Financial Services Bulletin March 2025: Allen & Gledhill

25 March 2025

Capital Markets

Equities Market Review Group announces first set of measures to strengthen competitiveness of Singapore’s equities market

Corporate / M&A

Singapore Court of Appeal awards enhancement of buy-out amount for minority oppression to account for delays in minority shareholder’s realisation of its shareholding

Employment, Health & Safety

MOM measures to support business transformation

ESG & Public Policy

Singapore signs implementation agreement with Bhutan to cooperate on carbon credits under Article 6 of Paris Agreement

MTI consults on review of ASEAN-India Trade in Goods Agreement

Financial Regulatory & Compliance

Steering Committee announces successful completion of transition from SOR and SIBOR to SORA

Real Estate

Government revises Additional Buyer’s Stamp Duty regime for housing developers to support complex projects and onboarding to CORENET X

JTC announces enhancements to industrial land lease framework

Restructuring & Insolvency

MinLaw consults on proposed enhancements to Singapore’s corporate restructuring and insolvency regime

Tax & Support Measures

MTI announces financing solutions to drive growth and Government’s commitment to reduce regulatory burden

Technology, Media & Telecoms

New Code of Practice for Online Safety for App Distribution Services effective 31 March 2025

IMDA introduces advisory guidelines for cloud services and data centres

New legislation in the pipeline to enhance protection for victims of online harm

General

Electronic Gazette established as authoritative version with Electronic Gazette and Legislation Act 2025 taking effect

Regional News

Indonesia

Key highlights of Indonesia’s latest carbon storage regulation

Key highlights of Indonesia’s new regulation relating to banks’ duty of confidentiality

Malaysia

Malaysia announces tax incentive package for Johor-Singapore Special Economic Zone

Malaysia Competition Commission issues interim report on market review of digital economy ecosystem under Competition Act 2010

Malaysia issues new Guidelines on Appointment of Data Protection Officer and Data Breach Notification

Malaysia gazettes Stamp Act 1949 amendments, laying groundwork for self-assessment regime

Malaysia Court of Appeal issues landmark decision on scheme of arrangement and clarifies new “cooling off” period for a restraining order

Myanmar

Myanmar’s new Cybersecurity Law establishes framework and processes for use of digital resources

Myanmar enacts Private Security Service Law

Myanmar implements National Service Law

Vietnam

Vietnam approves plan to establish carbon market

Publications

ICLG: Corporate Investigations 2025 (9th Ed) - Indonesia

ICLG: Digital Health 2025 (6th Ed) - Singapore

Practical Law: Preservation of Evidence in Litigation - Singapore

Practical Law: Enforcing Arbitration Awards in Singapore

Practical Law: Tax Considerations in Joint Ventures - Singapore

Deals

S$12 billion term and revolving loan facilities to Marina Bay Sands

Issue of A$1.5 billion floating rate notes due 2028 by DBS Bank Ltd.

US$835 million term and bank guarantee facilities to Dhilmar Canada Inc.

Issue of S$700 million fixed rate notes by Housing and Development Board

Issue of US$500 million notes due 2030 by Clifford Capital Pte. Ltd. guaranteed by the Government of Singapore

Awards & Rankings

Allen & Gledhill recognised for involvement in multiple deal awards at the FinanceAsia Achievement Awards 2024

15 Allen & Gledhill lawyers recognised in Asia Busines