Legal Bulletin January 2023: Allen & Gledhill

30 January 2023

General

Key trends for 2023 by Allen & Gledhill Managing Partner Jerry Koh

Competition & Antitrust

Antitrust in Singapore: 2022 in Review

EU adopts new foreign subsidies regulation requiring prior notification of certain M&A transactions and public procurement bids: What this means for companies doing business in the EU

CCCS commences court action against a company and its sole director and shareholder for making false or misleading claims

Corporate / M&A

SGX RegCo amends Listing Rules to limit tenure of independent directors to nine years and require disclosure of exact remuneration of directors and CEOs

MinLaw to revoke Covid-19 legislation providing for alternative arrangements for meetings on 1 July 2023; MAS and ACRA planning legislation to allow general meetings by electronic means

Dispute Resolution

Launch of litigation-mediation-litigation protocol and SICC model jurisdiction clause for international arbitration matters

Appellate Division of High Court considers enforceability of costs judgment under REFJA

ESG & Public Policy

Q4 2022 Review: Key ESG and public policy developments in Singapore

COP27: Impact on Singapore and South-east Asia

NCCS publishes public feedback received during consultation on Singapore’s raised climate ambition and low-carbon transition

Singapore Court of Appeal finds that company set up to promote sustainable development owed no fiduciary duty to communities adversely affected by environmental damage

Intellectual Property

ACRA and IPOS seek feedback on proposed Intangibles Disclosure Framework to increase transparency and commercialisation of intangibles

Restructuring & Insolvency

Insolvency, Restructuring and Dissolution (Amendment) Bill passed to mandate appointment of private trustees in bankruptcy cases and extend Simplified Insolvency Programme

Tax

Goods and Services Tax Act 1993 amended to update GST treatment for supply of travel arranging services and implement measures to counter missing trader fraud schemes

Regional News

Malaysia

Securities Commission Malaysia unveils SRI Taxonomy to advance climate and sustainability agenda

Companies Commission Malaysia revises Guidelines on Company Names relaxing rules regarding registration of company name

Competition Appeal Tribunal affirms Malaysia Competition Commission infringement finding by ferry services providers

Malaysian Court of Appeal affirms home buyers can seek compensation for defects and recover rectification costs

Myanmar

Myanmar 2019 Trademark Law expected to come into force in March 2023

New AML/CFT Guidelines applicable to microfinance institutions in Myanmar

Myanmar Department of Consumer Affairs sets out guidelines for the recall and ban of hazardous goods

Vietnam

Vietnam sets ceiling prices for generation of solar and wind energy

China

China seeks to regulate deep synthesis services and technology

Publications

The International Comparative Legal Guide to Corporate Investigations 2023

Global Legal Insights to Bribery & Corruption 2023

Practical Law Enforcement of Judgments and Arbitral Awards Global Guide

Practical Law Arbitration Global Guide

Deals

Establishment of US$5 billion multicurrency loan programme with inaugural series of US$950 million dual currency term and revolving credit facilities by Mapletree China Logistics Investment Trust

US$1 billion acquisition of CC Cambodia Holdings Pte. Ltd. and Coca-Cola Indochina Pte Ltd by Swire Coca-Cola Limited

Acquisition of controlling stake in ERA Viet Nam Real Estate Joint Stock Company and Eurocapital Joint Stock Company by APAC Realty Limited

Series A financing of Lemonaide led by Wavemaker Pacific 4, L.P.

Acquisition of Vinh Hao 6 Power Joint Stock Company by Leader Energy Vietnam Pte. Ltd.

News

Admission of new Partners and Counsel 2023

Awards & Rankings

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia by Chambers in 2023 rankings

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia in The Legal 500 Asia Pacific 2023

Allen & Gledhill and Rahmat Lim & Partners ranked in top bands by Global Competition Review (23rd edition)