Financial Services Bulletin September 2022

29 September 2022

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Covid-19

MOM updates advisory on requirements for safe management measures at the workplace

MOM issues advisory on Covid-19 vaccination requirements to apply for and renew passes

Capital Markets

Bill introduced to amend Business Trusts Act 2004 for alignment with Companies Act 1967 and to strengthen governance safeguards and streamline regulatory requirements

Competition & Antitrust

China revamps Anti-Monopoly Law: Below-threshold merger notifications and increased penalties, among other changes

Antitrust developments in South-east Asia: April to June 2022

Corporate / M&A

SGX RegCo to consult on hard coding nine-year cap on ID tenure, requiring disclosure of actual remuneration of directors and CEOs

Cybersecurity & Data Protection

CSA issues Singapore Cyber Landscape 2021 highlighting key malicious cyber activities in 2021, anticipated cybersecurity trends and initiatives to combat cyberthreats

Dispute Resolution

SICC dismisses application to set aside arbitral award on grounds of invalidity of arbitration agreement and breach of rules of natural justice

Employment, Health & Safety

Targeted enhancements to work pass framework announced

Updates to Employment Pass qualifying salary from 1 September 2022 for new applications

MOM announces heightened safety period measures to address spate of workplace fatalities: 1 September 2022 to 28 February 2023

Tripartite partners establish workgroup on representation for platform workers

Code of practice on WSH duties of chief executives and board of directors launched, to be gazetted by October 2022

ESG & Public Policy

SGX Group and MAS launch SGX ESGenome disclosure portal to streamline sustainability reporting and enhance investor access to ESG data

NCCS conducts public consultation on raised climate ambition and low-carbon transition

NEA launches public consultation on Beverage Container Return Scheme

Q2 2022 Review: Key ESG and public policy developments in Singapore

Financial Regulatory & Compliance

MAS launches Financial Services Industry Transformation Map 2025

MAS issues circular on enhancing anti-money laundering and countering the financing of terrorism controls in the VCC sector

Real Estate

Stamp Duties Act 1929 amended from 10 May 2022 to introduce ACD for equity interests of property holding entities transferred into living trust

Tax

Bill to amend Income Tax Act 1947 introduced to implement tax changes in 2022 Budget Statement

Regional News

Malaysia

Malaysia’s Labuan Companies Act 1990 amended to strengthen regulatory framework

All employees irrespective of wages to be covered under amended Malaysia Employment Act 1955 from 1 January 2023

Securities Commission Malaysia expands SRI Sukuk and Bond Grant Scheme to facilitate sustainable finance

Myanmar

Myanmar clarifies rules regarding conversion and use of foreign currency for exporters and others

Repeal of “value-added” criteria in Myanmar for export of certain crops

Indonesia

Indonesia’s Personal Data Protection Law has finally been passed - What is new?

Indonesia issues regulation on accelerating development of renewable energy for power, seeking end of coal-fired power plants by 2050

Publications

The Venture Capital Law Review (2nd Ed, 2022)

The Real Estate M&A and Private Equity Review (7th Ed, 2022)

Singapore Academy of Law Journal: Distinctly confusing - Clarifying the applicability of acquired distinctiveness under Singapore trade mark law

Deals

Establishment of S$10 billion multicurrency medium term note programme and issue of S$800 million 3.43% green notes due 2052 by Public Utilities Board

Issue of S$1 billion fixed rate notes due 2029 by Housing and Development Board

S$978 million sustainability-linked credit facilities to DBS Trustee Limited

US$50 million investment in OnPoint Holdings Pte. Limited by SeaTown Holdings International Pte. Ltd.

Awards & Rankings

Allen & Gledhill recognised as Tier 1 firm for M&A and Restructuring and Insolvency by IFLR1000, with most number of lawyers recognised across all practices

Allen & Gledhill and its network firms maintain top tier rankings in ALB M&A Rankings 2022

Allen & Gledhill continues to be only Singapore law firm ranked Tier 1 in World Tax 2023