Financial Services Bulletin July 2022

28 July 2022

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Covid-19

MOM and TADM release Employment Standards Report 2021, Covid-19 related cost-saving notification requirement and retrenchment benefit payable to cease from 1 August 2022

Corporate / M&A

Kiri succeeds in appeal before Singapore Court of Appeal in landmark decision on applicability of discount for lack of marketability in a minority oppression action

Employment, Health & Safety

New sentencing framework for employers under the Workplace Safety and Health Act 2006

Retirement and re-employment ages under Retirement and Re-employment Act 1993 raised to 63 and 68

ESG & Public Policy

MCI seeks comments on proposed Code of Practice for Online Safety and Content Code for Social Media Services

MSE consults on proposed increase in carbon tax and option to use eligible international carbon credits in draft Carbon Pricing (Amendment) Bill

SGX RegCo CEO discusses greenwashing, possible upcoming regulations on making information available, comparable, and trusted

MAS announces AI utility NovA! to unlock opportunities for green financing and combat greenwashing

Financial Regulatory & Compliance

MAS regulatory framework for financial holding companies in force

MAS consults on proposed exemptions for approved exchanges and recognised market operators that provide certain clearing and settlement services

ABS and Steering Committee for SOR & SIBOR Transition to SORA finalise key settings of MAS Recommended Rate

Real Estate

New charge under Land Betterment Charge Act 2021 replaces development charge, temporary development levy and differential premium

Stamp Duties (Amendment) Bill passed: Additional Conveyance Duties for equity interests of property holding entities transferred into living trust

Regional News

Malaysia

Definitions of “insurance business” and “takaful business” amended in Labuan Financial Services and Securities Act 2010 and Labuan Islamic Financial Services and Securities Act 2010

Malaysia’s Joint Committee on Climate Change issues application guide for task force on climate-related financial disclosures

Malaysia Content Forum revises Communications and Multimedia Content Code

Court of Appeal in Malaysia rules sale and purchase agreement continued to bind both parties as intermittent payments after completion date were paid and accepted by vendor

Myanmar

Myanmar revokes exemption for foreign-owned companies from currency conversion rule

Banks in Myanmar to suspend companies’ repayment of offshore loans and convert foreign currency held by companies with up to 35% foreign ownership

Indonesia

Electronic systems providers in the private sector to register in Indonesia by 20 July 2022

Bank Indonesia regulates use of Rupiah in international transactions

Publications

SPACs in Singapore: A look into the pioneering SGX-listed SPACs

Global Legal Insights to Merger Control 2022

Chambers Global Practice Guide to Acquisition Finance 2022

IBA Financial Assistance Guide 2022: Singapore chapter

Singapore Academy of Law Annual Review 2021: Admiralty and Shipping Law

The Dominance and Monopolies Review (10th Ed, 2022)

Deals

Issue of S$1.1 billion fixed rate green notes by Housing and Development Board

Issue of US$750 million notes by Oversea-Chinese Banking Corporation Limited

Secondary listing of Emperador Inc.

Awards & Rankings

Allen & Gledhill’s Intellectual Property Practice recognised in Managing IP’s IP STARS 2022

Allen & Gledhill maintains top position in IFLR1000’s Capital Markets and Investment Funds rankings

Allen & Gledhill network recognised in Who’s Who Legal’s Southeast Asia 2022

Allen & Gledhill maintains leading position in IAM Patent 1000’s firm and individual rankings