Legal Bulletin December 2019

19 December 2019

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Banking & Finance       

Payment Services Act 2019 providing new framework for payment systems and payment service providers in force on 28 January 2020           

Capital Markets

The Singapore variable capital company - A new flexible business vehicle tailored for investment funds   

SGX RegCo consults on proposed removal of minimum trading price framework and changes to financial watch-list administration  

Construction & Engineering       

Building and Construction Industry Security of Payment Act amendments effective from 15 December 2019 to enhance fast and low-cost dispute resolution mechanism

Consumer Protection    

CCCS seeks court injunction against e-commerce retailer for using “subscription trap”     

Dispute Resolution       

Singapore Court of Appeal affirms power to grant Mareva injunctions in aid of foreign court proceedings

Maritime & Aviation

Limitation of liability for maritime claims to be raised with implementation of 1996 Protocol to the LLMC 1976

Medico-Legal

MOH-appointed workgroup proposes wide-ranging reforms in healthcare system relating to taking of informed consent and Singapore Medical Council disciplinary process

Singapore Court of Three Judges quashes conviction of psychiatrist for failing to protect patient’s confidential information

Real Estate

Singapore Court of Appeal construes section 29(2) of Land Acquisition Act on appeals to Court of Appeal and dismisses application to strike out appeal

Tax

GST payable on overseas digital services from 1 January 2020

Income Tax Act amendments implementing changes announced in 2019 Budget in force

Regional News

Malaysia

Companies Commission of Malaysia issues consultative document on beneficial ownership reporting framework

Bank Negara Malaysia issues policy document on repurchase agreement transactions

Malaysian Parliament Lower House passes Currency Bill 2019

Myanmar

Myanmar Directorate of Investment and Company Administration mandates disclosure of beneficial ownership from 1 January 2020

Myanmar Stamp Act amended to reduce penalty for late or insufficient payment of stamp duty

Myanmar microfinance institutions to comply with Directive on Customer Due Diligence for Anti-Money Laundering and Combating the Financing of Terrorism

Publications

Global Legal Insights to Bribery & Corruption 2020

Practical Law Cross-border Commercial Transactions: Memorandum of Understanding Q&A 2019

Practical Law Cross-border Commercial Transactions: Confidentiality Q&A 2019

Practical Law Cross-border Commercial Transactions: Supply of Goods Q&A 2019

Practical Law Cross-border Commercial Transactions: Services Agreements Q&A 2019

Deals

S$1.54 billion proposed merger of Frasers Logistics & Industrial Trust and Frasers Commercial Trust

Issue of €1 billion guaranteed notes by Temasek Financial (I) Limited

HK$4.64 billion proposed privatisation of TPV Technology Limited by way of a scheme of arrangement by CEIEC (H.K.) Limited and proposed withdrawal of listing of TPV Technology Limited

US$278 million acquisition of 701Search Pte. Ltd. by Carousell Pte. Ltd. and investment in Carousell Pte. Ltd. by Telenor Group

US$8 million equity investment for a majority stake in Myanmar Golden Eagle Company Limited and Myanmar Golden Glass Company Limited by Osotspa Public Company Limited

Joint venture between Kanbawza Group and PTT Public Company to develop an oil terminal and expand retail business in Myanmar

Acquisitions and establishment of joint ventures in Myanmar insurance sector

Awards & Rankings

Allen & Gledhill and its network firms recognised as leading law firms in South-east Asia in Chambers Asia-Pacific 2020