Financial Services Bulletin June 2024: Allen & Gledhill

25 June 2024

Competition & Foreign Investment Review

CCCS recommends renewing Block Exemption Order for liner shipping agreements for five years

Antitrust developments and enforcement activity in South-east Asia: January to March 2024

Corporate / M&A

Corporate Service Providers Bill and Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill tabled following consultation on regulatory enhancements

ACRA (Registry and Regulatory Enhancements) Bill tabled following consultation on streamlining corporate regulatory regime

Dispute Resolution

Criminal Procedure Code 2010 amended to enhance powers of Police and improve efficiency in court processes

Employment, Health & Safety

MOM implements increases in maximum fines and mandatory video surveillance to improve workplace safety and health

Energy, Infrastructure & Projects

Singapore and Ghana to collaborate on carbon credits under Article 6 of Paris Agreement

ESG & Public Policy

Singapore issues environmental crimes money laundering national risk assessment

Singapore and China advance collaboration in green and transition finance

Financial Regulatory

MAS expands application of fair dealing guidelines to all financial institutions and all products and services

MAS issues information paper on data governance and management practices for banks and finance companies

Restructuring & Insolvency

Singapore High Court decides in landmark decision that legal and equitable set-offs are not permissible against a company in liquidation and clarifies application of the insolvency moratorium with respect to counterclaims

The “creditor duty”: Singapore Court of Appeal upholds director’s liability

Tax

MOF seeks comments on proposed Multinational Enterprise (Minimum Tax) Bill to implement Domestic Top-up Tax and Income Inclusion Rule under Pillar Two of BEPS 2.0 initiative

MOF seeks comments on proposed amendments to Income Tax Act 1947 to effect Budget 2024 changes

Technology, Media & Telecommunications

Singapore launches Model AI Governance Framework for Generative AI

Singapore launches generative AI testing toolkit Project Moonshot to address LLM safety and security challenges

Singapore launches Digital Enterprise Blueprint

Regional News

Indonesia

Indonesia Financial Services Authority sets out registration procedure for FinTech providers

Malaysia

Unlocking sustainable solutions: A glimpse into the Bursa Carbon Exchange

Myanmar

Myanmar Patent Law in effect from 31 May 2024

Myanmar introduces new barter trade arrangements

Myanmar food product notification regime implemented

Myanmar amends restrictions for import licences

Publications

Bits & Bytes - An exploration of AI evaluation regimes in Singapore and worldwide

Encyclopaedia of International Commercial Litigation (2024) - Singapore

Practical Law: Contract Formation and Enforcement in Singapore

The International Comparative Legal Guide to Product Liability 2024 (22nd Ed)

Lexology In-Depth: Corporate Tax Planning (6th Ed, 2024)

Deals

Issue of S$2.5 billion fixed rate bonds due 2054 under the Government of Singapore’s medium term note programme for issuance of Singapore Government Securities (Infrastructure) (including Green SGS (Infrastructure)) via syndication

Proposed agreement to extend the Capacity Tolling Agreement in respect of the Keppel Merlimau Cogen Plant by 10 years

Issue of S$900 million fixed rate notes by Housing and Development Board

S$785 million term loan facility to Frasers Property North Gem Trustee Pte. Ltd. (in its capacity as trustee-manager of North Gem Trust)

Series A financing of BridgeLinx Logistics Pte. Ltd.

News

Banking veteran Eng-Kwok Seat Moey joins Allen & Gledhill

Awards & Rankings

Allen & Gledhill maintains leading position in IAM Patent 1000’s firm and individual rankings

Allen & Gledhill lawyers named in Asia Business Law Journal’s “The 2024 A List”