Financial Services Bulletin December 2024

19 December 2024

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Capital Markets

MAS rationalises leverage requirements and introduces additional disclosures for REITs

Why you should set up your fund and manage it in Singapore

Competition & Foreign Investment Review

CCCS warns food delivery platform for misleading advertisement

CCCS issues PID against remittance service providers for anti-competitive exchange of price information

Antitrust developments and enforcement activity in South-east Asia: July to September 2024

Corporate / M&A

ACRA issues Financial Reporting Practice Guidance No. 1 of 2024 on areas of review focus for FY2024 financial statements

ESG & Public Policy

Key outcomes from COP29 and Singapore’s commitments

MAS’ Transition Credits Coalition (TRACTION) outlines integrity, scalability, and demand considerations in utilising transition credits to accelerate early retirement of coal-fired power plants

The International Platform on Sustainable Finance presents Multi-Jurisdiction Common Ground Taxonomy to enhance interoperability of taxonomies across EU, China, and Singapore

MAS publishes Information Paper on Good Disclosure Practices for Retail ESG Funds

Australia and Singapore collaborate to support sustainable infrastructure and decarbonisation in South-east Asia

Singapore and Jiangsu continue to deepen partnerships in green initiatives and innovation

Financial Regulatory & Compliance

Protection from Scams Bill introduced to empower Police to issue restriction orders to banks to restrict banking transactions of individuals

Anti-Money Laundering and Other Matters Act 2024 enhancing AML/CFT regime partially in force

MAS consults on roadmap to sunset corporate cheques and transition plan for retail cheques

MAS to proceed with proposed amendments to Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024

MAS responds to feedback on proposals to provide clarity on computation of deposit insurance compensation and improve efficiency of deposit insurance operations

MAS publishes information paper on AI model risk management

Tax

Amendments to Income Tax Act 1947 in force from various dates to effect Budget 2024 changes

One-off property tax rebate for owner-occupied residential properties in 2025

Technology, Media & Telecommunications

Shift happens: How generative AI is changing the way we make content

Regional News

Indonesia

Indonesia strengthens financial aggregator regulatory framework

Malaysia

Bank Negara Malaysia announces liberalisation of foreign exchange policy for multilateral development banks and qualified non-resident development financial institutions

Malaysia Court of Appeal confirms flexibility of secured creditors to revalue security and withdraw unsecured claims in liquidation despite filing of proof of debt

Myanmar

Myanmar Department of Trade requires on-site inspections for online sales business registration certificates

Vietnam

Vietnam introduces additional requirements relating to provision of information and internet services

Publications

Lexology In-Depth: Technology Disputes (4th Ed, 2024) - Singapore

Lexology In-Depth: Trade Secrets (1st Ed, 2024) - Singapore

Singapore Academy of Law Annual Review 2023: Equity and Trusts

Singapore Academy of Law Annual Review 2023: Admiralty and Shipping Law

ICLG: Class & Group Actions 2025 (17th Ed) - Indonesia

What greenwashing risks mean for legal and risk management professionals

Deals

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

S$540 million green term loan and revolving credit facilities to Winchamp Investment Pte. Ltd.

Sale of shares in Lightscale Holdings Pte. Ltd. to ZKcandy and JB Investment

Awards & Rankings

Allen & Gledhill and Rahmat Lim & Partners ranked in top 100 restructuring and insolvency practices worldwide

Allen & Gledhill wins Singapore Patent Contentious Firm of the Year at Asia IP Awards 2024

Allen & Gledhill recognised as leading law firm in 2024 Asia IP Patent Rankings

Allen & Gledhill continues to be recognised as one of the top 100 corporate investigations practices worldwide by Global Investigations Review