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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