Legal Bulletin October 2020: Allen & Gledhill

29 October 2020

General

MinLaw extends relief periods for specified contracts under Covid-19 (Temporary Measures) Act 2020

Capital Markets

Covid-19: MAS, SIC and SGX RegCo extend option for electronic dissemination of rights issue and take-over documents to 30 June 2021

Competition

CCCS Guidelines on Price Transparency: Understanding the risks and obligations in displaying and advertising prices

CCCS accepts retailers’ voluntary undertaking to cease “Closing Down Sale” and “Fire Sale” advertisements

Corporate / M&A

Covid-19: Legislation for alternative meeting arrangements refined and extended to 30 June 2021

Apostille Bill introduced to facilitate cross-border use of public documents

Invoking a material adverse change / material adverse effect clause amid the Covid-19 pandemic

UK Supreme Court significantly curbs the reflective loss principle in landmark judgment

Dispute Resolution

Singapore’s status as arbitration hub to be enhanced as Bill to amend International Arbitration Act passed

International settlement agreements arising from mediation relating to commercial disputes enforceable as judgments from 12 September 2020

Singapore Court of Appeal decides complex and novel jurisdictional and arbitration issues

Employment

Covid-19: MOM updates advisory on requirements for safe management measures at the workplace to allow more employees to return

Tripartite partners update advisory on managing excess manpower and responsible retrenchment to provide clearer guidance

Termination of employment: Options available to employers

Medico-Legal

Amendment Bills introduce new disciplinary processes for registered medical practitioners and new standard of care parameters for all healthcare professionals

Public Policy

NEA, EDB and BCA announce new grants aimed at reducing Singapore’s greenhouse gas emissions

Real Estate

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

Covid-19 (Temporary Measures) Act 2020 enhanced to cover options to purchase and sale and purchase agreements for commercial and industrial properties

Covid-19: Additional temporary relief measures for property developers affected by disruptions to construction timelines

URA imposes new conditions in sale licences to restrict re-issue of option to purchase for same unit to same purchaser

MinLaw announces proxy restrictions at general meetings for en bloc sales from January 2021

Tax & Support Measures

Ministerial statement on Singapore Government’s strategy to emerge stronger from Covid-19 pandemic

Bill to amend Income Tax Act introduced to implement Budget changes

Bill to amend Goods and Services Tax Act introduced

Regional News

Malaysia

Malaysia Currency Act 2020 in force from 1 October 2020

Partial commencement of Malaysia’s amended Employees Provident Fund Act from 1 October 2020

Malaysia Competition Commission issues final decision against General Insurance Association of Malaysia and its 22 members for infringement of section 4(2) of Competition Act 2010

Malaysia Senate passes Bill to amend Insolvency Act

Amendments to Road Transport Act in force from 23 October 2020

Myanmar

Soft Opening of Myanmar’s new trademark registration system on 1 October 2020

Myanmar government issues notification clarifying definition of independent directors

Vietnam

Vietnam’s new Law on Investment in effect from 1 January 2021

Vietnam passes new Law on Enterprises, strengthening protection for shareholders

Vietnam’s Public-Private Partnership Law to come into effect from 1 January 2021

Vietnam issues new decree providing guidance on implementation of key provisions of Competition Law 2018

Corporate income tax in Vietnam cut by 30% for 2020 fiscal year

Indonesia

Architecture of Indonesia’s ultimate umbrella law

Indonesia Omnibus Law on Job Creation: Banking law aspects

Indonesia Omnibus Law on Job Creation: Changes to Competition Law

Indonesia’s President issues presidential regulation on procurement of Covid-19 vaccines

Indonesia Competition Commission implements new measures due to tightening of large-scale social restrictions in Jakarta

Publications

CDR Essential Intelligence - Fraud, Asset Tracing & Recovery

Singapore Academy of Law Annual Review 2019: Equity and Trusts

Practical Law Regulation of State and Supplementary Pension Schemes in Singapore

Practical Law Agricultural Law in Singapore: Overview

Practical Law Cross-border Commercial Transactions

Practical Law Cross-border Dispute Resolution

Deals

S$2.1 billion rights issue by Sembcorp Marine Ltd undertaken in conjunction with a demerger of Sembcorp Marine Ltd and Sembcorp Industries Ltd

Establishment of S$1 billion multicurrency debt issuance programme and issue of S$120 million notes by LOGOS Holdco Pte. Ltd.

S$3.2 billion merger of the insurance businesses of Aviva Singapore and Singapore Life Pte. Ltd.

Issue of US$2.75 billion notes by Temasek Financial (I) Limited

KRW228.9 billion acquisition of a 50% interest in The Pinnacle Gangnam by Mapletree North Asia Commercial Trust Management Ltd.

US$100 million Series C investment in Biofourmis Holdings Pte. Ltd. led by SoftBank Vision Fund II

S$200 million dual-tranche term loan facilities to CapitaLand

News

Allen & Gledhill establishes new office in Vietnam

Allen & Gledhill signs pledge on Preventing Bullying and Harassment in Singapore’s Legal Profession initiated by The Law Society of Singapore

Awards & Rankings

Allen & Gledhill recognised at Benchmark Litigation Asia-Pacific Awards 2020

Allen & Gledhill continues to be the only Singapore law firm ranked Tier 1 in World Tax 2021

Allen & Gledhill lawyer ranked in Who’s Who Legal: Arbitration 2021 Global Guide

Six lawyers from the Allen & Gledhill network featured in IFLR Asia Best Lawyers 2020 guide

Allen & Gledhill maintains top tier rankings in IFLR1000’s thirtieth edition for M&A, Financial and Corporate and continues to have the highest number of recognised lawyers in Singapore

A&G secures major regional awards at ALB SE Asia Law Awards 2020