Legal Bulletin February 2020

27 February 2020

Focus Feature

Facing COVID-19: Contractual disruptions and employers’ obligations

Capital Markets

SGX provides guidance to issuers on quarterly dividends and other corporate actions

Competition

CCCS clears proposed acquisition relating to waste collection services

Antitrust developments in South-east Asia: October to December 2019

Consumer Protection

Court orders e-commerce retailer to cease unfair trade practices and stop using “subscription traps”

Corporate / M&A

SGX implements new approach to quarterly reporting and enhances continuous disclosure requirements on 7 February 2020

SGX RegCo gives issuers with principal place of business or significant operations in China up to 30 June 2020 to hold AGMs to approve FY December 2019 results in view of COVID-19 situation

SGX consults on enhancements to regulatory regime for auditors and property valuation

ACRA aligns filed data with data filed under National Registration Act

Allen & Gledhill succeeds before Singapore Court of Appeal on issue of minority discount in oppression case

Singapore Court of Appeal considers whether discount applicable where parties consent to buyout order of shares without determination of liability for oppression

Singapore Court of Appeal finds key executive officer and director of estate agency personally liable for misrepresentations made to customers

Data Protection

PDPC issues response to public consultation on data portability and data innovation provisions

Dispute Resolution

Singapore Convention on Mediation Bill passed in Parliament on 4 February 2020

Singapore Court of Appeal declines enforcement of arbitral award as arbitration wrongly seated

Employment

MOM updates Fair Consideration Framework with increased penalties for all discrimination cases

FinTech

Three key FinTech trends in 2019

Intellectual Property

Bill to amend Geographical Indications Act passed: Clarification on variants and request for qualification of rights (QoR), introduction of new application for limitation of scope of rights

Public Policy

Budget 2020: Key highlights and environmental sustainability measures

Q4 2019 Review: Five key public policy developments in Singapore

Hazardous Waste (Control of Export, Import and Transit) (Amendment) Bill passed to include plastic waste within scope

Real Estate

MinLaw allows publicly listed housing developers with substantial connection to Singapore to apply for exemption from Qualifying Certificate regime under Residential Property Act

Tax

Budget 2020: Summary of key tax changes

Regional News

Malaysia

Malaysian Industrial Relations (Amendment) Bill 2019 seeks to expedite dispute resolution process

Malaysian Securities Commission issues AGM corporate governance checklist to enhance shareholder activism

Companies Commission of Malaysia issues guidance notes for approved liquidators to register a firm to practise as a liquidator

Myanmar

Myanmar Internal Revenue Department clarifies application of Tax Administration Law

Supreme Courts of Singapore and Myanmar conclude Memorandum of Guidance on enforcement of money judgments

Indonesia

Indonesian Constitutional Court redefines fiduciary security enforcement: Will a debtor agree that it is in default?

Publications

IBA Securities Law Committee eBulletin: The Singapore variable capital company - A new flexible business vehicle tailored to investment funds

The International Comparative Legal Guide to Public Procurement 2020

The Complex Commercial Litigation Review (2nd Ed, 2020)

The Energy Mergers & Acquisitions Review (1st Ed, 2020)

Business Law International: Regulation of Crowdfunding in Singapore

Practical Law Cross-border Intellectual Property - Intellectual Property Right Licences Q&A: Singapore

Practical Law Cross-border Intellectual Property - Intellectual Property Right Assignments Q&A: Singapore

Practical Law Enforcement of Judgments and Arbitral Awards in Singapore: Overview

Deals

Establishment of S$2 billion multicurrency debt issuance programme and issue of S$250 million notes by Allgreen Treasury Pte. Ltd.

Establishment of S$2 billion multicurrency debt issuance programme by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Starhill Global Real Estate Investment Trust and Starhill Global REIT MTN Pte. Ltd.)

S$1.49 billion merger of OUE Commercial Real Estate Investment Trust and OUE Hospitality Trust

Establishment of S$800 million multicurrency stapled debt issuance programme by ARA U.S. Hospitality Trust

Issue of S$500 million notes by Singapore Press Holdings Limited

Acquisition of Bento Invest Pte. Ltd. by Grab Holdings Inc.

MMK74 billion project financing facility by Kanbawza Bank Limited

Agreement between AYA Financial Group and AIA Company Limited to establish a partnership to conduct a life insurance venture

Awards & Rankings

Allen & Gledhill voted Asian-mena Counsel In-House Community Firm of the Year 2019

Allen & Gledhill wins Patent Firm of the Year - Singapore at Global IP Awards 2020

Allen & Gledhill ranked in top band of “Elite” by Global Competition Review