17 December 2020
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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
ABS launches code of best practices for commodity financing
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
Financial Regulatory
MAS issues guidelines on environmental risk management for banks, insurers and asset managers
MAS consults on proposed amendments to regulations, notices and guidelines arising from Banking (Amendment) Act 2020 and other changes
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