Financial Services Bulletin May 2023

30 May 2023

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Cybersecurity & Data Protection

Online Criminal Harms Bill introduced to enable authorities to deal more effectively with criminal online activities

ESG & Public Policy

MAS launches Finance for Net Zero Action Plan

Financial Regulatory & Compliance

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

MAS consults on amendments to regulations and notices to operationalise Payment Services (Amendment) Act 2021

MAS proposes enhanced safeguards for prospecting and marketing of financial products

Real Estate

MAS, MOF and MND announce higher Additional Buyer’s Stamp Duty (ABSD) rates from 27 April 2023

Restructuring & Insolvency

Cryptocurrency group granted moratoria to formulate a worldwide restructuring plan centred in Singapore

Regional News

Malaysia

Bank Negara Malaysia issues Policy Document on Management of Customer Information and Permitted Disclosures

Malaysia Competition Appeal Tribunal affirms MyCC infringement finding for price-fixing cartel

Malaysia Court of Appeal finds issue of limitation periods to be governed by law of the seat of arbitration

Myanmar

Myanmar Union Tax Law 2023 focuses on oil and gas sector, electric vehicles, and photovoltaic goods

Myanmar sets out new registration and supervisory regime for private education institution under new Private Education Law

Vietnam

Vietnam Personal Data Protection Decree in effect from 1 July 2023

China

Singapore and China seek to strengthen collaboration in green and transition finance and financial connectivity

Singapore and Shanghai reaffirm strong ties and sign 15 agreements broadening cooperation

Indonesia

Foreign higher education institutions permitted to establish and operate campuses in Indonesia

Publications

IBA report: FinTech - How is the World Shaping the Financial Innovation Industry?

IFC Review: ESG in Singapore - Trends and developments

The International Comparative Legal Guide to Project Finance 2023

The Public Competition Enforcement Review (15th Ed, 2023)

The Banking Regulation Review (14th Ed, 2023)

The Corporate Governance Review (13th Ed, 2023)

Global Legal Insights to International Arbitration 2023

Deals

S$2.16 billion divestment of Jurong Point and Swing By @ Thomson Plaza by Mercatus Co-operative Limited

US$500 million term and revolving credit facilities to Everbliss International Limited (HK)

Awards & Rankings

Allen & Gledhill wins Singapore Corporate & Finance Domestic Law Advisers of the Year award at Chambers Asia Pacific and Greater China Region Awards 2023

Allen & Gledhill recognised in world’s top international arbitration practices worldwide

Allen & Gledhill named Singapore: Firm of the Year at The Legal 500 Southeast Asia Awards 2023

Allen & Gledhill ranked in ALB Intellectual Property Rankings 2023

Allen & Gledhill ranked top tier in Benchmark Litigation Asia-Pacific 2023