27 January 2022
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Letter from the editors
Covid-19
Covid-19 vaccination to be a condition for long-term passes, work passes and permanent residence from 1 February 2022
Updated Covid-19 advisories: Vaccination at the workplace and work and leave arrangements for Covid-19 positive employees who are mildly symptomatic or physically well
MOM updates advisory on workplace safe management measures requirements: Concession for unvaccinated employees to return to workplace via negative PET removed, work-related events with 50-1000 participants permitted
Workplace Safety and Health (Covid-19 Safe Workplace) Regulations 2021 in force from 1 January 2022
Extension of relief period under Covid-19 (Temporary Measures) Act for relevant contracts in Built Environment sector
Competition & Antitrust
CCCS publishes competition guidelines to provide greater clarity and guidance, to take effect from 1 February 2022
CCCS issues Business Collaboration Guidance Note to enable businesses to collaborate with greater confidence
Competition agencies in Singapore and China sign MOU to enhance cooperation in competition law
Corporate / M&A
SGX mandates climate and board diversity disclosures
MAS consults on changes to Business Trusts Act to align provisions with Companies Act, strengthen governance safeguards and streamline regulatory requirements
ACRA issues Financial Reporting Practice Guidance No. 1 of 2021 on areas of review for FY 2021 financial statements
ACRA consults on proposed legislative amendments relating to data, digitalisation, and corporate transparency
Corporate Registers (Miscellaneous Amendments) Bill enhancing Singapore’s regime on transparency and beneficial ownership of companies and LLPs passed
Dispute Resolution
Women’s Charter amended to enhance marriage process and focus on therapeutic justice principles
Employment, Health & Safety
Changes to CPF contribution rates from 1 January 2022 for employees aged above 55 to 70
ESG & Public Policy
COP26: Commitments from Singapore and the region
Regional Comprehensive Economic Partnership Agreement in force from 1 January 2022: Businesses benefit from measures facilitating trade and investment
FinTech
MAS issues guidelines on the provision of digital payment token services to general public
Intellectual Property
Taking of evidence in Singapore in support of IP litigation overseas
Intellectual Property (Amendment) Bill passed to amend various IP Acts to improve (1) business-friendliness, (2) operational efficiency of IPOS, and (3) legislative and procedural clarity
Maritime & Aviation
Singapore Chamber of Maritime Arbitration responds to needs of industry in new fourth edition of its Rules
Medico-Legal
Partial commencement of the Healthcare Services Act 2020 with effect from 3 January 2022 to strengthen governance requirements for providers of healthcare services
Real Estate
Raising additional buyers stamp duty rates and tightening loan to value limits to cool the property market
URA seeks feedback on proposed requirements for developers to provide information to buyers and amendments to Housing Developers Rules
Tax
Goods and Services Tax Act 1993 amended to update GST treatment for supply of media sales and introduce GST on imported low-value goods and business-to-consumer imported non-digital services
General
Revised Edition of Singapore Acts of Parliament
Regional News
Malaysia
Malaysia amends Copyright Act and Patents Act
Bank Negara Malaysia issues discussion paper on licensing framework for digital insurers and takaful operators
Bursa Malaysia issues updated corporate governance guide
Securities Commission Malaysia revises SPAC framework
Securities Commission Malaysia issues revised guidelines on unit trust funds
Vietnam
Vietnam simplifies procedures for enterprises in online gaming sector
Indonesia
Indonesia’s coal export ban: No way out
Indonesia’s plan to move its capital gains traction: Draft Bill on State Capital ratified into law
China
Certain restrictions on foreign investment in China removed by new Negative Lists
PRC to require foreign companies to disclose ultimate beneficiary owners
Deals
MYR1.925 billion acquisition of Crunchy Foods Sdn Bhd by URC Snack Foods (Malaysia) Sdn. Bhd.
Acquisition of Athena Energy Holdings Pte Ltd by Manhattan Resources Limited
Joint venture to establish a digital securities and cryptocurrency exchange in Singapore by SIX Group AG and SBI Digital Asset Holdings Co., Ltd.
News
Admission of new Partners and Counsels 2022
Awards & Rankings
Allen & Gledhill named Who’s Who Legal Singapore Firm of the Year for the 13th time
Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia in The Legal 500 Asia Pacific 2022
