Financial Services Bulletin March 2022

30 March 2022

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Covid-19 

MOM updates advisory on requirements for workplace safe management measures

MOM updates advisory on work and leave arrangements for employees who test positive for Covid-19 but are mildly symptomatic or physically well

Covid-19 requirements for construction sector streamlined from 15 March 2022

BCA issues circular on ex-gratia extension of time due to Covid-19 events for July 2021 - February 2022 in public sector construction contracts

Competition & Antitrust

Implications of greenwashing under consumer protection laws, and practical takeaways

Corporate / M&A

SGX RegCo provides guidance on its expectation of issuers regarding sanctions-related risks, subject or activity

SGX RegCo sets out expectations regarding business valuations for significant transactions

Cybersecurity & Data Protection

Financial penalty cap for data breaches by organisations under Personal Data Protection Act 2012 to increase from 1 October 2022

Employment, Health & Safety

MOM announces upcoming changes to Employment Pass eligibility

ESG & Public Policy

Energy (Resilience Measures and Miscellaneous Amendments) Act 2021 partially in force from 29 January 2022

Budget 2022: Key highlights

Singapore outlines sanctions and restrictions against Russia in response to invasion of Ukraine

Financial Regulatory

MAS issues new AML/CFT notice for precious stones and precious metals activities and updates existing AML/CFT notices

MAS issues notice on capital requirements for recognised market operators formed or incorporated in Singapore

FinTech

Three key FinTech trends in 2021

Restructuring & Insolvency

Singapore High Court considers classification of creditors in lock-up agreements for scheme of arrangements

Tax

Budget 2022: Summary of key tax changes

Regional News

Malaysia

Malaysia amends Income Tax (Restriction on Deductibility of Interest) Rules to reframe qualifying deduction definition

Malaysia Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 in effect

Bursa Malaysia launches Public Listed Companies Transformation Programme

Malaysia Federal Court rules likelihood of confusion from public must be considered in determining trademark infringement

Malaysia Court of Appeal rules Minister may grant extension of time to complete housing development

Vietnam

Singapore and Vietnam sign Memorandum of Understanding to strengthen economic and trade cooperation

Indonesia

BPJS Health Membership Card, now a must for land transactions in Indonesia

Indonesian Government tightens crypto asset trading supervision

China

China expands scope of revised Cybersecurity Review Measures to include network platform operators

India

Singapore and India enhance cooperation in science, technology and innovation

Publications

The International Comparative Legal Guide to Digital Health 2022 (3rd Ed)

Practical Law Cross-border Dispute Resolution 2022

Personal Data Protection Digest: The Data Breach Notification Obligation and Case Studies for Financial Institutions and Employers

Deals

Investment in GLP Vietnam Development Partners I, L.P. by Manulife Investment Management

S$1.3 billion divestment of One George Street by One George Street LLP

Issue of S$1 billion fixed rate notes by Housing and Development Board

Acquisition of Citigroup consumer banking business in Taiwan by DBS Bank Ltd.

US$80 million acquisition by the Manulife Investment Management and LOGOS Group joint venture of an 11-hectare logistics asset in Greater Ho Chi Minh City, Vietnam

US$50 million Series B financing of Atlan co-led by Insight Partners

US$43.6 million acquisition of 49% stake in Clean Energy Vision Development Joint Stock Company by Leader Energy

Partnership between Sembcorp Industries and BCG Energy for up to 1.5 GW of renewable energy projects in Vietnam

Joint venture to establish global carbon exchange and marketplace Climate Impact X

News

“Plant-A-Tree Programme” by NParks adopted by Allen & Gledhill as part of its commitment on sustainability

Awards & Rankings

Allen & Gledhill wins top awards at IFLR Asia-Pacific Awards 2022