Financial Services Bulletin April 2024

29 April 2024

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Competition & Foreign Investment Review

Significant Investments Review Act 2024 regulating significant investments in entities critical to Singapore’s national security interests including “calling-in” powers in force from 28 March 2024

Transport Sector (Critical Firms) Bill introduced to provide for new designated entities regime targeting key firms in air, sea and land transport sectors in Singapore

New Chief Executive for CCCS from 1 April 2024

Corporate / M&A

MOF and ACRA consult on draft Corporate Service Providers Bill and proposed legislative amendments to enhance the regulation of corporate service providers and beneficial ownership transparency of companies and LLPs

Cybersecurity & Data Protection

Bill introduced to expand scope of Cybersecurity Act 2018 to regulate more entities

Employment, Health & Safety

Tripartite Guidelines on Flexible Work Arrangement Requests to take effect on 1 December 2024

ESG & Public Policy

SGX RegCo issues consultation paper on incorporation of ISSB standards in sustainability reporting

New Singapore Emission Factors Registry for more accurate reporting of carbon emissions

Financial Regulatory & Compliance

MAS expands scope of regulated payment services, amends ongoing compliance requirements, and introduces user protection requirements for DPT service providers under Payment Services Act 2019

MAS issues response to feedback from consultation on repeal of regulatory regime for registered fund management companies

MAS issues response to feedback on proposed amendments to Insurance Act 1966 and regulations on intermediaries

MAS seeks comments on proposed Notice on prevention of money laundering and countering the financing of terrorism for Singapore organised market operators

MAS publishes revised Framework for Impact and Risk Assessment of Financial Institutions

SGX Group proposes to refine cap on clearing members’ liability for multiple defaults

Restructuring & Insolvency

Liquidators should be cautious of acting summarily as judge, jury and executioner on own company’s crossclaims when adjudicating proofs of debt

Regional News

China

Navigating the new PRC cross-border data flow regulation - A practical roadmap 

Malaysia

Bursa Securities to list first business trust in Malaysia

Cyber Security Bill 2024 passed in Malaysian Parliament

Court of Appeal illustrates Malaysian courts’ support of agreements to arbitrate

Myanmar

Myanmar issues Union Tax Law for financial year 2024-2025

Myanmar Directorate of Investment and Company Administration amends fees for various company incorporation processes

Vietnam

Start-ups and other specified enterprises in Ho Chi Minh City exempt from corporate and personal income tax

Vietnam revised Land Law in effect from 1 January 2025

Vietnam issues implementation plan for National Power Development Plan VIII

Publications

The Legal Character of Voluntary Carbon Credits: A Way Forward

Bits & Bytes: Key FinTech trends in 2023

Practical Law Joint Ventures: Control and Minority Protection - Singapore

The International Comparative Legal Guide to Public Investment Funds 2024 (7th Ed) - Singapore

Lexology In-Depth: Cartels and Leniency (12th Ed, 2024) - Singapore

Lexology In-Depth: Public Competition Enforcement (16th Ed, 2024) - Singapore

Deals

US$2.3 billion proposed listing of Hotel101 Global on New York Stock Exchange through a business combination with special purpose acquisition company JVSPAC Acquisition Corporation

Establishment of S$1 billion multicurrency debt issuance programme and issue of S$100 million notes due 2029 by Wing Tai Holdings Limited

Grant of S$840 million syndicated secured green project facilities to Transcend Residential (Toa Payoh) Pte. Ltd.

Issue of US$500 million notes due 2034 by Singapore Airlines Limited

VND483 billion acquisition of a Vietnam logistics asset by Daiwa House Logistics Trust

Series seed round investment in Staple AI Pte. Ltd. led by Wavemaker Pacific 5, L.P.

Series A investment in Aliena Pte. Ltd. led by Wavemaker Pacific 5, L.P.

Awards & Rankings

57 Allen & Gledhill lawyers named in The Best Lawyers in Singapore (2025 edition)

Allen & Gledhill recognised among world’s top international arbitration practices

Allen & Gledhill recognised among world’s top data practices

Allen & Gledhill Partner Tham Kok Leong recognised in Asian Legal Business Asia Super 50 TMT Lawyers 2024