Financial Services Bulletin March 2020

30 March 2020

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Focus: Covid-19

Facing Covid-19: ACRA, MAS and SGX RegCo issue guidance on safe distancing measures for issuers when conducting meetings

Facing Covid-19: Legal implications for businesses

Key considerations for directors in the period of Covid-19

Capital Markets

MAS issues response to feedback on proposed regulations on financial statements, accounting standards, collective investment schemes and winding up under framework for variable capital companies

Competition

CCCS grants clearance in first merger reviewed by CCCS in real estate and real estate fund management space

Corporate /M&A

SGX RegCo gives additional two months to issuers irrespective of place of business or operations to hold AGMs due to concerns about large-group meetings amid Covid-19

Dispute Resolution

Singapore Convention on Mediation in force from 12 September 2020

UK Supreme Court lifts stay of enforcement of ICSID award

Employment

MOM to revise rules for hiring foreigners, provide more support for employers hiring mid-career and senior employees

MOM, NTUC and SNEF update advisory on managing excess manpower and responsible retrenchment in view of Covid-19

Funds

The increasing popularity of private funds

Public Policy

NCCS issues response to feedback on Singapore’s long-term low emissions development strategy

MEWR announces key initiatives to build a climate-resilient Singapore

New regulatory measures for pre-packaged beverages, extension of measures to freshly prepared beverages

General

IMDA issues press release on new initiatives on AI governance, including second edition of the Model AI Governance Framework

Regional News

Malaysia

Covid-19: Malaysian perspective

Practical implications following Companies (Amendment) Act 2019 and Companies (Company Auditor and Liquidator Fees) Regulations 2020 coming into force

Bank Negara Malaysia issues exposure draft on Licensing Framework for Digital Banks

Labuan Business Activity Tax Act amended to improve assessment on chargeable profits

Malaysian Copyright Act to be amended to widen tribunal power

Malaysian Franchise (Amendment) Bill seeks to strengthen enforcement

Myanmar

Central Bank of Myanmar updates criteria for approval of offshore loans

Publications

The Cartels and Leniency Review 2020 (8th Ed, 2020)

Deals

Issue of US$1 billion perpetual capital securities by DBS Group Holdings Ltd

Issue of S$700 million fixed rate notes under the S$32 million multicurrency medium term note programme by Housing and Development Board

Issue of S$500 million notes by PSA Treasury Pte. Ltd. under its US$3.5 billion global medium term note programme

US$323.5 million initial public offering and listing of United Hampshire US REIT

£130.9 million initial public offering and listing of Elite Commercial REIT

Awards & Rankings

Allen & Gledhill Intellectual Property Practice maintains top tier rankings for trade mark work in Managing IP’s IP Stars 2020

Allen & Gledhill maintains top tier ranking in the Asia IP Copyright Survey 2020 rankings

Allen & Gledhill Intellectual Property Practice continues to be ranked as a leading practice in World Trademark Review 1000 2020