Financial Services Bulletin July 2025: Allen & Gledhill

29 July 2025

Capital Markets

MAS issues circular on governance and management of variable capital companies

Competition & Antitrust

CCCS takes over consumer product safety and legal metrology functions

Corporate / M&A

Commencement of new requirements under Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 on 16 June 2025

Energy, Infrastructure & Projects

Partial commencement of Energy Transition Measures and Other Amendments Act 2024 from 1 July 2025 to facilitate shared access to critical energy infrastructure

ESG & Public Policy

Public consultation on draft Voluntary Carbon Market Guidance

MAS Sustainability Report 2024/2025 sets out strategy on climate resilience and environmental sustainability

Singapore Economic Resilience Taskforce announces targeted measures to support businesses and workers, including Business Adaptation Grant

MAS and People’s Bank of China deepen cooperation in green and transition finance

Singapore and UK collaborate on energy transition and sustainable infrastructure investments in South-east Asia

Financial Regulatory & Compliance

MAS publishes revised AML/CFT notices and guidelines for financial institutions and variable capital companies

MAS consults on proposed amendments to regulatory framework for large exposures of Singapore-incorporated merchant banks and Singapore-incorporated banks

MAS consults on proposed framework for ex-post resolution levies for banking sector

MAS and ABS incorporate Singapore Payments Network, a new payments entity to position national payment schemes for next stage of growth

Framework for restriction orders under Protection from Scams Act 2025 in force on 1 July 2025

Real Estate

Holding period for Seller’s Stamp Duty extended for residential properties and Seller’s Stamp Duty rates raised

Enhanced requirements in real estate sector under Anti-Money Laundering and Other Matters (Estate Agents and Developers) Act 2025

Tax

MOF conducts public consultation on draft Finance (Income Taxes) Bill 2025

Technology, Media & Telecommunications

Negotiations on EFTA-Singapore Digital Economy Agreement successfully concluded

New initiatives announced to help businesses protect data and deploy AI in a trusted ecosystem

English Law Practice

English High Court clarifies third-party enforcement rights under the UK Contract (Rights of Third Parties) Act 1999

Regional News

Indonesia

Indonesia’s GR 28/2025: Faster licences, clearer rules for businesses

Indonesia to implement new framework for registration of franchises

Indonesia and Singapore sign MOUs to advance sustainability, cross-border energy trade, and carbon management

Malaysia

Malaysia Court of Appeal rules settlement agreement subject to ad valorem stamp duty

Malaysia High Court allows Singapore International Commercial Court judgment to be registered under REJA

Myanmar

Myanmar’s automotive reforms: Fuel vehicle tariff reductions and new EV regulations

Vietnam

Navigating Vietnam’s e-ID requirements for business administration

Significant restructuring of Vietnam government underway

Publications

The Legal Industry Reviews: Singapore (Edition 4, July 2025)

The Legal Industry Reviews: China & Hong Kong (Edition 7, July 2025)

Practical Law: Regulation of State and Supplementary Pension Schemes in Singapore (2025)

Practical Law: Contract Formation and Enforcement in Singapore (2025)

ICLG: Vertical Agreements and Dominant Firms 2025 (9th Ed)

Lexology In-Depth: Aviation Finance Law (2nd Ed, 2025)

Global Legal Insights: Merger Control 2025 (14th Ed)

Singapore Academy of Law Journal: The Singapore courts’ approach to the lifting of forum non conveniens stays - Xitrans Finance Ltd v Rappo, Tania [2023] SGCA 22

Deals

Issue of S$875 million fixed rate green notes by Housing and Development Board

Issue of US$400 million senior notes by PT Medco Energi Internasional Tbk

Awards & Rankings

Allen & Gledhill maintains top tier rankings for trademark in the 2025 Asia IP Trademark Survey

Allen & Gledhill Intellectual Property Practice maintains top tier rankings for patent work in Managing IP’s IP Stars 2025

William Ong recognised in Asian Legal Business Top 30 Litigators 2025