Financial Services Bulletin January 2022: Allen & Gledhill

27 January 2022

Covid-19

Covid-19 vaccination to be a condition for long-term passes, work passes and permanent residence from 1 February 2022

Updated Covid-19 advisories: Vaccination at the workplace and work and leave arrangements for Covid-19 positive employees who are mildly symptomatic or physically well

MOM updates advisory on workplace safe management measures requirements: Concession for unvaccinated employees to return to workplace via negative PET removed, work-related events with 50-1000 participants permitted

Workplace Safety and Health (Covid-19 Safe Workplace) Regulations 2021 in force from 1 January 2022

Capital Markets

MAS proposes due diligence requirements for corporate finance advisers

MAS consults on changes to Business Trusts Act to align provisions with Companies Act, strengthen governance safeguards and streamline regulatory requirements

Competition & Antitrust

CCCS publishes competition guidelines to provide greater clarity and guidance, to take effect from 1 February 2022

CCCS issues Business Collaboration Guidance Note to enable businesses to collaborate with greater confidence

Competition agencies in Singapore and China sign MOU to enhance cooperation in competition law

Corporate / M&A

SGX mandates climate and board diversity disclosures

ACRA issues Financial Reporting Practice Guidance No. 1 of 2021 on areas of review for FY 2021 financial statements

ACRA consults on proposed legislative amendments relating to data, digitalisation, and corporate transparency

Corporate Registers (Miscellaneous Amendments) Bill enhancing Singapore’s regime on transparency and beneficial ownership of companies and LLPs passed

Employment, Health & Safety

Changes to CPF contribution rates from 1 January 2022 for employees aged above 55 to 70

ESG & Public Policy

COP26: Commitments from Singapore and the region

Regional Comprehensive Economic Partnership Agreement in force from 1 January 2022: Businesses benefit from measures facilitating trade and investment

Financial Regulatory

MAS issues guidelines on the provision of digital payment token services to general public

MAS and ABS announce measures to bolster digital banking security

Real Estate

Raising additional buyers stamp duty rates and tightening loan to value limits to cool the property market

URA seeks feedback on proposed requirements for developers to provide information to buyers and amendments to Housing Developers Rules

Tax

Goods and Services Tax Act 1993 amended to update GST treatment for supply of media sales and introduce GST on imported low-value goods and business-to-consumer imported non-digital services

General

Revised Edition of Singapore Acts of Parliament

Regional News

Malaysia

Malaysia amends Copyright Act and Patents Act

Bank Negara Malaysia issues discussion paper on licensing framework for digital insurers and takaful operators

Bursa Malaysia issues updated corporate governance guide

Securities Commission Malaysia revises SPAC framework

Securities Commission Malaysia issues revised guidelines on unit trust funds

Vietnam

Vietnam simplifies procedures for enterprises in online gaming sector

Indonesia

Indonesia’s coal export ban: No way out

Indonesia’s plan to move its capital gains traction: Draft Bill on State Capital ratified into law

China

Certain restrictions on foreign investment in China removed by new Negative Lists

PRC to require foreign companies to disclose ultimate beneficiary owners

Deals

MYR1.925 billion acquisition of Crunchy Foods Sdn Bhd by URC Snack Foods (Malaysia) Sdn. Bhd.

Acquisition of Athena Energy Holdings Pte Ltd by Manhattan Resources Limited

Joint venture to establish a digital securities and cryptocurrency exchange in Singapore by SIX Group AG and SBI Digital Asset Holdings Co., Ltd.

News

Admission of new Partners and Counsels 2022

Awards & Rankings

Allen & Gledhill named Who’s Who Legal Singapore Firm of the Year for the 13th time

Allen & Gledhill and its network firms continue to be recognised as leading law firms in South-east Asia in The Legal 500 Asia Pacific 2022