Financial Services Bulletin February 2024

28 February 2024

Download PDF

 

General

Key trends for 2024 by Allen & Gledhill Managing Partner Jerry Koh

Competition & Foreign Investment Review

Antitrust developments and enforcement activity in South-east Asia: October to December 2023

Corporate / M&A

SGX RegCo enhances mandatory training requirements for directors with no prior experience

Dispute Resolution

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

Employment, Health & Safety

MOM announces higher work injury compensation limits

ESG & Public Policy

COP28: Impact on Singapore and South-east Asia

MAS launches Singapore Sustainable Finance Association

IMDA and GovTech announce digital sustainability initiatives to green the information and communications technology sector

Financial Regulatory

MAS proposes to simplify requirements and facilitate access to simple and cost-effective insurance products

MAS launches MAS-Tx for licensed insurers

Tax

Budget 2024: Summary of key tax changes

Technology, Media & Telecommunications

New initiatives to advance Singapore’s National AI Strategy 2.0 including AI Trailblazers 2.0 and Google for Startups Accelerator: AI First Singapore

Online Criminal Harms Act 2023 enabling authorities to deal more effectively with criminal online activities partially in force on 1 February 2024

White Collar & Investigations

Prevention of Proliferation Financing and Other Matters Bill passed to align regulatory regimes for PSMD, moneylending, and pawnbroking sectors with updated FATF requirements

Legislative changes to provide for new money laundering offences and prevent Singpass from being used for criminal purposes

Regional News

Indonesia

Indonesia issues presidential regulation on carbon capture and storage

Indonesia amends Electronic Information and Transactions Law

Malaysia

Bank Negara Malaysia seeks to strengthen processes of Islamic financial institutions via new policy document on hajah and darurah

Malaysia Court of Appeal rules asset purchase agreement with deemed transfer provision constitutes “conveyance on sale” subject to ad valorem duty

Myanmar

Myanmar Intellectual Property Department begins accepting industrial design applications

Vietnam

Key changes to real estate business in Vietnam from 1 January 2025

Publications

Practical Law: Key Agency and Distribution Considerations - Singapore

Practical Law: Opening a Company Bank Account - Singapore

Practical Law Joint Ventures: Deadlock and Termination - Singapore

Practical Law: Contract Execution - Singapore

The International Comparative Legal Guide to Oil & Gas Regulation 2024 (19th Ed)

Deals

S$970 million term and revolving loan facilities to Jewel Changi Airport Trust

Issue of S$800 million fixed rate green notes due 2029 by Housing and Development Board

Issue of S$450 million perpetual capital securities by Oversea-Chinese Banking Corporation Limited

Issue of S$450 million perpetual securities by STT GDC Pte. Ltd.

Awards & Rankings

Six Partners from A&G Asia recognised in The Legal 500’s inaugural M&A Private Practice Powerlist - Asia Pacific 2024