Legal Bulletin December 2023

19 December 2023

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Charity Governance

Launch of Charity Compliance Indicators for all IPCs on 16 January 2024

Charities Commissioner publishes revised Guidance on Regulation of Grantmakers

Competition & Foreign Investment Review

Antitrust developments and enforcement activity in South-east Asia: July to September 2023

Corporate / M&A

MAS revises FAQs on Disclosure of Interests to provide guidance on determining date of acquisition of or change in interests under Part 7 of Securities and Futures Act 2001

Dispute Resolution

Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters enters into force for Singapore

ESG & Public Policy

MAS publishes code of conduct for providers of ESG rating and data products

MAS launches Transition Credits Coalition (TRACTION) and pilot projects to develop transition credits for early retirement of coal-fired power plants in Asia

MAS launches world’s first multi-sector transition taxonomy

National statement at COP28: Singapore prepared to offtake transition credits

Singapore and China reaffirm countries’ strong ties and sign MOUs to further boost bilateral cooperation

FinTech

MAS to strengthen regulatory measures for digital payment token services

Real Estate

Lease Agreements for Retail Premises Act 2023 to take effect from 1 February 2024

Technology, Media & Telecommunications

Singapore pioneers flagship AI initiative to develop South-east Asia’s first large language model ecosystem

IMDA and AI Verify Foundation announce first of its kind Generative AI Evaluation Sandbox for Trusted AI

Regional News

Malaysia

Malaysia’s Senate passes Finance Bill: Stamp Act and Labuan Business Activity Tax Act among legislation affected

Malaysia High Court confirms concurrent recoverability of contractual refunds and liquidated ascertained damages

Myanmar

Myanmar reduces percentage of foreign currency export earnings to be converted into kyat

Vietnam

Vietnam to impose global minimum corporate tax of 15% from 1 January 2024

Publications

Practical Law: Regulation of State and Supplementary Pension Schemes in Singapore

Lexology Getting the Deal Through: Risk & Compliance Management 2023

Deals

Issue of £500 million floating rate covered bonds by DBS Bank Ltd.

S$750 million term and revolving credit facilities to Park Mall Pte. Ltd.

Issue of S$740 million fixed rate green notes by Housing and Development Board

S$500 million sustainability-linked term loan facility to HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Suntec Real Estate Investment Trust)

Awards & Rankings

Allen & Gledhill recognised for its involvement in multiple Deal of the Year awards at the FinanceAsia Achievement Awards 2023

Allen & Gledhill network continues to be recognised by Lexology in Who’s Who Legal 2023 and Client Choice Awards 2024

Allen & Gledhill recognised again in top 100 corporate investigations practices worldwide by Global Investigations Review

Allen & Gledhill recognised as one of the top law firms in Singapore by The Straits Times