Financial Services Bulletin December 2021: Allen & Gledhill

20 December 2021

Covid-19

MOM updates advisory on requirements for safe management measures at workplace, up to 50% of employees who can work from home allowed to return to workplace from 1 January 2022

MOM issues revised advisory on work and leave arrangements for employees who test positive on Covid-19 Antigen Rapid Test (ART) but are physically well

Competition & Antitrust

Competition regulators in Singapore and the Philippines sign MOU on cooperation in enforcement of competition law

Consumer Protection

CASE launches framework for faster dispute resolution to give greater assurance to consumers shopping on e-marketplaces

Corporate / M&A

SGX to prescribe additional timelines for Q&A before general meetings and requirement for virtual information sessions for some corporate actions

ACRA to impose higher penalties for late filing of annual lodgments from 14 January 2022

Dispute Resolution

Singapore International Commercial Court sets new benchmark for recovery of legal costs

Singapore Court of Appeal clarifies when conditions may be imposed for stay of court proceedings in favour of arbitration

Employment, Health & Safety

MOM public consultation on proposed measures to strengthen protections for platform workers

Restructuring & Insolvency

Singapore Court of Appeal refuses to intervene in a judicial manager’s exercise of discretion

Regional News

Malaysia

Securities Commission Malaysia issues Corporate Governance Strategic Priorities 2021-2023

Malaysia proposes amendments to Stamp Act 1949 via Finance Bill 2021

Malaysia Federal Constitution amended with effect from 15 December 2021

Malaysia Court of Appeal clarifies principles pertaining to law of disqualification

Malaysia Federal Court clarifies effective date for approval of change in condition of land title and legality of tenancy for commercial use of residential land

Myanmar

Myanmar Directorate of Investment and Company Administration instructs companies to open corporate accounts for financial transactions

Vietnam

COP26: Vietnam targets net zero carbon emissions by 2050

Vietnam issues decision on special investment incentives

Indonesia

Indonesia Constitutional Court finds Omnibus Law “conditionally unconstitutional”

Indonesia increases restrictions as pre-emptive measure against Omicron Covid-19 variant

China

New legal framework for cross-border data transfer in China

Publications

SAL Practitioner: Common issues arising from the moratoriums against enforcement of security and repossession of goods under quasi-security arrangements

Deals

US$977 million initial public offering of Digital Core REIT and US$550 million term and revolving credit facilities

US$1 billion sustainability-linked loan facilities to ARA Asset Management Limited

Issue of US$1 billion notes due 2024 by DBS Group Holding Ltd

Issue of S$1 billion notes by Housing and Development Board

Establishment of S$750 million multicurrency perpetual securities programme and issue of S$100 million securities by Perpetual (Asia) Limited (in its capacity as trustee of Cromwell European Real Estate Investment Trust)

S$540 million initial public offering of Daiwa House Logistics Trust

Issue of S$500 million guaranteed notes by Temasek Financial (IV) Private Limited

Investment in Ficus Asia Investment Pte. Ltd.

Awards & Rankings

Allen & Gledhill wins Regional Law Firm of the Year at The Legal 500 Southeast Asia Legal Awards 20/21

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia by Chambers and Partners in their 2022 rankings