Financial Services Bulletin April 2023

27 April 2023

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Employment, Health & Safety

MOM announces details of Complementarity Assessment Framework (COMPASS) bonus criteria: 27 occupations on new Shortage Occupation List

ESG & Public Policy

FTAs in times of economic uncertainty: A quick guide on utilising Singapore’s FTAs for business opportunities

MTI announces UK’s accession process to CPTPP

Financial Regulatory

MAS issues circular to FIs on addressing risks that arise from theft and misuse of individual’s personal information

International Trade

MOF conducts public consultation and proposes legislative amendments to update and strengthen Singapore’s FTZ regime

Regional News

Malaysia

New Bank Negara Malaysia Policy Document updates e-money regulatory framework

Bursa Malaysia enhances listing requirements to facilitate offering of Islamic REITs and ETFs with waqf features

Malaysia Court of Appeal holds employee not entitled to claim wrongful dismissal once terms of separation package negotiated

Myanmar

Myanmar mandates new companies to provide additional information with their annual returns

Myanmar Trademark Law to come into effect 1 April 2023

Vietnam

Vietnam amends, supplements, and suspends implementation of key provisions on private offering and trading of corporate bonds

New bank guarantee provisions in Vietnam from 1 April 2023

China

Supreme Court of Singapore and Supreme People’s Court of the People’s Republic of China sign MOU on cooperation on management of international commercial disputes arising from BRI projects

Singapore and China substantively conclude China-Singapore Free Trade Agreement subsequent negotiations

Indonesia

Singapore and Indonesia deepen collaboration in renewable energy and the digital economy

Indonesia Ministry of Energy and Mineral Resources issues regulation on implementation of carbon capture and storage

Indonesia issues guidelines for granting of government assistance for purchase of two-wheeled battery-powered electric vehicles

Publications

Practical Law: Tax Residency of Companies in Singapore

Practical Law Joint Ventures: Control and Minority Protection – Singapore

Practical Law Joint Ventures: Tax Considerations – Singapore

Practical Law: Confidentiality Considerations – Singapore

Practical Law Banking Regulation Global Guide: Singapore

Practical Law Finance Global Guide: Singapore

The International Comparative Legal Guide to Digital Health 2023 (4th Ed): Singapore chapter

Deals

S$1.82 billion acquisition of the WFS Group and S$798.8 million rights issue by SATS Ltd.

Issue of S$350 million notes by Sembcorp Industries Ltd

Issue of S$340 million green notes by National University of Singapore

Investment in Intellect by IHH Healthcare

Awards & Rankings

Allen & Gledhill named Regional Law Firm of the Year for Asia-Pacific, Middle East and Africa at GCR Awards 2023

Allen & Gledhill Partners named in Asia Business Law Journal's “The 2023 A List”

Allen & Gledhill Intellectual Property Practice maintains top tier rankings for trade mark work in Managing IP’s IP Stars 2023