Financial Services Bulletin June 2023

27 June 2023

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Competition & Antitrust

Antitrust developments and enforcement activity in South-east Asia: January to March 2023

Corporate / M&A

Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023 in force on 1 July 2023: Providing for fully virtual or hybrid meetings, revised threshold computation for compulsory acquisition of shares, and other amendments

ESG & Public Policy

MAS to set expectations on credible transition planning by financial institutions

Q1 2023 Review: Key ESG and public policy developments in Singapore

Financial Regulatory

MAS responds to feedback on proposed changes to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

MAS issues circular on implementation timeline for the final Basel III reforms in Singapore

SGX implements refinements to CDP margin and clearing fund frameworks

Insurance

Singapore High Court considers when insured may recover under insurance policy for sums payable under a settlement agreement with third parties

Tax

MOF seeks comments on draft Income Tax (Amendment) Bill 2023 covering Budget 2023 tax measures and other measures

Technology, Media & Telecommunications

Launch of Singapore’s Digital Connectivity Blueprint: Architecting Singapore’s digital future

Regional News

Malaysia

Malaysia Federal Court confirms broad and liberal test for standing to sue in judicial review

Malaysia Court of Appeal rules adjudicator acted in excess of jurisdiction and in breach of natural justice by ruling on unpleaded issue

Malaysia Court of Appeal interprets section 223 of Companies Act 2016 relating to requirement for shareholder approval for substantial transactions

Myanmar

Myanmar requires proof of tax paid prior to remittance of foreign currency abroad

Myanmar sets out procedures for registration of export/import businesses

Vietnam

Renewable energy in Vietnam given significant boost with approval of National Power Development Plan VIII

Indonesia

Indonesia Financial Services Authority proposes new regulation on venture capital companies

Indonesia Financial Services Authority issues regulations relating to financial health of insurance companies

Publications

Practical Law: Notice of Termination and Individual Employee Termination – Singapore

Practical Law: Supply of Services in Singapore

The Corporate Tax Planning Review (5th Ed, 2023)

The Securities Litigation Review (9th Ed, 2023)

Deals

€1.04 billion term loan facilities to SATS Treasury Pte. Ltd.

Issue of A$1 billion floating rate green notes due 2026 by Oversea-Chinese Banking Corporation Limited

Issue of US$500 million notes due 2026 by Bayfront Infrastructure Management Pte. Ltd.

Awards & Rankings

Allen & Gledhill wins multiple awards at the ALB SE Asia Law Awards 2023

Allen & Gledhill recognised for its involvement in Impact Cases of the Year at Benchmark Litigation Asia-Pacific Awards 2023