29 November 2023
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Competition & Foreign Investment Review
Singapore proposes new Significant Investments Review Bill to regulate significant investments in entities critical to national security
Corporate / M&A
ACRA issues Financial Reporting Practice Guidance No. 1 of 2023 on areas of review focus for FY2023 financial statements
Cybersecurity & Data Protection
Cyber Security Agency launches cloud security companion guides for organisations
ESG & Public Policy
MAS consults on proposed guidelines for financial institutions on transition planning for a net zero economy
Q3 2023 Review: Key ESG and public policy developments in Singapore
Study on greenwashing in online marketing finds use of vague environmental claims and confusing technical jargon
Green Skills Committee identifies green skills in high demand in energy and sustainability reporting and assurance sectors
Energy Market Authority announces new emission standards for power generation units and initiatives to meet electricity demand
Singapore announces changes to gas procurement framework for power sector, and launches next stage of selection of a low- or zero-carbon ammonia solution for power generation and bunkering
SWITCH 2023 - New initiatives launched in sustainability, open innovation, and market access
Financial Regulatory
MAS consults on streamlined regulatory framework for fund managers
MAS issues preliminary response to feedback on proposed changes to complex products regime, to launch further consultation in H1 2024
MAS and UNDP launch Universal Trusted Credentials initiative to improve MSMEs’ access to funding
MAS announces new AI-powered system to support sustainable finance in real estate sector
FinTech
Digital tokens and customer protections
MAS partners financial industry to expand asset tokenisation initiatives, publishes whitepaper on interlinking networks
MAS lays foundation for safe and innovative use of digital money in Singapore, launches integrated platform for seamless ESG data collection and access
MAS partners industry to develop generative AI risk framework for financial sector
Restructuring & Insolvency
Singapore courts’ crypto-friendly approach shown in new ruling that cryptocurrency can be property
Insolvency, Restructuring and Dissolution Act 2018 amended on 1 November 2023 to mandate appointment of private trustees in bankruptcy cases and extend Simplified Insolvency Programme
Tax
Amendments to Income Tax Act 1947 in force from various dates: New Enterprise Innovation Scheme and treatment for foreign-sourced income
Singapore commits to implementing Crypto Asset Reporting Framework in 2027
Bill passed to extend certain incentive schemes under Economic Expansion Incentives (Relief from Income Tax) Act 1967
Technology, Media & Telecommunications
Consultations on proposed shared responsibility framework for FIs, Telcos, and consumers for phishing scams and revisions to E-Payments User Protection Guidelines
Regional News
Malaysia
Malaysia takes a significant step towards its net zero goals: Dewan Rakyat passes Energy Efficiency and Conservation Bill 2023
Malaysia introduces National Energy Transition Roadmap
Malaysia Court of Appeal finds employees can be made redundant if company downsizes due to business and economic circumstances
Myanmar
Myanmar levies income tax on citizen earnings abroad including salary
Myanmar issues Copyright Registration Rules
Indonesia
Indonesia Financial Services Authority introduces implementing regulation on peer-to-peer lending business
Indonesia introduces new task force authorised to monitor and recommend revocation of land titles and business permits
Publications
The International Comparative Legal Guide to Foreign Direct Investment Regimes 2024 (5th Ed): Singapore
Practical Law: Competition Law in Singapore
Practical Law: Litigation & Dispute Resolution - Singapore
SAL Practitioner: Does size of debt always prevail? Determinative factors for court-appointed liquidators and judicial managers in Singapore
SAL Practitioner: A contractor’s entitlement to adjudication - Judicial interpretation of amendments to the Building and Construction Industry Security of Payment Act 2004
Bits & Bytes: Cryptocurrency group granted moratoria to formulate worldwide restructuring plan centred in Singapore
Lexology In-Depth: Technology Disputes (3rd Ed, 2023)
Getting the Deal Through: Technology Disputes 2024
Deals
Issue of CNY600 million 3.80% guaranteed bonds due 2026 by CLCT MTN Pte. Ltd. unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of CapitaLand China Trust)
Issue of US$500 million notes by PT Medco Energi Internasional Tbk
US$45.6 million acquisition of a majority interest in American International Hospital by Scotts Capital Pte. Ltd.
Subscription of seed preference shares in Kinetic Innovation
News
Siva Subramaniam joins Allen & Gledhill as Head of Aviation Finance
Awards & Rankings
Allen & Gledhill wins Singapore Trademarks Firm of the Year at Asia IP Awards 2023
