Financial Services Bulletin February 2021: Allen & Gledhill

25 February 2021

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General

Key trends for 2021 by Allen & Gledhill Managing Partner Jerry Koh

Banking & Finance

Infrastructure Asia launches core suite of partially standardised project finance loan documents

Competition

Antitrust developments in South-east Asia: October to December 2020

Corporate / M&A

Electronic Transactions (Amendment) Bill passed to provide for electronic transferable records and electronisation of negotiable instruments, documents of title and bills of lading

ACRA launches online variable capital company registration and filing portal

ACRA announces resumption of Register of Registrable Controllers e-Service from 1 February 2021

Data Protection

Singapore-led initiatives on data management framework, model contractual clauses for cross border data flows and information exchange mechanism approved at first ASEAN Digital Ministers’ Meeting

Financial Regulatory

MAS revises Technology Risk Management Guidelines to combat heightened cyber risks

Green Finance Industry Taskforce consults on taxonomy and launches environmental risk management handbook to support green finance

Steering Committee for SOR & SIBOR Transition to SORA announces further measures to boost SORA transition

MAS proposes revisions to enterprise risk management, investment and public disclosure requirements for insurers

FinTech

Three key FinTech trends in 2020

Public Policy

Budget 2021: Key highlights

Q4 2020 Review: Five key public policy developments in Singapore

Restructuring & Insolvency

Covid-19: Simplified Insolvency Programme available from 29 January 2021

Tax

Budget 2021: Summary of key tax changes

Regional News

Malaysia

Amendments to the Malaysian Industrial Relations Act 1967

Malaysia’s exemption from stamp duty for specified instruments deemed to have come into effect from 1 March 2020

Malaysian Federal Court sets out guiding principles on setting aside arbitral awards on grounds of breach of natural justice

Malaysian Federal Court dismisses appeal on whether guidelines issued by Labuan Financial Services Authority were ultra vires section 7(6) of Labuan Companies Act 1990

Malaysian Federal Court holds date of calculation of liquidated agreed damages begins from date of payment of booking fee

High Court of Malaya holds subsequent side-deal does not defeat bank-assignee’s rights and interests in property

Indonesia

Bank Indonesia overhauls Indonesia’s payment system

Indonesia’s Competition Commission issues Guidelines on Mergers, Consolidations or Acquisitions Assessments

Indonesia mandates that private sector electronic system providers must register

Vietnam

Vietnam’s new Law on Environmental Protection partially in force from 1 February 2021

China

China issues “blocking rules” against unjustified extra-territorial application of foreign laws

Publications

IBA Securities Law Committee e-Bulletin: The many uses and benefits of a variable capital company

Journal of Investment Compliance: The increasing popularity of private funds

Personal Data Protection Digest: Civil proceedings under the Personal Data Protection Act 2012

The Complex Commercial Litigation Law Review (3rd Ed, 2021)

The International Comparative Legal Guide to Public Procurement 2021

Practical Law Cross-Border Joint Ventures 2020: Singapore chapters

Practical Law FinTech Global Guide: FinTech in Singapore - Overview

Deals

Issue of US$200 million senior notes by Lippo Malls Indonesia Retail Trust

Awards & Rankings

Allen & Gledhill’s Intellectual Property Practice continues to be ranked as a leading practice in World Trademark Review 1000 2021