Financial Services Bulletin December 2022

20 December 2022

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Corporate / M&A

SGX RegCo, SID and CSIS publish service standards for companies’ virtual general meetings

Cybersecurity & Data Protection

Singapore’s Counter Ransomware Task Force Report provides blueprint to counter ransomware effectively

Dispute Resolution

Singapore Court of Appeal rules for the first time on principles for costs recovery before the Singapore International Commercial Court

Employment, Health & Safety

Singapore Government accepts recommendations by Advisory Committee on Platform Workers to strengthen protections for platform workers

ESG & Public Policy

SGX launches initiative to recognise sustainable fixed income

Bill to amend Carbon Pricing Act 2018 passed to increase carbon tax rates, introduce industry transition framework and option to use eligible international credits

MTI launches one-stop platform Green Economy Regulatory Initiative (GERI)

New joint projects agreed under Singapore-China (Shenzhen) Smart City Initiative

Real Estate

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

Restructuring & Insolvency

Insolvency, Restructuring and Dissolution (Amendment) Bill introduced to mandate administration of bankruptcy cases by private trustees in bankruptcy

Tax

Goods and Services Tax Act 1993 amended to implement new GST rates

Regional News

Malaysia

Franchises must re-register pursuant to amendments to Malaysian Franchise Act 1998 coming into effect

Labuan Trusts (Amendment) Regulations 2022 and three other regulations to come into effect in Malaysia on 1 January 2023

Securities Commission Malaysia issues new Guidelines on Islamic Capital Market Products and Services

Competition Appeal Tribunal overturns MyCC’s infringement decision against General Insurance Association of Malaysia and 22 other insurance companies

Employees’ Social Security (Minimum Average Monthly Wage) Regulations 2022 to come into effect in Malaysia on 1 January 2023

Myanmar

New Myanmar Registration of Associations Law imposes additional requirements on non-governmental organisations

Importation of electric vehicles into Myanmar allowed under pilot project

Indonesia

New electronic visa on arrival regulations now in place in Indonesia

Indonesia finally has a new Criminal Code - Shedding the last vestiges of colonialism?

Deals

S$3 billion syndicated secured loan facility to Perennial Shenton Property Pte. Ltd.

Issue of S$300 million notes by Public Utilities Board

Issue of JPY16.5 billion sustainability-linked notes and S$165 million notes by Ascott REIT MTN Pte. Ltd.

US$5 million pre-Series B financing of Pashouses