Legal Bulletin December 2020: Allen & Gledhill

17 December 2020

General

Re-align Framework allowing businesses significantly impacted by Covid-19 to renegotiate contracts to commence on 15 January 2021

Banking

MAS launches world’s first grant scheme to support green and sustainability-linked loans

Capital Markets

The many uses and benefits of a variable capital company

MAS issues guidelines to Notice VCC-N01 on prevention of money laundering and countering the financing of terrorism for variable capital companies

ABS and SGX RegCo announce enhancements to due diligence guidelines for SGX listings

Construction & Engineering

Covid-19 (Temporary Measures) Act 2020: New reliefs for stakeholders in the built environment sector come into force - Statutory extensions of time and cost-sharing for construction contracts under Parts 8A and 8B

Corporate / M&A

Covid-19: ACRA issues Financial Reporting Practice Guidance No. 2 of 2020 to guide directors in review of FY2020 financial statements

ACRA updates that Register of Registrable Controller (RORC) transaction in BizFile+ to resume in February 2021

ACRA extends effective date for revised XBRL filing requirements to 1 May 2021

Data Protection

Personal Data Protection (Amendment) Act 2020 gazetted, PDPC issues draft advisory guidelines to clarify key amendments

Dispute Resolution

Amendments to International Arbitration Act in force from 1 December 2020

English High Court sets aside investment treaty award

FinTech

Non-bank financial institutions to have access to FAST and PayNow

MAS launches Singapore Financial Data Exchange to enable more effective financial planning by Singaporeans

Public Policy

Harnessing opportunities from the Regional Comprehensive Economic Partnership, the world’s largest free trade pact, in South-east Asia and its partners

Restructuring & Insolvency

Insolvency, Restructuring and Dissolution Act to be amended to establish Simplified Insolvency Programme amid Covid-19

Tax

Amendments to Income Tax Act to implement Budget changes effective from various dates

Regional News

Malaysia

Bursa Malaysia expands market making framework

Securities Commission Malaysia introduces new framework to facilitate offering of Islamic funds with waqf features

Malaysia High Court holds Director General of Labour may preside over complaints relating to cash payments such as retrenchment benefits and bonuses

Vietnam

Vietnam’s new Law on Securities to come into force 1 January 2021

Publications

Practical Law Private Mergers and Acquisitions Global Guide - Private Acquisitions in Singapore: Market Analysis Overview

Practical Law Finance Global Guide - Lending and Taking Security in Singapore: Overview

Practical Law Contracts, Negotiation and Enforcement Global Guide: Singapore chapter

Practical Law Cartel Leniency Global Guide - Cartel Leniency in Singapore: Overview

The International Comparative Legal Guide to Investor-State Arbitration 2021

LexisPSL Competition: Singapore Merger Control

Deals

S$1 billion acquisition of properties in China and S$325 million equity fund raising by CapitaLand Retail China Trust

Establishment of S$1 billion multicurrency debt issuance programme and issue of S$250 million notes by SingPost Group Treasury Pte. Ltd.

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

S$152 million voluntary conditional cash offer for Teckwah Industrial Corporation Ltd and S$156 million term loan facilities to Clementine Investments Pte. Ltd.

S$61.7 million acquisition of entire e-commerce, e-commerce enabler and logistics business by Synagistics Pte. Ltd.

Awards & Rankings

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia by Chambers and Partners in its 2021 rankings

Allen & Gledhill ranked in top 100 Restructuring & Insolvency practices worldwide by Global Restructuring Review 2020

Allen & Gledhill and Rahmat Lim & Partners win Deal of the Year awards at FinanceAsia Achievement Awards 2020

Allen & Gledhill Partners, Andrew Chan and Edward Tiong ranked in Who’s Who Legal: Restructuring & Insolvency 2021 Global Guide

Allen & Gledhill Partner, Peh Aik Hin, ranked in Who’s Who Legal: Litigation 2020 Global Guide