focus on low emissions cooperation in 2022

The journey to low carbon transition: An introduction to carbon pricing

Financial Regulatory

MAS issues revised corporate governance guidelines for designated financial holding companies, banks, direct insurers, reinsurers and captive insurers

MAS implements contractual recognition requirement for certain financial institutions

MAS proposes changes to complex products regime for retail investors

MAS consults on proposed amendments to notices on residential property loans fact sheet, publishes information paper on residential mortgage pricing and disclosure practices

FinTech

FinTech developments and initiatives announced at Singapore FinTech Festival 2021

Tax

Income Tax Act amended with effect from various dates to implement Budget 2021 and other changes 

Bill to amend Goods and Services Tax Act passed

Regional News

Malaysia

Malaysia Energy Commission issues revised guide for cross-border electricity sales

Bank Negara Malaysia issues exposure draft on code of conduct for wholesale financial markets

Malaysia introduces cloud service regulation to increase accountability for user data security and sustainability of services

Malaysia Federal Court rules statutory lease not enforceable by private law

Malaysia Federal Court rules on interest of subsequent purchaser in land obtained by fraud

Malaysia Court of Appeal holds company’s constitution does not give rise to an indemnity for directors

Myanmar

Central Bank of Myanmar issues directives relating to utilisation of currency

Publications

Arbitration of maritime disputes: A Myanmar perspective

Maritime dispute resolution and arbitration enforcement: An Indonesian law perspective

Practical Law Cross-border Dispute Resolution 2021

Practical Law Cross-border Joint Ventures 2021

The Technology Disputes Law Review (1st Ed, 2021)

The Asset Tracing and Recovery Review (9th Ed, 2021)

Deals

Establishment of S$6 billion Euro medium term note programme by CLI Treasury Limited

US$1.78 billion proposed listing of PropertyGuru Pte. Ltd. on New York Stock Exchange through a business combination with special purpose acquisition company Bridgetown 2 Holdings

S$1.8 billion term loan facilities to Boulevard View Pte. Ltd.

Establishment of S$1 billion Euro medium term note programme by SIA Engineering Company Limited

S$926.48 million voluntary unconditional cash offer for Fragrance Group Limited by JK Global Treasures Pte. Ltd.

Issue of US$400 million senior notes by PT Medco Energi Internasional Tbk

S$540 million sustainability-linked term and revolving credit facilities to OUE Commercial Real Estate Investment Trust

US$401 million initial public offering of TDCX Inc.

Series seed funding of WatchTowrPte. Ltd. led by Wavemaker Pacific 4, L.P. and Vulcan Capital Singapore Greenhouse Pte. Ltd.

News

Appointment of Partner and Co-Head of Private Wealth Practice

Awards & Rankings

Allen & Gledhill recognised as one of the top law firms in Singapore by The Straits Times

Allen & Gledhill continues to be recognised as one of the top 100 corporate investigations practices worldwide by Global Investigations Review

Allen & Gledhill recognised as one of the top 30 law firms for cross-border restructuring and insolvency matters by Global Restructuring Review