Financial Services Bulletin February 2023

27 February 2023

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Capital Markets

MAS extends Variable Capital Companies Grant Scheme

Corporate / M&A

ACRA, MOF and MAS issue consultation paper on legislative amendments to enable conduct of general meetings by electronic means

MOF and ACRA issue responses to key feedback on proposed amendments to Companies Act 1967

ACRA issues Financial Reporting Surveillance Programme Report 2022 highlighting measures to strengthen financial reporting competency

Cybersecurity & Data Protection

Legislation to tackle harmful content on online services accessible to users in Singapore in force

IMDA implements mandatory registration with Singapore SMS Sender ID Registry from 31 January 2023

Dispute Resolution

Singapore Court of Appeal establishes approach for determining arbitrability of dispute at pre-award stage

Employment, Health & Safety

Tripartite Guidelines on Fair Employment Practices enhanced with additional guidelines on exercising sensitivity for a harmonious workplace

Tripartite Committee on Workplace Fairness releases interim report on recommendations for workplace fairness legislation

Singapore Government accepts recommendations by International Advisory Panel to strengthen workplace safety and health

ESG & Public Policy

Green Finance Industry Taskforce launches third consultation on green and transition taxonomy

Korea-Singapore Digital Partnership Agreement enters into force

Singapore and Malaysia conclude frameworks on cooperation in the digital economy and green economy

Singapore and the EU sign Digital Partnership

FinTech

Three key FinTech trends in 2022

Real Estate

Singapore Land Authority announces digital conveyancing portal to transform conveyancing process by 2026

Tax

Budget 2023: Summary of key tax changes

Regional News

Malaysia

Bursa Malaysia amends Main Market Listing Requirements in relation to structured warrants framework

Securities Commission Malaysia revises guidelines to strengthen governance and independence of credit rating agencies

Bursa Malaysia amends Business Rules and Listing Requirements to facilitate operations on “surprise holidays”

Myanmar

Foreign companies in Myanmar exempt from mandatory conversion of foreign currency

Nominee directors and shareholders not allowed under Myanmar Companies Law

Vietnam

Singapore and Vietnam enhance digital, economic, and maritime cooperation with new MOUs

Indonesia

Indonesia enacts new law reconfiguring supervisory powers in financial sector and mandating new initiatives

Publications

The Law of Private Equity Funds: Singapore chapter

IFC Review: Private funds and the growing importance of private capital

The Energy Mergers & Acquisitions Review (4th Ed, 2022)

Deals

US$5.64 million series seed round investment in Klikit Pte. Ltd. led by Wavemaker Pacific 4, L.P.

Awards & Rankings

Allen & Gledhill recognised among world’s top data practices

Allen & Gledhill recognised as a top tier firm by World Trademark Review 1000