Financial Services Bulletin January 2020

22 January 2020

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Banking

UK Supreme Court finds bank liable to customer for breach of Quincecare duty to company

Capital Markets

Framework for variable capital companies tailored for investment funds launched on 15 January 2020

SGX RegCo enhances Mainboard Rules to strengthen oversight over issue managers and due diligence standards

SGX RegCo forms working group to review retail bonds framework

Corporate / M&A

ACRA enhances annual return forms for easier filing

FinTech

MAS issues licensing guidelines and specimen forms in relation to Payment Services Act

MAS consults on proposed amendments to Payment Services Act 2019 and scope of e-money and digital payment tokens

Public Policy

Upgraded Singapore-New Zealand agreement on economic partnership in force from 1 January 2020

Resource Sustainability Act 2019 partially in force from 1 January 2020

Environmental sustainability in the financial sector: 2019 look back on developments in South-east Asia and Singapore

Tax

Changes to Goods and Services Tax Act in force from 1 January 2020

White Collar & Investigations

Amendments to Penal Code introduced by Criminal Law Reform Act in force from 1 January 2020

General

Changes to Protection from Harassment Act partially in force from 1 January 2020: New offence of doxxing introduced

Regional News

Malaysia

Malaysian Trademarks Act 2019 in force on 27 December 2019

Decisions of Malaysian Industrial Court can be appealed to High Court following amendments to Industrial Relations Act

Bank Negara Malaysia issues Exposure Draft on Licensing Framework for Digital Banks

Malaysian Federal Court finds attempt to auction charge lands pursuant to National Land Code 1965 not caught by limitation

Malaysian Federal Court rules Controller of Housing had no right to grant extension of time to developers

Myanmar

Myanmar’s new Trademark Law 2019 to come into force in 2020

China

China’s new foreign investment regime in force from 1 January 2020

Publications

International Comparative Legal Guide to Corporate Investigations 2020

SID Directors Bulletin: Procedures and Pitfalls of Employment Termination

Singapore Law Watch: Banking and Finance

Deals

US$937.6 million acquisition of 28 business park properties in the United States of America by Ascendas Real Estate Investment Trust

S$945.36 million term loan facilities to Ophir-Rochor Commercial Pte. Ltd.

News

Allen & Gledhill Partner Jason Chan appointed Senior Counsel

Allen & Gledhill announces admission of new Partners and Counsel 2020

Two Allen & Gledhill lawyers recognised as Accredited Specialists under the Singapore Academy of Law’s Specialist Accreditation Scheme

Rahmat Lim & Partners celebrates 10 years of growth

Awards & Rankings

Allen & Gledhill is a leading law firm in South-east Asia in The Legal 500 Asia Pacific 2020

Allen & Gledhill ranked top-tier in Chambers FinTech 2020

Allen & Gledhill ranked in top 50 foreign law firms in RSG India Rankings