Financial Services Bulletin August 2024: Allen & Gledhill

27 August 2024

Capital Markets

MAS consults on proposed amendments to leverage requirements for REITs

MAS establishes Review Group to strengthen equities market development

Corporate / M&A

Public consultation on remote witnessing and e-signing of statutory declarations

Dispute Resolution

Second phase of amendments under Criminal Procedure (Miscellaneous Amendments) Act 2024 to strengthen levers to tackle crime and enhance criminal court processes takes effect

ESG & Public Policy

Singapore and the EU conclude negotiations on European Union-Singapore Digital Trade Agreement (EUSDTA)

Financial Regulatory & Compliance

MAS issues revised Guidelines on Licensing for Payment Service Providers

MAS responds to feedback on proposals to refine tier structure requirements and introduce new remuneration requirements for financial advisory industry

Provisions in Financial Services and Markets Act 2022 on prohibition orders in operation

MAS issues response to feedback on proposed amendments to appeals regulations

MAS consults on proposed amendments to notices and guidelines to enhance pre- and post-transaction safeguards for retail clients

MAS issues circular on establishing sources of wealth of customers

MAS commits up to S$100 million to support quantum and AI capabilities in financial sector

Technology, Media & Telecommunications

CSA seeks comments on draft guidelines and companion guide on securing AI systems

White Collar & Investigations

Anti-Money Laundering and Other Matters Bill enhancing AML/CFT regime passed: Key takeaways from second reading

Regional News

Malaysia

Personal Data Protection (Amendment) Bill 2024 passed by Malaysia Parliament

Malaysian Communications and Multimedia Commission introduces new regulatory framework for social media services and internet messaging services providers

Arbitration Act amendments strengthening regime passed by Malaysia Parliament

Myanmar

Myanmar implements additional allowance for workers

Myanmar limits companies to five “principal activities” in annual returns form

Central Bank of Myanmar requires exporters to exchange 25% of their earnings at Central Bank rate

Myanmar sets import reference prices for certain goods

Publications

The International Comparative Legal Guide to Pharmaceutical Advertising 2024 (21st Ed)

Practical Law: Confidentiality Considerations

Lexology In-Depth: Aviation Finance Law (1st Ed, 2024) - Singapore

SAL Practitioner: The spectre of the implied term of mutual trust and confidence - Employer’s obligation to comply with all of its own policies

Deals

Issue of S$965 million fixed rate green notes by Housing and Development Board

Issue of US$585 million asset-backed securities by Astrea 8 Pte. Ltd.

Issue of US$508.3 million infrastructure asset-backed securities due 2043 by Bayfront Infrastructure Capital V Pte. Ltd.

S$612.5 million sustainability-linked term loan facility to Keppel Merlimau Cogen Pte Ltd

US$3.3 million pre-Series A financing of Beep Technologies Pte. Ltd. led by Granite Asia

Sale of shares in The Chope Group Pte. Ltd. to Grab Holdings

News

Tax Law Expert Professor Stephen Phua joins Allen & Gledhill

Dr Stanley Lai, SC conferred the Public Service Star (Bintang Bakti Masyarakat) at the Singapore National Day Awards 2024

Awards & Rankings

A&G Asia recognised in Who’s Who Legal’s Southeast Asia 2024 guide

Allen & Gledhill recognised as leading law firm in the Chambers High Net Worth Guide 2024

Allen & Gledhill Intellectual Property Practice ranked as leading firm for Copyright & Related Rights, and Intellectual Property Transactions in Managing IP’s IP STARS 2024