Legal Bulletin October 2022: Allen & Gledhill

28 October 2022

Message from Managing Partner Jerry Koh on the occasion of Allen & Gledhill’s 120th Anniversary

Covid-19

MOM issues updated advisory on Covid-19 vaccination at the workplace following lifting of vaccination differentiated safe management measures

Banking & Finance

MAS consults on proposed amendments to limits on personal payment accounts that contain e-money

Corporate / M&A

Commencement of new requirements under Corporate Registers (Miscellaneous Amendments) Act 2022 on 4 October 2022

SIC issues practice statement on waiver of application of Singapore Code on Take-overs and Mergers to unlisted public companies

ACRA: Updated BizFinx Preparation Tool and Multi-Upload Tool now available

Cybersecurity & Data Protection

IMDA to implement full SMS Sender ID registration from 31 January 2023 and anti-scam filtering solutions from 31 October 2022

ESG & Public Policy

Bill introduced to amend Carbon Pricing Act 2018: Increase in carbon tax, industry transition framework and option to use eligible international carbon credits

Bill introduced to tackle harmful content on online services accessible to users in Singapore

MAS launches ESG Impact Hub to encourage growth of ESG ecosystem

New Technical Reference 109 launched to guide companies on sustainable packaging-related practices

Medico-Legal

MOH consults on proposed amendments to Healthcare Services Act 2020 to strengthen safeguards for patient safety and welfare

Real Estate

MAS, MND and HDB announce measures to ensure prudent borrowing and moderate demand in property market

Tax

Bill to amend Income Tax Act 1947 to implement tax changes announced in Budget Statement passed

Bill to amend Goods and Services Tax Act 1993 introduced to implement measures announced in Budget Statement including new GST rates

Venture Capital

SAL and SVCA launch expanded and updated Venture Capital Investment Model Agreements

White Collar & Investigation

Singapore announces five-pronged strategy to counter terrorism financing

Regional News

Malaysia

Securities Commission Malaysia issues revised Guidelines on Unlisted Capital Market Products under Lodge and Launch Framework

Malaysia amends Courts of Judicature Act 2022 precluding right of appeal in certain circumstances

Malaysia launches consultation on proposed new unified regulatory framework of consumer credit activities

Federal Court of Malaysia rules materials must conform to description in statutory sale and purchase agreement

Malaysia Court of Appeal holds no implied duty of good faith in commercial contracts

Vietnam

Data localisation requirement for specific data and entities in Vietnam effective 1 October 2022

Publications

The Asset Tracing and Recovery Review (10th Ed, 2022)

The Initial Public Offerings Law Review (6th Ed, 2022)

The International Comparative Legal Guide to Private Equity 2022 (8th Ed)

SID Directors Conference 2022: Navigating greenwashing in ESG

Practical Law Dispute Resolution Global Guide: Litigation and Enforcement in Singapore

Deals

Establishment of S$5 billion Euro medium term securities programme by Mapletree Pan Asia Commercial Trust

S$3.1 billion proposed acquisition of Worldwide Flight Services

US$1.975 billion sustainability-linked loan facilities to Olam Group Limited

S$1.2 billion loan facilities to Grand Dunman Pte. Ltd.

S$620 million and US$162 million dual currency loan facilities to Asia Mobile Holdings

US$24 million Series A financing of Immunefi