Legal Bulletin July 2024: Allen & Gledhill

30 July 2024

Corporate / M&A

ACRA (Registry and Regulatory Enhancements) Bill facilitating digital communications and enhancing ACRA regulatory framework passed on 2 July 2024

Corporate Service Providers Bill and Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill passed on 2 July 2024

SGX updates guidance note on change of auditors

Cybersecurity & Data Protection

PDPC publishes proposed guide on synthetic data generation

Dispute Resolution

New Express Track scheme for actions in General Division of High Court introduced

Energy, Infrastructure & Projects

Feedback and response to public consultation on proposals to amend Energy Market Authority of Singapore Act 2001, Electricity Act 2001, and Gas Act 2001

ESG & Public Policy

MAS releases Sustainability Report 2023/2024 setting out strategy on climate resilience and environmental sustainability

ACRA, NUS study finds larger listed companies on track for mandatory climate reporting in FY 2025

Singapore and the Netherlands conclude MOU on collaboration in international climate science

Financial Transparency Corridor initiative between Singapore and Cambodia begins with first FIs onboarded

Provisions of Resource Sustainability Act 2019 on new beverage container return scheme in force

FinTech

MAS expands industry collaboration to scale asset tokenisation for financial services, publishes whitepaper on Global Layer One initiative

Technology, Media & Telecommunications

Framework in Online Criminal Harms Act 2023 for codes of practice and directives to counter scams and malicious cyber activities in force

Singapore and China advance cooperation in trusted commercial data flows and AI governance

Strengthening AI governance in Singapore: (1) Safety guidelines for Generative AI model developers and application deployers, (2) expanded PET sandbox, and (3) ASEAN guide on data anonymisation

White Collar & Investigations

Anti-Money Laundering and Other Matters Bill introduced: Key amendments and enhancements to AML/CFT regime

Registrar of Regulated Dealers issues notice on Environmental Crimes Money Laundering National Risk Assessment

Singapore publishes updated ML/TF risk assessments, asset recovery, and CFT national strategies

Regional News

Indonesia

Indonesia plans to impose import tariffs of up to 200% on range of Chinese goods

Malaysia

Bank Negara Malaysia issues policy document on Currency Processing Business

Bank Negara Malaysia issues policy document on Disposal and Purchase of Impaired Loans/Financing

Malaysia Court of Appeal affirms application of double actionability rule in claim for a tort that occurred in foreign country

Myanmar

Central Bank of Myanmar updates digital payment limits

Myanmar Industrial Zone Rules in force

Vietnam

New regulations on cashless payments in Vietnam in effect

Vietnam sets out framework for direct power purchase agreements

Publications

Practical Law: Joint Ventures - Choice of Structure

The International Comparative Legal Guide to Vertical Agreements & Dominant Firms 2024 (8th Ed)

Lexology In-Depth: Securities Litigation (10th Ed, 2024)

Lexology In-Depth: Real Estate M&A and Private Equity (9th Ed, 2024)

Lexology In-Depth: International Arbitration (15th Ed, 2024)

Deals

US$7.8 billion joint venture between Vanguard International Semiconductor Corporation and NXP Semiconductors N.V.

S$2.7 billion conventional term loan and Islamic Murabahah facilities to Wealthy Link Pte. Ltd.

S$400 million Taskforce on Nature-related Financial Disclosures targets-aligned sustainability-linked revolving credit facility to City Developments Limited

Issue of S$100 million fixed rate sustainability-linked guaranteed bonds by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Sabana Industrial Real Estate Investment Trust)

US$4.5 million Series A+ financing of McEasy led by Granite Asia

Awards & Rankings

Allen & Gledhill named Best Law Firm in Singapore at the FinanceAsia Awards 2024

Allen & Gledhill recognised in Asian Legal Business Asia’s Top 15 ESG Law Firms 2024

Allen & Gledhill Intellectual Property Practice maintains top tier rankings for Patent work in Managing IP’s IP Stars 2024

Allen & Gledhill maintains top tier rankings for trademark in the 2024 Asia IP Trademark Survey