Legal Bulletin April 2022: Allen & Gledhill

28 April 2022

Covid-19

Covid-19: Singapore further eases border restrictions - Move to Vaccinated Travel Framework and removal of pre-departure requirements

Singapore Government extends Covid-19 support measures for businesses in the construction, marine shipyard and process sectors

Consumer Protection

CCCS accepts undertakings from PC vendor and former authorised reseller/partner concerning unfair practices about screen refresh rate of gaming laptop sold online

Corporate / M&A

MAS revises Practice Guidance in Code of Corporate Governance to provide updated guidance on board diversity policy

Cybersecurity & Data Protection

Licensing framework for cybersecurity service providers under the Cybersecurity Act 2018 effective from 11 April 2022

Dispute Resolution

Courts (Civil and Criminal Justice) Reform Act 2021 provisions to support digital transformation of judiciary and implement civil justice reforms in force on 1 April 2022

ESG & Public Policy

Singapore implements export control measures and financial measures in relation to Russia

Energy 2050 Committee releases report affirming net-zero feasibility for Singapore power sector by 2050

FinTech

MAS participates in experimental multi-CBDC platform for international settlements developed by BIS Innovation Hub and other central banks

Intellectual Property

IPOS extends SG IP FAST programme to 30 April 2024 and ceases 12 Months File-to-Grant programme from 30 April 2022

Tax

IRAS rolls out two new tax frameworks to help companies strengthen tax compliance

General

Telecommunication and Subscription Television Dispute Resolution Scheme set up on 1 April 2022

Regional News

Malaysia

Dewan Negara passes amendments to Malaysia’s Employment Act relating to maternity and paternity leave

New Geographical Indications Act in force in Malaysia

Malaysia Federal Court dismisses MyCC’s appeal against AirAsia and Malaysian Airline System

Malaysia Federal Court affirms Court of Appeal’s decision against MyEG

High Court in Malaysia declines to impose payment conditions for stay granted under section 10 of Arbitration Act 2005

Myanmar

Central Bank of Myanmar requires foreign currency to be converted to Myanmar Kyat with exemptions

Indonesia

Merger and acquisition filings go back to 30 days in Indonesia

Publications

FinTech developments in Singapore: Wealth structuring and digital payment token services

The International Comparative Legal Guide to Public Investment Funds 2022

Equity capital markets in Singapore: Regulatory overview

Practical Law Employment Litigation and Timelines

The Corporate Governance Review (12th Ed, 2022)

Deals

Establishment of S$500 million secured medium term note programme and issue of S$145 million sustainability-linked notes by M&T Investments Pte. Ltd.

S$529.7 million green loan facilities to SPRINT Plot 1 TM Pte. Ltd.

Issue of S$250 million subordinated perpetual securities by SingPost Group Treasury Pte. Ltd.

US$119 million financing of Spenmo

US$75 million Series B financing of ShopUp

US$14 million loan facility to Athena Energy Holdings Pte. Ltd. for project financing of rooftop solar projects in Vietnam

Substantial investment by Deutsche Börse AG into AirCarbon Exchange

Series seed round investment of Lauretta Inc., led by Wavemaker Pacific 4, L.P.

Awards & Rankings

Allen & Gledhill wins Singapore Corporate & Finance Domestic Law Advisers award at Chambers Asia-Pacific Awards 2022

Allen & Gledhill Intellectual Property Practice maintains top tier rankings for trade mark work in Managing IP’s IP Stars 2022