Financial Services Bulletin September 2020

29 September 2020

Download PDF

 

Banking

MAS enhances access to liquidity facilities to strengthen resilience of banking sector

MAS issues guidance paper on effective AML/CFT controls in private banking

Capital Markets

SGX RegCo publishes observations of Catalist sponsors to highlight areas for improvement

Competition

CCCS Guidelines on Price Transparency effective 1 November 2020

CCCS grants unconditional Phase 2 clearance of proposed merger of two of the world’s largest shipbuilders

CCCS seeks views on proposed changes to six competition guidelines

CCCS releases findings and recommendations from e-commerce platforms market study, intends to update competition guidelines

CCCS grants unconditional clearance of proposed acquisition relating to supply of trains and urban signalling systems for MRT lines

Competition (Block Exemption for Liner Shipping Agreements) Order extended till 31 December 2021 due to Covid-19

The great convergence between sustainability and competition law: Recent developments

Corporate / M&A

Covid-19: MinLaw to extend duration of legislation for alternative meeting arrangements to 30 June 2021

ACRA extends deadline for statutory filings and lodging information on register of registrable controllers on BizFile+ portal

ACRA to decommission BizFinx portal from 1 October 2020

Corporate Governance Advisory Committee issues statement on directors’ disclosures in rights issues

Dispute Resolution

Proposed amendments to International Arbitration Act to strengthen arbitration framework in Singapore

Singapore Convention on Mediation in force from 12 September 2020

Singapore and Japan International Mediation Centres launch joint protocol for mediation amid Covid-19

Employment

MOM announces tightening of work pass requirements: Increase in EP and S Pass minimum qualifying salary, enhancements to Fair Consideration Framework

MOM updates advisory on salary and leave arrangements

MOM announces eligible firms to receive Jobs Growth Incentive automatically from March 2021

Changes to the Work Injury Compensation Act 2019 in force from 1 September 2020

Financial Regulatory

MAS issues guidelines on individual accountability and conduct to strengthen culture of responsibility and ethical behaviour in financial industry

MAS issues Notices and Guidelines on Best Execution requirements

MAS seeks comments on draft notices on competency requirements for representatives conducting regulated activities under FAA and SFA

Steering Committee for SOR Transition to SORA outlines role of fallback rate arrangements for SOR derivatives

Real Estate

Covid-19 (Temporary Measures) Act 2020 to be amended to expand rental relief assessors’ powers, clarify interaction of relief measures with SOPA and extend deadlines for some collective sales

General

Partial commencement of Cross-Border Railways Act 2018 from 14 September 2020

Regional News

Malaysia

Malaysian Senate passes Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (Covid-19) Bill 2020

Bank Negara Malaysia issues FAQs and Guidance on anti-money laundering, countering financing of terrorism and targeted financial sanctions

Indonesia

Indonesia relaxes certain regulations on contributions for BPJS Manpower’s social security programs during the Covid-19 pandemic

Publications

Singapore Institute of Directors Virtual Conference 2020: Facing the Winds of Change amid Covid-19

Practical Law Structured Finance and Securitisation Global Guide - Structured Finance and Securitisation in Singapore: Overview

The Law Gazette: Virtual Cross-Examination - Boon or Bane?

The Dominance and Monopolies Review 2020

The International Arbitration Review 2020

The Real Estate M&A and Private Equity Review 2020

The Restructuring Review 2020

Deals

Establishment of S$7 billion Euro medium term securities programme and issue of S$100 million notes by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Real Estate Investment Trust)

US$1.2 billion sale of PT Softex Indonesia to Kimberly-Clark Corporation

Issue of US$1 billion notes by Oversea-Chinese Banking Corporation Limited

Issue of S$800 million fixed rate notes by Housing and Development Board

Issue of US$575 million notes by Flex Ltd.

S$730 million sale of Canadian International School

US$200 million term loan facilities to Olam Treasury Pte. Ltd. and Olam International Limited

Awards & Rankings

Allen & Gledhill and its network firms ranked in ALB M&A Rankings 2020

Allen & Gledhill ranked top tier in Asialaw Profiles and Asialaw Leading Lawyers 2021

Nine Allen & Gledhill lawyers ranked in Who’s Who Legal: Capital Markets 2020 Global Guide

Allen & Gledhill maintains top tier rankings in IFLR1000’s thirtieth edition for Project Development and Restructuring and Insolvency