Legal Bulletin June 2022: Allen & Gledhill

28 June 2022

Covid-19

SGX RegCo to require live engagement and voting at AGMs for all issuers

Competition & Antitrust

Antitrust developments in South-east Asia: January to March 2022

Corporate / M&A

Companies Act 1967 amended to clarify timelines for local and foreign companies to update registers

ACRA consultation on proposed amendments to Singapore’s regulatory regime for corporate service providers and nominee directors and shareholders

Cybersecurity & Data Protection

PDPC issues Guide on Responsible Use of Biometric Data in Security Applications

Employment, Health & Safety

Taskforce on mental health and well-being seeks comments on recommendations to improve workplace well-being measures and employment support

Child Development Co-Savings Act 2021 amended to implement family-friendly policies at the workplace

ESG & Public Policy

Singapore Green Bond Framework introduced for issuance of sovereign green bonds

ACRA and SGX RegCo establish committee to advise on sustainability reporting roadmap for Singapore-incorporated companies

Singapore’s Green Plan: Overview of support measures and grants for sustainable developments

Singapore joins First Movers Coalition to decarbonise emissions-intensive sectors

Singapore ratifies Kigali Amendment to Montreal Protocol

FinTech

MAS to partner industry to pilot use cases in digital assets in Project Guardian

Intellectual Property

New circulars and practice directions for launch of IPOS Digital Hub on 2 June 2022, process changes and fee updates from 26 May 2022

Tax

MOF seeks comments on proposed changes to Income Tax Act 1947 to effect tax measures announced in 2022 Budget Statement and other changes

MOF seeks comments on proposed changes to Goods and Services Tax Act 1993 to effect tax measures announced in 2022 Budget Statement including changes in GST rate

Technology, Media & Telecommunications

Singapore and UK Digital Economy Agreement enters into force

Inter-Ministry Committee on Scams introduces E-Commerce Marketplace Transaction Safety Ratings and Revised Technical Reference 76 on E-Commerce Transactions

Singapore launches AI Verify to promote transparency and invites organisations to pilot

Regional News

Malaysia

New conditions for tax incentives under Principal Hub Incentive Scheme gazetted in Malaysia

Commissioner of Companies Malaysia issues consultative document on proposed conditions on companies limited by guarantee

Bank Negara Malaysia issues new foreign exchange policy notices relating to investment in foreign currency assets

Securities Commission Malaysia issues revised Guidelines on Unlisted Capital Market Products under Lodge and Launch framework

High Court of Malaya rules Inland Revenue Board not permitted to make blanket request for customers’ personal data

Myanmar

Myanmar establishes Foreign Exchange Supervisory Committee to oversee use of foreign currency

Central Bank of Myanmar stipulates only Myanmar Kyat to be used in domestic payments

Vietnam

Vietnam proposes amendments to cross-border loans without government guarantee

Indonesia

Apostille Convention enters into force for Indonesia

Publications

The Corporate Tax Planning Review (4th Ed, 2022)

The Banking Regulation Review (13th Ed, 2022)

The Securities Litigation Review (8th Ed, 2022)

The International Comparative Legal Guide to Product Liability 2022

Deals

S$1.26 billion divestment of 79 Robinson Road, Singapore

Issue of US$755 million asset-backed securities by Astrea 7 Pte. Ltd.

Establishment of S$1 billion multicurrency medium term note programme and issue of S$300 million notes by NTUC FairPrice Co-operative Limited

Issue of S$900 million fixed rates notes by Housing and Development Board

Secondary listing of NIO Inc.

News

Phuong Tran admitted as Partner of Allen & Gledhill (Vietnam)

Awards & Rankings

Allen & Gledhill wins eight Firm awards at the ALB Southeast Asia Law Awards 2022

Allen & Gledhill named Best Law Firm in Singapore in FinanceAsia Country Awards 2022

Allen & Gledhill wins two Firm of the Year awards at Benchmark Litigation Asia-Pacific Awards 2022

Allen & Gledhill maintains Tier 1 ranking according to IFLR1000’s latest Banking and Finance rankings

Allen & Gledhill ranked in ALB Intellectual Property Rankings 2022