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26 November 2020

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General

Bill passed to allow businesses significantly impacted by Covid-19 to renegotiate contracts

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

Banking & Finance

Bill introduced to amend Payment Services Act 2019 to address money laundering and terrorist financing risks posed by virtual asset service providers

Competition

CCCS own-initiative investigation leads to operator of Expedia Singapore website ceasing false claims on validity period of “Daily Deals” promotions

Antitrust developments in South-east Asia: July to September 2020

Construction & Engineering

Covid-19 (Temporary Measures) Act 2020: Statutory extensions of time and cost sharing to provide further support for stakeholders in the built environment sector

Corporate / M&A

Apostille Bill passed to give effect to Hague Convention obligations abolishing legalisation requirements for foreign public documents

ACRA announces BizFile+ portal unavailable from 10 to 15 December 2020

Data Protection

Expected date of commencement of Personal Data Protection (Amendment) Bill, and preparatory steps for organisations

Personal Data Protection (Amendment) Bill passed to introduce mandatory data breach notification, data portability requirement and increased financial penalty cap

Dispute Resolution

UK Supreme Court clarifies proper approach to determining governing law of arbitration agreement

Employment

MOM, NTUC and SNEF launch Tripartite Advisory on Mental Well-being at Workplaces

EDB to launch new programme to attract entrepreneurs and leaders to develop Singapore’s tech ecosystem

Public Policy

Q3 2020 Review: Five key public policy developments in Singapore

ASEAN Customs Transit System launched on 2 November 2020

Tax & Support Measures

Covid-19: MAS and financial industry extend loan repayment support for SMEs and individuals, ESG extends grants and financial support measures

Bill to amend Income Tax Act to implement Budget changes passed

Bill passed to amend Goods and Services Tax Act to enhance Comptroller’s powers to safeguard public monies and investigate tax offences

Regional News

Malaysia

Malaysia Federal Court holds house rule prohibiting short-term rentals of residential units not in violation of section 70(5) of Strata Management Act 2013

Malaysia’s revised National Land Code in operation from 15 October 2020

Malaysia Federal Court holds adverse order issued against person not notified of proceedings against him was a nullity

Partial commencement of Malaysia’s Temporary Measures for Government Financing (Coronavirus Disease 2019 (Covid-19)) Act 2020 and Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (Covid-19) Act 2020

Securities Commission Malaysia issues guidelines on digital assets

Securities Commission Malaysia announces enhanced general mandate for pro rata rights issue to expedite secondary fund raising for eligible listed issuers

Malaysia Competition Commission and Malaysian Anti-Corruption Commission to join forces in tackling leakages in government procurement

Myanmar

Covid-19: Absence from Myanmar during official closing of borders not detrimental to ordinarily resident determination as required under Companies Law

Myanmar issues guidelines for unsolicited proposals for PPP projects

Vietnam

Vietnam’s new Labour Code to come into force 1 January 2021

Vietnam removes requirement for urban development investors to obtain acceptance decision under Decree 11

Indonesia

Omnibus Law on Job Creation signed into law

Omnibus Law on Job Creation - Employment law aspects

Bank Indonesia and MAS extend bilateral financial arrangement

Publications

Practical Law Energy and Natural Resources Global Guide - Electricity Regulation and Oil and Gas Regulation in Singapore

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

Corporate Acquisitions and Mergers in Singapore (3rd Ed, 2020)

The Asset Tracing and Recovery Review (8th Ed, 2020)

The International Investigations Review (10th Ed, 2020)

The Global Damages Review (3rd Ed, 2020)

Deals

S$1.33 billion acquisition of 63.1% of Asiaretail Fund Limited and proposed divestment of Bedok Point, Singapore by Frasers Centrepoint Asset Management Ltd.

S$1.2 billion equity fund raising by Ascendas Real Estate Investment Trust

S$1.07 billion proposed acquisition of 24 properties in People’s Republic of China, Malaysia and Vietnam and S$644.1 million equity fund raising by Mapletree Logistics Trust

S$510.1 million initial public offering of Nanofilm Technologies International Limited

Investment by Daiwa Pl Partners Co. Ltd. into Commercial Plastics Company, the first food-grade bottle-to-bottle recycler in Myanmar

US$22.5 million Series A financing of ShopUp co-led by Sequoia Capital India

Awards & Rankings

Six Allen & Gledhill lawyers listed in Who’s Who Legal Thought Leaders: Global Elite 2020 guide

Allen & Gledhill recognised in top 100 corporate investigations practices worldwide

Allen & Gledhill recognised as one of the top law firms in Singapore

Allen & Gledhill Partner Vivian Ang named Shipping Lawyer of the Year at Who’s Who Legal Awards 2020

Allen & Gledhill Partner Adrian Ang named in Global Banking Regulation Review 45 under 45 2020