Financial Services Bulletin September 2019

27 September 2019

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Capital Markets

Bill passed to establish tax framework for VCCs and amend insolvency provisions

Competition

New Chief Executive for CCCS from 1 October 2019

Dispute Resolution

MinLaw invites views on proposal to allow conditional fee agreements in Singapore

Bills passed to consolidate statutory regime on reciprocal enforcement of foreign judgments into single framework

Financial Regulatory

MAS consults on revised biannual report and implementation timeline for proposed complaints handling and resolution regulations

MAS establishes Steering Committee to drive interest rate benchmark transition from SGD Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA)

FinTech

MAS accepting applications for Singapore’s first digital bank licences open to non-bank players

Public Policy

Key insights on initiatives and developments following National Day Rally 2019

Tax

Bill introduced to amend Income Tax Act to implement changes announced in 2019 Budget

Regional News

Malaysia

Companies Act to be amended to improve company procedure and governance

China

Connectivity, Reform and Opportunity

Publications

Practical Law Hedge Funds 2019: Singapore chapter

Practical Law Energy and Natural Resource Global Guide 2019: Electricity Regulation in Singapore

Practical Law Energy and Natural Resource Global Guide 2019: Oil and Gas Regulation in Singapore

Practical Law Cross-Border Dispute Resolution - Rules of Evidence (including cross-border evidence) in Civil Procedure: Singapore Q&A

Practical Law Cross-Border Joint Ventures 2019: Singapore chapters

The International Investigations Review (9th Ed, 2019): Singapore chapter

The Intellectual Property Review (8th Ed, 2019): Singapore chapter

Deals

S$8.67 billion facilities to Marina Bay Sands, Singapore

Establishment of S$1 billion multicurrency debt issuance programme and issue of S$300 million subordinated perpetual securities by SPH REIT

Issue of US$600 million asset-backed securities by Astrea V Pte. Ltd.

US$87 million joint venture between Ever Investment Company Limited and China Lesso Group Holdings Limited

Acquisition of a fleet of Suezmax tankers by Frontline Ltd.

News

Special seminar on the Protection from Online Falsehoods and Manipulation Act 2019

Allen & Gledhill participates in a two-month pilot run of the new Payments Regulatory Evaluation Programme

Awards & Rankings

Allen & Gledhill maintains top tier rankings in IFLR1000 2020

Allen & Gledhill and its network firms ranked in ALB M&A Rankings 2019

Allen & Gledhill is the only Singapore law firm ranked Tier 1 in World Tax 2020

Allen & Gledhill wins Firm of the Year at Benchmark Litigation Asia-Pacific Awards 2019