Legal Bulletin July 2023: Allen & Gledhill

31 July 2023

Banking & Finance

MAS issues response to feedback received from public consultation on proposed amendments to limits on personal payment accounts that contain e-money

MAS and National Bank of Cambodia set up Financial Transparency Corridor to support SMEs

Capital Markets

SGX RegCo publishes Guidelines on Independent Financial Advisers setting out expectations of directors and IFAs

Corporate / M&A

ACRA, SGX RegCo consult on Sustainability Reporting Advisory Committee recommendations: Mandatory climate reporting for listed and large non-listed companies

Cybersecurity & Data Protection

UK and Singapore sign agreements on data and emerging technologies to boost trade and security

Employment, Health & Safety

Government accepts recommendations by tripartite workgroup to enhance representation for platform workers

ESG & Public Policy

MAS releases fourth GFIT taxonomy consultation paper: Coal phase-out criteria under Singapore-Asia Taxonomy

MAS and SGX Group to collaborate with Climate Data Steering Committee to strengthen global access to climate transition-related data

MAS issues consultation paper on Proposed Code of Conduct for ESG Rating and Data Product Providers

EnterpriseSG and CDP launch new environmental disclosure programme for Singapore enterprises

MPA Singapore and Lloyd’s Register sign MOU to facilitate zero-emission shipping across Indian and Pacific Oceans

UNDP, GLEIF and MAS collaborate to digitise basic ESG credentials for MSMEs

Extension of Nutri-Grade requirements to freshly prepared beverages from 30 December 2023

FinTech

MAS publishes investor protection measures for DPT services, issues consultation papers on (1) amendments to Payment Services Regulations, and (2) measures on market integrity in DPT services

MAS-led industry consortium releases Veritas Toolkit version 2.0

MAS publishes whitepaper proposing common protocol for use of digital money

MAS proposes framework for digital asset networks

Intellectual Property

Protection of aesthetic appearances in the Copyright Act 2021 and Registered Designs Act 2000

ASEAN businesses get subsidised mediation to resolve IP or technology disputes

Private Wealth

MAS announces enhancements relating to single family offices

Real Estate

Bill introduced to mandate compliance with Code of Conduct for Leasing of Retail Premises for qualifying retail premises in Singapore

Refinements to list of non-residential properties under Residential Property Act 1976 as set out in Residential Property Notification

URA issues circular on pre-approved amendments to OTP to comply with anti-money laundering and terrorism financing requirements

Technology, Media & Telecommunications

Online Criminal Harms Bill passed to enable authorities to deal more effectively with criminal online activities

Regional News

Malaysia

Grab wins legal battle against proposed Malaysia Competition Commission fine

Competition Commission to tackle issues relating to sugar in Malaysia

Malaysia grants stamp duty relief under exemption order for transfer of immovable property for voluntary disposition between certain family members

Malaysia High Court affirms position that arbitral parties must first seek interim relief from arbitral tribunals before seeking same relief from courts

Myanmar

Myanmar reduces percentage of export earnings to be converted into kyat

Vietnam

Vietnam issues decree amending and supplementing certain land regulations with effect from 20 May 2023

Indonesia

Indonesia passes Health Bill that allows foreign doctors to practise in the country

Publications

Global Legal Insights to Merger Control 2023: Indonesia

Practical Law: Documents to Establish a Corporate Joint Venture in Singapore

Practical Law: Changing Terms of Employment (Singapore)

Deals

S$2.185 billion term loan facilities to Boulevard Development Pte. Ltd. and Boulevard Midtown Pte. Ltd.

S$348.9 million and RMB745.5 million offshore and onshore facility agreements to EC World Real Estate Investment Trust

S$270 million term loan and revolving credit facilities to STT Loyang Pte. Ltd.

Awards & Rankings

Jason Chan, SC recognised in the inaugural Asian Legal Business Southeast Asia’s Top 15 Litigators 2023

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