Financial Services Bulletin August 2019

29 August 2019

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Banking

MAS issues Notice 656 on “Exposures to Single Counterparty Groups for Banks Incorporated in Singapore”

MAS assesses banks’ governance, policies and procedures in “Thematic Review of Collateral Management Standards and Practices of Corporate Lending Business”

Singapore High Court discusses bank’s right to enforce security over bills of lading under Bills of Lading Act

Capital Markets

MAS issues revised Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts

MAS issues consultation paper on “Requirements on Controls against Market Abuse”

Bill introduced to implement tax framework for VCCs and amend insolvency provisions in VCC Act

MAS and SGX RegCo jointly publish “MAS-SGX Trade Surveillance Practice Guide”

Competition

Antitrust developments in South-east Asia: April to June 2019

Dispute Resolution

Forty-six States sign Singapore Convention on Mediation on 7 August 2019

Employment

MOM announces acceptance of recommendations to refresh retirement and re-employment framework

Financial Regulatory

MAS issues new legally binding requirements to raise cybersecurity standards and strengthen cyber resilience of financial sector

Ratings issued by credit rating agencies in Singapore will continue to be recognised and used in the EU

FinTech

MAS launches Sandbox Express for faster market testing of innovative financial services and products

Public Policy

A quick guide on harnessing Singapore’s Free Trade Agreements to benefit your businesses

Q2 2019 Review: Five key public policy developments in Singapore

Tax

MOF issues response to public consultation on draft Income Tax (Amendment) Bill 2019

Regional News

Malaysia

Jurisdiction of Malaysian Consumer Claims Tribunal to be extended under Consumer Protection (Amendment) Bill 2019

Malaysian Communications and Multimedia Commission issues Guidelines on Mergers and Acquisitions and Guidelines on Authorisation of Conduct in telecommunications sector

China

China updates Negative Lists to further remove foreign investment restrictions

Publication

The International Arbitration Review (10th Ed, 2019)

The Dominance and Monopolies Review (7th Ed, 2019)

Deals

S$1.58 billion acquisition of DUO Tower and DUO Galleria via purchase of shares in Ophir-Rochor Commercial Pte. Ltd. by Allianz Finance VII Luxembourg S.A. and Gaw Capital Partners, and joint venture in connection with Ophir-Rochor Commercial Pte. Ltd.

S$1.02 billion facilities to Jewel Changi Airport, Singapore

Issue of S$600 million fixed rate notes by Housing and Development Board

Establishment of S$500 million multicurrency debt issuance programme and issue of S$225 million notes by Thomson Medical Group Limited

First direct equity investment in Myanmar by CDC

News

Celebrating 2019 National Day with foreign delegates at the office of Allen & Gledhill