Legal Bulletin March 2023

30 March 2023

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Competition & Antitrust

Antitrust lessons from Covid-19: Key takeaways in Singapore and potential implications for future disruptions

Practical tips and key legal trends impacting foreign investments in 2023

CCCS clears proposed acquisition relating to provision of customised market research services

European Commission publishes draft regulations on implementation of Foreign Subsidies Regulation

Antitrust developments in South-east Asia: October to December 2022

Cybersecurity & Data Protection

New Online Criminal Harms Act and Code of Practice for App Stores among measures announced to tackle online crimes and strengthen online safety

Digital Enterprise Blueprint and Digital Connectivity Blueprint to be launched this year

Dispute Resolution

Framework for statutory recognition and enforcement of foreign judgments consolidated following repeal of Reciprocal Enforcement of Commonwealth Judgments Act 1921

Parallel proceedings in Singapore and India: Can international arbitration and corporate oppression claims co-exist?

Employment, Health & Safety

MOM announces updates to foreign workforce policy, support measures for employers and employees, and measures to secure better workplaces

ESG & Public Policy

Budget 2023: Key highlights

Environmental Public Health (Amendment) Bill passed to implement Progressive Wage Model for waste management sector and revise cleaning business licensing framework

Singapore and UK sign MOU on Green Economy Framework

MSE announces various sustainability initiatives relating to zero-waste, food and climate resilience

Intellectual Property

IPOS launches Collaborative Search and Examination Programme between Singapore and Vietnam, a first in ASEAN

Singapore High Court finds employer vicariously liable for employee’s copyright infringement

Medico-Legal

Bill passed to enhance healthcare services regulatory framework

Private Wealth

MAS issues circular on money laundering and terrorism financing risks in wealth management sector

EDB raises investment quantum under Global Investor Programme

Real Estate

New anti-money laundering and terrorism financing responsibilities for developers from 28 June 2023

White Collar & Investigations

Bill introduced to establish platform for financial institutions to share information on customers to combat money laundering and terrorism financing

Regional News

Malaysia

Securities Commission Malaysia issues revised Guidelines on Sustainable and Responsible Investment Funds

Malaysia General Code of Practice of Personal Data Protection imposes new requirements on data users

Malaysia Competition Commission emphasises Competition Act 2010 does not prohibit entities from holding a dominant position in the relevant market

Malaysia Court of Appeal finds manner of delivery of vacant possession and issuance of certificate of completion are two distinct events

Vietnam

Vietnam Law on Anti-Money Laundering 2022 in effect 1 March 2023

Vietnam increases average electricity retail price

Vietnam issues regulations on establishment and operation of Competition Commission

Vietnam issues draft circular on determining origin of imported and exported goods

Effect of Circular 01 on renewable energy regulations in Vietnam

China

China introduces new filing regime for overseas securities offerings and listings by domestic companies, including via VIE structure

China issues final version of cross-border personal information transfer standard contract

Indonesia

Indonesia Financial Services Authority implements new deadline to disclose a certain post-transaction shareholding change

Indonesia ratifies Singapore-Indonesia Extradition Treaty and Defence Cooperation Agreement

Indonesia ratifies Nice Agreement on International Classification of Goods and Services for the Purposes of Registering Trademarks

Publications

Practical Law Joint Ventures: Deadlock and Termination

Corporate Acquisitions and Mergers (2022)

The International Comparative Legal Guide to Litigation & Dispute Resolution 2023

The International Comparative Legal Guide to Oil & Gas Regulation 2023

The International Comparative Legal Guide to Public Procurement 2023

Competition Policy International: Key lessons from the rise of antitrust enforcement in South-east Asia

IFC Review: FinTech developments in Singapore - Spotlight on crypto

The Cartels and Leniency Review (11th Ed, 2023)

Deals

Issue of €1.5 billion notes by Temasek Financial (I) Limited

S$652.5 million divestment of 50% indirect stake in NEX by Mercatus Tres Pte. Ltd.

Investment by Top Harvest Capital LLC in US$8.15 million pre-Series A financing round of Asa Ren Pte. Ltd.

US$1.8 million series seed round investment in Groundup.ai Pte. Ltd. led by Wavemaker Pacific 4, L.P.

Acquisition of two solar farms in Vietnam by Singapore Power Group

Awards & Rankings

Allen & Gledhill recognised in inaugural Asian Legal Business Asia’s Top 15 ESG Law Firms 2023 list

Allen & Gledhill named National Law Firm of the Year (Singapore) at IFLR Asia-Pacific Awards 2023

Allen & Gledhill wins Singapore Patents Firm of the Year at Asia IP Awards 2022 and maintains top tier ranking in the Asia IP Copyright Survey 2023 rankings