Financial Services Bulletin November 2022: Allen & Gledhill

29 November 2022

Competition & Antitrust

Antitrust developments in South-east Asia: July to September 2022

Corporate / M&A

ACRA issues Financial Reporting Practice Guidance No. 1 of 2022 on areas of review focus for FY2022 financial statements

SGX RegCo consults on proposed hard limit of nine years on tenure of independent directors and disclosure of exact remuneration of directors and CEOs of listed companies

Cybersecurity & Data Protection

Increased maximum financial penalties under Personal Data Protection Act 2012 from 1 October 2022

CSA launches Internet Hygiene Portal, including Internet Hygiene Rating table

Dispute Resolution

Amendments to Criminal Procedure Code 2010 on fitness to plead and unsoundness of mind regime

Singapore High Court considers allegations of prejudgment in related arbitrations

ESG & Public Policy

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

Code of practice on WSH duties of chief executives and board of directors gazetted as Approved Code of Practice

Singapore joins Article 6 Implementation Partnership at COP27

Singapore and China agree 19 MOUs and seek to strengthen cooperation in green finance and capital markets

Singapore and Australia sign green economy agreement to advance trade and environmental sustainability

MTI announces substantial conclusion of negotiations seeking to upgrade Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area

Singapore joins Forests and Climate Leaders’ Partnership as member country

Singapore updates long-term low-emissions development strategy

Q3 2022 Review: Key ESG and public policy developments in Singapore

Financial Regulatory & Compliance

MAS consults on amendments to Insurance Act 1966 and Insurance (Intermediaries) Regulations to take into account regulatory and market developments

MAS consults on proposed framework for systemically important insurers in Singapore

MAS consults on group capital framework for designated financial holding company with a subsidiary that is a licensed insurer

New code of conduct for Buy Now, Pay Later service providers sets out best practices to protect consumers

SGX RegCo consults on proposed refinements to CDP margin and clearing fund frameworks

MAS issues consultation paper on eliminating centrally cleared corporate cheques by 2025

MOF and MAS launch process to digitalise banker’s guarantees and insurance bonds

SGFinDex enhanced with information on insurance policies

MAS’ Cyber Security Advisory Panel provides key insights on addressing new financial sector cyber risks

FinTech

MAS consults on measures to reduce risks to consumers from cryptocurrency trading and enhance standards of stablecoin-related activities

Private Funds

Private funds and the growing importance of private capital

Real Estate

State Lands Protection Bill introduced to provide State land with more comprehensive protection from damage and misuse

Tax

Bill to amend Goods and Services Tax Act 1993 passed to implement new GST rates and other changes

Income Tax Act changes effective from various dates to implement tax changes announced in 2022 Budget Statement

White Collar & Investigations

MinLaw issues registrar notice on regulatory reforms in precious stones and precious metals dealers sector

Regional News

Malaysia

Malaysia introduces Corporate Green Power Programme

Malaysia High Court emphasises importance of good faith in a derivative action under the Companies Act 2016

Malaysia High Court finds infringement a pre-requisite to invoke right of private action under section 64 of Competition Act 2010

Malaysia court finds lifts are “common facilities” and outstanding maintenance and service charges can justify deprivation of use

Myanmar

Myanmar Internal Revenue Department issues its first public ruling on tax avoidance and evasion under the Tax Administration Law

Payments on Myanmar-Thai border must be made via bank transaction

Vietnam

Vietnam issues new regulation on private corporate bond issuance

Indonesia

Indonesia’s Data Protection Law is now official

Central Banks of Indonesia, Malaysia, Philippines, Singapore and Thailand seal cooperation in regional payment connectivity

Just Energy Transition Partnership established to aid Indonesia in achieving its decarbonisation goals

Publications

Practical Law Regulation of State and Supplementary Pension Schemes in Singapore

Practical Law Employment and Employee Benefits Global Guide: Employment and employee benefits in Singapore

Practical Law Corporate Real Estate Global Guide: Commercial Real Estate in Singapore

The International Comparative Legal Guide to Investor-State Arbitration 2023

CDR Essential Intelligence: The Belt and Road Initiative

Deals

Issue of S$1.2 billion fixed rate green notes by Housing and Development Board

Establishment of S$500 million Euro-commercial paper programme by Singapore Exchange Limited

US$13 million Series B financing round in AYO Technology Pte. Ltd.

US$5 million Series A financing of Waste4Change co-led by AC Ventures

News

Allen & Gledhill donates S$1 million to support legal education in Singapore

Awards & Rankings

Dr Stanley Lai, SC recognised in Asian Legal Business Asia Top 15 Intellectual Property Lawyers 2022

Five lawyers from Allen & Gledhill featured in IFLR Asia Best Lawyers 2022 guide

Allen & Gledhill recognised as leading law firm in the 2022 Asia IP Patent Rankings

The Allen & Gledhill network recognised as top tier law firm by Who’s Who Legal in 2022