2007 year in review: Key legal and regulatory developments

SGX announces the establishment of Catalist to replace SGX SESDAQ

SIC issues Practice Statement on “Treasury Shares”

SGX announces new “watch-list” for Mainboard companies to take effect from 1 March 2008

SGX revises minimum bids schedule for securities market with effect from 24 December 2007

MAS issues Basel II Rules: Implementation on 1 January 2008

MAS and MinLaw jointly issue consultation paper on changes relating to unsecured lending rules applicable to financial institutions and moneylenders

SGX conducts public consultation on composition fines and mandatory minimum penalties for rule violations in derivatives market

Singapore Court of Appeal disagrees with High Court on the ambit of “loan” in relation to prohibition against loans to directors / connected persons under the Companies Act

Singapore High Court discusses whether a company had a separate mind so as to conspire with its own director

Allen & Gledhill LLP Seminar on Understanding and Complying with the New Code of Governance for Charities and Institutions of a Public Character - 22 January 2008

Amendments to SGX-ST Listing Manual to improve market efficiency and disclosure to take effect on 3 December 2007

SGX revises bond listing and processing fees

MAS clarifies disclosure requirements for substantial shareholders

New measures on anti-money laundering and countering of terrorism financing apply to moneylenders with effect from 12 November 2007

SGX issues Addendum to consultation paper dated 25 October 2007 on single stock derivatives

ACRA Practice Direction 5 of 2007 on New Annual Return Form and Filing of Financial Statements in XBRL and Companies Act subsidiary legislation to implement changes

Monetary Authority of Singapore (Amendment No 2) Act 2007 in force on 1 November 2007: Enhanced penalties for financial institution failing to comply with MAS direction or regulation

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Act 2007 in force on 1 November 2007: Fine-tuning the law on anti-money laundering

Parliament passes Income Tax (Amendment No 2) Bill 2007: Implementation of Budget 2007 changes

MAS issues consultation paper on proposed minimum paid-up requirement for wholesale banks

Singapore High Court finds directors in breach of fiduciary duties and section 157 of Companies Act

MAS issues consultation papers proposing substantial amendments to the SFA and FAA

MAS revises Property Funds Guidelines to enhance regulatory framework of REITs

MTI public consultation on extending the Consumer Protection (Fair Trading) Act to certain financial products and services

Accounting Standards Act 2007 in force on 1 November 2007: Establishment of the Accounting Standards Council

SGX announces dissolution of the SGX-DT Compensation Fund with effect from 24 November 2007

Parliament introduces Income Tax (Amendment) Bill 2007: Implementation of Budget 2007 changes

SGX conducts public consultation on proposed changes to the SGX Securities Trading Rulebook and the CDP Clearing Rulebook to facilitate the introduction of Single Stock Derivatives (SSDs)

ACRA conducts public consultation on the registration and regulatory regime for foreign companies under the Companies Act

MAS conducts public consultation on proposed exemption from maximum credit card limit for individuals with greater financial means

Allen & Gledhill LLP and Zaid Ibrahim & Co form strategic alliance to create pan-ASEAN legal solutions provider

MAS Circular: Changes Pertaining to Tax Incentive Schemes for Fund Management

Monetary Authority of Singapore (Dispute Resolution Schemes) Regulations 2007: Financial institutions to be members of dispute resolution schemes

Commodity Trading (Amendment) Act 2007 commences operation in two phases (27 August 2007 and 27 February 2008)

Monetary Authority of Singapore (Amendment No 2) Bill 2007 passed: Enhanced penalties for financial institution failing to comply with MAS direction or regulation

Revised Singapore-China Avoidance of Double Taxation Agreement in force from 18 September 2007

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits)(Amendment) Bill 2007: Fine-tuning the law on anti-money laundering

SGX finalises changes to minimum bids schedule for securities market

SGX issues consultation paper on Proposed Amendments to the Futures Trading Rules, SGX-DC Clearing Rules and Contract Specifications in Relation to the JADE Market

UK House of Lords rules that compound interest is recoverable in restitutionary (unjust enrichment) claims

New announcement template on SGXNET for resignation of directors and key officers with effect from 1 October 2007

Banks admitted as clearing members for SGX derivatives market with effect from 10 August 2007

Revised Singapore-China Avoidance of Double Taxation Agreement

MAS conducts public consultation on Insurance (Amendment) Bill 2007 on Nomination of Beneficiaries

Basel II ? Phase 5: MAS issues response to feedback received from public consultation

Singapore High Court rules that remisier/guarantor liable despite principal transaction being statute-barred

English Court of Appeal upholds standard clauses limiting liability of arranging bank in syndicated loans

English High Court on effect of capacity ?as agent and security trustee? and nature of sub-participation

English High Court holds contract to sell credit notes formed following telephone conversation

SGX issues consultation papers on proposed enhancements to structured warrants and securities market

Competition (Amendment) Act 2007 comes into operation on 1 July 2007: Introduce merger control

MAS and SGX jointly release Corporate Governance Report and upcoming initiatives to strengthen corporate governance practices for listed companies

Parliament introduces Accounting Standards Bill 2007: Establishment of the Accounting Standards Council

Commodity Trading (Amendment) Bill 2007 passed: Transfer of regulatory oversight of commodity futures from IE to the MAS

MAS issues response to feedback received from Consultation Paper on Proposals for the Implementation of Basel II in Singapore (Phase 4)

English Court of Appeal holds that refinancing of company's debt to seller post acquisition is not financial assistance

Allen & Gledhill is Asian Legal Business Singapore Deal Firm of the Year 2007

Allen & Gledhill becomes Allen & Gledhill LLP on 1 July 2007

New Client Publication: Allen & Gledhill Financial Services Bulletin