Financial Services Bulletin October 2023: Allen & Gledhill

30 October 2023

Competition

CCCS clears proposed acquisition relating to electronic chemicals businesses

Dispute Resolution

Public consultation on draft 7th Edition of SIAC Rules

Employment, Health & Safety

Upcoming changes to Child Development Co-Savings Act 2001 on government-paid paternity leave and unpaid infant care leave

ESG & Public Policy

Carbon tax increase, industry transition framework and provisions allowing use of eligible international carbon credits to take effect 1 January 2024, among other upcoming developments

Singapore sets eligibility criteria for international carbon credits under carbon tax regime

Singapore expands quality and standards development efforts to support businesses in green transition

MAS Sustainable Finance Advisory Panel discusses possible financing mechanisms to accelerate phase-out of coal-fired power plants in Asia and better support decarbonisation of energy, aviation and maritime transport sectors

Singapore and China sign MOUs relating to variety of sectors including mobility, decarbonisation, and digitalisation

Financial Regulatory

MAS issues revised notices on competency requirements for representatives under Securities and Future Act 2001 and Financial Advisers Act 2001 effective 1 April 2024

MAS issues revised MAS Notice 637 on risk based capital adequacy requirements for banks incorporated in Singapore to implement final Basel III reforms

MAS to increase maximum deposit insurance coverage from S$75,000 to S$100,000 from 1 April 2024

MAS publishes framework for designating domestic systemically important insurers

MAS consults on new notice for recovery and resolution planning for insurers and proposed enhancement of resolution powers for insurance sector

SGX RegCo consults on proposed changes to Futures Trading Rules and other rulebooks

International Trade

Bill to amend Free Trade Zones Act 1966 passed to implement new framework for licensing FTZ operators and other changes

Tax

Bill to amend Income Tax Act 1947 passed to introduce new Enterprise Innovation Scheme and changes to tax treatment for foreign-sourced income

Bill tabled to extend period during which approvals may be given for certain incentive schemes under Economic Expansion Incentives (Relief from Income Tax) Act 1967

Regional

Malaysia

Highlights of Asian International Arbitration Centre Arbitration Rules 2023

Companies Commission Malaysia revises Code of Ethics for Company Director and Company Secretary

Malaysia High Court considers issue of illegality in application to set aside recognition of foreign judgment

Myanmar

Myanmar issues guidelines for e-commerce businesses

Freelance healthcare providers subject to 2% withholding tax in Myanmar

Myanmar Industrial Design Rights Law and Copyright Law in force from 31 October 2023

Vietnam

Vietnam amends conditions for recruitment of foreigners

Indonesia

Indonesia bans e-commerce sales on social media platforms

Income earned from export of natural resources must remain in an Indonesian licensed bank for minimum of three months

Publications

The International Comparative Legal Guide to Sanctions 2024 (5th Ed)

The International Comparative Legal Guide to Private Equity 2023 (9th Ed)

Digital tokens and customer protections

Beyond the green façade: “Greenwashing” risks and strategies for authentic sustainability

CDR Essential Intelligence: The Belt and Road Initiative 2024

Deals

Issue of US$410.3 million infrastructure asset-backed securities by Bayfront Infrastructure Capital IV Pte. Ltd.

US$700 million term and revolving credit facilities to Diamond Two Pte. Ltd.

US$1.64 million pre-Series A investment in Umami United Pte. Ltd. by Beyond Next Ventures