Financial Services Bulletin May 2022

30 May 2022

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Covid-19

MOM updates advisories on Covid-19 arrangements at the workplace

Cybersecurity & Data Protection

Cyber Security Agency of Singapore issues Guidelines for CII Owners to Enhance Cyber Security for 5G Use Cases

Dispute Resolution

Framework for conditional fee agreements in Singapore in effect from 4 May 2022

Claim for misrepresentation by omission dismissed by Singapore International Commercial Court

Employment, Health & Safety

MOM announces new approved code of practice for company directors’ workplace safety and health duties in the pipeline

ESG & Public Policy

Green Finance Industry Taskforce consults on second version of green and transition taxonomy

Q1 2022 Review: Key ESG and public policy developments in Singapore

Financial Regulatory & Compliance

MAS, Steering Committee for SOR & SIBOR Transition to SORA launch consultation on adjustment spreads that will apply to legacy SOR business loans and derivatives

Real Estate

ABSD for residential properties transferred into a living trust and Stamp Duties Act to be amended to introduce ACD for equity interests of property holding entities transferred into living trust

Revisions to the Code of Conduct for Leasing of Retail Premises

Regional News

Malaysia

Partial commencement of Malaysia’s Minimum Wages Order 2022 from 1 May 2022

Bank Negara Malaysia sets out requirements to be met by financial advisers

Recipients of five digital bank licences from Bank Negara Malaysia to undergo period of “operational readiness” prior to commencement of operations

Merger control on Malaysia’s horizon

Malaysia Federal Court holds landowner may participate in land reference proceedings despite prior acceptance of compensation award

Myanmar

Central Bank of Myanmar reduces maximum limit for international credit cards

Central Bank of Myanmar exempts exporters/importers under border trade programmes with China and Thailand from foreign currency conversion requirements

Myanmar Cyber Security Bill seeks to regulate online activity and access to information

Vietnam

Vietnam clarifies law relating to real estate business

China

China eases requirements for foreign investment in telecommunications enterprises

Publications

Practical Law Banking Regulation Global Guide: Banking Regulation in Singapore

Practical Law: Construction and Projects in Singapore - Overview

Practical Law: Debt Capital Markets in Singapore

Practical Law: Fixed-term Contracts

Practical Law: Key Agency Considerations for Singapore - Overview

Practical Law: Key Distribution Considerations for Singapore - Overview

Practical Law: Legal Professional Privilege and Professional Secrecy in Singapore

The International Comparative Legal Guide to Project Finance 2022

The International Comparative Legal Guide to Drug & Medical Device Litigation 2022

The Financial Technology Law Review (5th Ed, 2022)

Deals

Update of S$5 billion multicurrency medium term note programme by Singapore Technologies Engineering and issue of US$1 billion fixed rate notes by ST Engineering Urban Solutions USA Inc.

S$1.2 billion sustainability-linked revolving credit facility to Sembcorp Industries Ltd.

US$690 million acquisition of minority stake in Coda Payments by Smash Capital and Insight Partners

Issue of S$650 million notes by PSA Treasury Pte. Ltd.

Issue of S$300 million sustainability-linked notes by Sembcorp Industries Ltd

Issue of US$100 million sustainability-linked notes by Singtel Group Treasury Pte. Ltd.

Investment by Village Global in US$30 million seed funding round of Recur Club

News

Yong Kai Chang admitted as Partner of Allen & Gledhill

Awards & Rankings

Allen & Gledhill ranked top tier in Benchmark Litigation Asia-Pacific 2022

Allen & Gledhill maintains top tier rankings for trademark in the 2022 Asia IP Trademark Survey