Financial Services Bulletin August 2023: Allen & Gledhill

25 August 2023

Competition

CCCS consults on proposed Guidance Note on Business Collaborations Pursuing Environmental Sustainability Objectives

Corporate / M&A

Bills to facilitate electronic statutory declarations, oaths and affirmations, and notarisations passed

Cbersecurity & Data Protection

PDPC consults on proposed Advisory Guidelines on (1) Use of personal data in AI recommendation and decision systems and (2) PDPA for children’s personal data

Employment, Health & Safety

Singapore Government accepts Tripartite Committee’s final recommendations for workplace fairness legislation

ESG & Public Policy

MTI consults on ASEAN-China Free Trade Area 3.0 upgrade negotiations

MTI public consultation on ASEAN Trade in Goods Agreement (ATIGA)

Singapore and Vietnam announce intention to deepen cooperation in emerging areas including renewable energy

UK and Singapore enhance cooperation in sustainable finance and FinTech

UK becomes first economy to accede to the CPTPP

Online Safety Code issued by IMDA takes effect to enhance online safety and curb spread of harmful content

Financial Regulatory & Compliance

MAS responds to feedback from consultation on Group Capital Framework for a Designated Financial Holding Company (Licensed Insurer)

MAS to eliminate corporate cheques by end-2025

MAS to enable online nomination of insurance beneficiaries

FinTech

MAS finalises stablecoin regulatory framework, responds to feedback received from public consultation

Private Wealth

MAS consults on proposals to strengthen defence against money laundering risks in single family offices

Real Estate

Bill passed to mandate compliance with Code of Conduct for Leasing of Retail Premises for qualifying leases of retail premises, expected to take effect in February 2024

Regional News

Malaysia

Securities Commission Malaysia issues guidelines to strengthen technology risk management of capital market entities

Malaysia Competition Commission signs Memorandum of Understanding with Malaysian Communications and Multimedia Commission

Myanmar

Myanmar requires online retail businesses to register by 21 January 2024

Vietnam

Vietnam reduces VAT rate to 8% from 1 July 2023

Revised Vietnam Law on Electronic Transactions to come into effect 1 July 2024

Transactions of VND400 million or more to be reported to State Bank of Vietnam from 1 December 2023

Publications

Chambers Global Practice Guide to Acquisition Finance 2023 – Singapore

Protection of aesthetic appearances in the Copyright Act 2021 and Registered Designs Act 2000

Singapore Academy of Law Annual Review 2022: Admiralty and Shipping Law

Singapore Academy of Law Annual Review 2022: Equity and Trusts

The International Arbitration Review (14th Ed, 2023): Myanmar

Deals

Establishment of S$5 billion Euro medium term note programme by Sembcorp Industries Ltd and Sembcorp Financial Services Pte. Ltd.

Series Pre-A extension round investment in Tessaract.io by Wavemaker Pacific 4, L.P.

Subscription of seed preference shares in Tiger Energy led by Wavemaker Group

S$200 million Islamic term facility to wholly-owned subsidiary of IOI Properties Group Berhad

Awards & Rankings

Allen & Gledhill continues to be recognised as a Tier 1 firm by IFLR1000, with the most number of lawyers recognised across all practices

Allen & Gledhill recognised in Who’s Who Legal’s Southeast Asia 2023 guide

Allen & Gledhill maintains leading position in IAM Patent 1000 2023’s firm and individual rankings

Allen & Gledhill recognised as leading law firm for Family Offices & Funds Structuring in Chambers High Net Worth 2023

Allen & Gledhill Intellectual Property Practice ranked as leading firm for Copyright & Related Rights, as well as Intellectual Property Transactions in Managing IP’s IP STARS 2023

Chong Yee Leong and Dinesh Dhillon recognised in Asian Legal Business Asia Super 50 Disputes Lawyers 2023