Legal Bulletin January 2024: Allen & Gledhill

30 January 2024

Banking & Finance

MAS raises stock cap and flow cap on personal e-wallets

Capital Markets

Why is Singapore an attractive hub for private funds?

Competition & Foreign Investment Review

Significant Investments Review Bill passed to regulate significant investments in entities critical to Singapore’s national security interests including “calling-in” powers

Corporate / M&A

CGAC revises Practice Guidance in Code of Corporate Governance in relation to shareholder rights and conduct of general meetings and engagement with shareholders

Cybersecurity & Data Protection

CSA conducts public consultation on draft Cybersecurity (Amendment) Bill

CSA issues Safe App Standard to provide guidance on enhancing security of mobile applications

MCI leads S$20 million research programme to tackle new forms of online harms

Dispute Resolution

Criminal Procedure (Miscellaneous Amendments) Bill 2024 introduced to enhance transparency, fairness, and coherence in criminal court processes

Employment, Health & Safety

Child Development Co-Savings Act 2001 amended to implement enhancements to parental leave schemes

Launch of tripartite framework for prevention of abuse and harassment in healthcare

ESG & Public Policy

Singapore publishes eligibility list for international carbon credits under carbon tax regime

Singapore signs first implementation agreement with Papua New Guinea to collaborate on carbon credits under Article 6 of Paris Agreement

Centre for Climate Research Singapore projections show intensifying urban heat, more wet and dry extremes; NEA launches second grant call under Climate Impacts Science Research

Singapore and Japan sign memorandum of cooperation to establish Green and Digital Shipping Corridor

Singapore and MERCOSUR sign MERCOSUR-Singapore Free Trade Agreement

Implementation of Nutri-Grade requirements for freshly prepared beverages from 30 December 2023

FinTech

Co-convenors of the WTO Joint Statement Initiative on E-Commerce announce substantial conclusion of negotiations on global digital trade rules

Medico-Legal

Third and final phase of Healthcare Services Act 2020 in force from 18 December 2023: Repeals Private Hospitals and Medical Clinics Act 1980, new regulations on nursing home services

MOH consults on proposed Health Information Bill: Establishes framework to govern safe collection, access, use, and sharing of health information

Tax

Extension of incentive schemes following amendments to Economic Expansion Incentives (Relief from Income Tax) Act 1967

Technology, Media & Telecommunications

Singapore announces proposed Model AI Governance Framework for Generative AI

Telcos allow mobile subscribers to block calls from international numbers from 5 January 2024

Regional News

China

The new PRC Company Law: A first look at the major highlights

Indonesia

Refined details for electronic cassation and case review submissions: Advancing Indonesia’s Supreme Court digitalisation

Supreme Court of Indonesia provides guidance on Indonesian translations of agreements

Malaysia

Companies (Amendment) Bill 2023 passed in Malaysian Senate, amendments to improve corporate governance framework and corporate rescue mechanism

Myanmar

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

Central Bank of Myanmar reduces time frame for deposit of export earnings

Central Bank of Myanmar requires non-banking financial institutions seek approval to issue subordinated debt

Myanmar Ministry of Commerce sets registration fees for online retail businesses

Vietnam

Vietnam amends timeframes in continuing process to improve stock market transparency

Publications

Practical Law: Employee Privacy and Workplace Monitoring - Singapore

Practical Law: Transfer of Shares in a Private Company - Singapore

Lexology In-Depth: Energy Mergers & Acquisitions (5th Ed, 2024) - Singapore

Bits & Bytes: Domain name cybersecurity - Current trends and strategies for brand protection

Bits & Bytes: Singapore courts’ crypto-friendly approach shown in new ruling that cryptocurrency can be property

Deals

Establishment of S$2 billion multicurrency medium term note programme by Energy Market Authority of Singapore

S$1.8 billion green loan facilities to Roma Central Pte. Ltd. and Milano Central Pte. Ltd.

S$932 million conventional loan and Islamic Murabahah facilities to Chuan Park Development Pte. Ltd

S$580 million term loan facilities to Kingsford Marina Development Pte. Ltd.

S$535 million green loan facilities to DCW Pte. Ltd. and DCKC Pte. Ltd.

US$500 million conventional loan and Islamic financing facilities to Yinson Production Offshore Pte Ltd

US$3.75 million seed round investment in Meatiply led by Wavemaker Pacific 4, L.P.

US$1.1 million series pre-seed round investment in HR Tech Solutions Pte. Ltd. led by Wavemaker Pacific 4, L.P.

News

A&G Asia officially opens Allen & Gledhill LLP Shanghai Representative Office (Singapore) on 24 January 2024

Admission of new Partners and Counsel 2024

Awards & Rankings

Allen & Gledhill and its network firms continue to be recognised as leading law firms in the region by The Legal 500 Asia Pacific 2024

Allen & Gledhill and its network firms continue to be recognised as leading law firms in the region by Chambers and Partners in its 2024 rankings

Allen & Gledhill recognised as leading law firm in the 2023 Asia IP Patent Rankings

Kenny Yap recognised as top maritime lawyer in Lloyd’s List Top 10 Maritime Lawyers 2023