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28 May 2020

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Letter from the editors

Banking

MAS and financial industry announce additional support for individuals facing financial difficulty caused by Covid-19 pandemic

Capital Markets

MAS, SIC and SGX RegCo allow electronic dissemination of rights issue and take-over documents until 30 September 2020 in light of Covid-19 situation

SGX RegCo removes minimum trading price rule while enhancing other anti-manipulation tools with effect from 1 June 2020

Competition

Facing Covid-19: Antitrust review delays in South-east Asia (Part 3)

Antitrust developments in South-east Asia: January to March 2020

Corporate / M&A

Covid-19: Key issues for directors in the shift towards a new normal

SGX RegCo extends timeline for release of unaudited financial results and sets out expectations on issuers’ disclosure obligations, Amendment Order revises period for alternative meetings arrangements

ACRA defers implementation date for central non-public register of registrable controllers to July 2020 in light of Covid-19 situation

Singapore Court of Appeal upholds shareholder’s oppression claim following diversion of contracts and employees to another business

Data Protection

MCI and PDPC propose amendments to Personal Data Protection Act 2012 to introduce mandatory breach notification, data portability and increased financial penalties

Dispute Resolution

SIMC launches new protocol on expedited mediation for global businesses to manage disputes amid Covid-19

Employment

MOM, NTUC and SNEF issue advisory on workplace safe management measures in view of gradual lifting of Covid-19 restrictions

MOM, NTUC, SNEF to release advisories on ensuring sustainability of outsourced sectors affected by Covid-19

Financial Regulatory

Reporting of foreign exchange, equity and commodity derivatives contracts by finance companies and certain bank subsidiaries, insurers and capital markets services licence holders, and significant derivatives holders deferred to 1 October 2021

FinTech

MAS allows payment token derivatives to be traded on approved exchanges from 18 May 2020

Covid-19: New S$6 million MAS-SFA-AMTD FinTech Solidarity Grant launched in support of Singapore FinTech firms

Funds

Limited partnerships: Why are they used for private funds?

MAS issues FAQs on offers of units in collective investment schemes (including REITs) to provide additional guidance on regulatory requirements for REITs and fund managers amid Covid-19 pandemic

Restructuring & Insolvency

Covid-19: Order prescribing alternative arrangements for corporate insolvency meetings issued

Singapore Court of Appeal resolves longstanding controversy on standard of review for winding-up applications premised on disputed debt subject to arbitration

General

Protection from Harassment Act amended to tackle spread of online falsehoods affecting individuals and entities

Regional News

Malaysia

Covid-19: Malaysian perspective

Securities Commission Malaysia issues Guidelines on Advertising for Capital Market Products and Related Services

Bursa Malaysia amends Main and ACE Market Listing Requirements to facilitate application of specified corporate exercises via electronic means

Shariah Advisory Council of Bank Negara Malaysia rules e-money permissible

Malaysian Court of Appeal holds third party cannot be ordered to pay damages directly to plaintiff in main suit

Malaysian Court of Appeal holds management corporations of residential strata building can prohibit use of residential units in buildings for business or short-term rentals through own house rules or bylaws

Myanmar

Covid-19: Table of key Myanmar government measures

Myanmar launches Covid-19 Economic Relief Plan

Central Bank of Myanmar extends deadline for banks to comply with four regulatory notifications to 2023 in view of Covid-19

India

India’s response to Covid-19: 10 key legal updates for foreign investors

Indonesia

Indonesia’s Financial Services Authority (OJK) takes steps to deal with Indonesia’s 2020 capital market deceleration affected by regional and national conditions, including the Covid-19 outbreak

Merger control in Indonesia: New measures issued in response to Covid-19 pandemic

Tax incentive relief for certain businesses affected by Covid-19 crisis

Publications

Practical Law Banking Regulation Global Guide: Banking Regulation in Singapore

Practical Law Employment & Benefits Global Guide: Overview of employment and employee benefits in Singapore

Practical Law FinTech Global Guide: FinTech in Singapore

The International Comparative Legal Guide to Anti-Money Laundering 2020

The International Comparative Legal Guide to Project Finance 2020

The International Comparative Legal Guide to Consumer Protection 2020

The International Comparative Legal Guide to Drug & Medical Device Litigation 2020

The Initial Public Offerings Law Review 2020

Global Legal Insights to International Arbitration 2020

Deals

RMB5.16 billion (S$1.04 billion) investment in Sincere Property Group by City Developments Limited

Issue of US$750 million notes by ST Engineering RHQ Ltd.

Issue of US$650 million notes by PSA Treasury Pte. Ltd.

S$340 million acquisition of Robinson Centre, Singapore by ARA Asset Management Limited and S$225 million loan facilities to the property holding company

S$55 million acquisition of conservation shop houses at Tanjong Pagar, Singapore by ASI Global Real Estate Fund

Issue of S$20 million notes by DBS Bank Ltd.

Joint venture between Shwe Taung Real Estate Company Limited and Aeon Mall Company Limited to develop, manage and operate shopping malls in Myanmar

News

Thirty lawyers of Allen & Gledhill appointed as assessors under the Covid-19 (Temporary Measures) Act 2020

Awards & Rankings

Allen & Gledhill named Best Law Firm in Singapore in FinanceAsia’s Country Awards 2020

Allen & Gledhill named Most Innovative National Law Firm of the Year (Singapore) at the IFLR Asia-Pacific Awards 2020

Allen & Gledhill ranked top tier in Benchmark Litigation Asia-Pacific 2020

Allen & Gledhill Intellectual Property Practice ranked Tier 1 by Asian Legal Business