Legal Bulletin January 2017

26 January 2017

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Capital Markets

MAS issues consultation paper on “Regulations for Short Selling”

Corporate & M&A

MOF and ACRA propose statutory requirements for Singapore companies, LLPs and foreign companies to maintain beneficial ownership information and other changes

ACRA adopts “restatement first” approach for Financial Reporting Surveillance Programme, issues Financial Reporting Practice Guidance No. 1 of 2016 and launches Audit Committee Guide

Singapore Court of Appeal considers approach towards application to wind up a company under section 254(1)(i) of Companies Act in view of new buy-out provisions under section 254(2A)

Singapore High Court considers director’s liability for breach of duty and loss occasioned thereby

Dispute Resolution

Civil Law (Amendment) Bill 2016 allowing third-party funding in international arbitration passed in Parliament, not yet in force

Mediation Bill 2016 passed in Parliament, not yet in force

SIAC announces official release of SIAC Investment Arbitration Rules

Employment

Act to amend Child Development Co-Savings Act partially in force: Changes relating to paternity leave and leave for unwed persons in force on 1 January 2017

Bill to amend Retirement and Re-employment Act passed, but not yet in force: Raising re-employment age from 65 to 67

Tax

Income Tax Act amended with effect from various dates to implement Budget Statement 2016 changes and Country-by-Country Reporting

IRAS issues notice to financial institutions on “Implementation of the Common Reporting Standard”

General

PDPC updates advisory guidelines with new section on drones

Amendments to Telecommunications Act effective from 1 February 2017: Facilitating access to rooftop space for mobile deployment and establishing alternative dispute resolution scheme for telecommunication and media sector

Partial commencement of the Human Biomedical Research Act 2015 on 1 January 2017: Prohibition against buying or selling, or advertising the buying or selling of, human tissue

Publications

The Sports Law Review: Singapore chapter

LexisPSL Competition: Singapore merger control

Private enforcement of competition law in Singapore: Approaches and risks for claimants and defendants

Deals

Establishment of US$10 billion global covered programme by Oversea-Chinese Banking Corporation Limited

S$579.2 million facility agreement and issue of S$296.4 million secured fixed rate junior notes by Summervale Properties Pte. Ltd.

S$420 million divestment of 12, 14 and 16 Science Park Drive in Singapore by Ascendas Land (Singapore) Pte Ltd

News

Allen & Gledhill announces admission of new Partners

Awards & Rankings

Allen & Gledhill remains as Singapore’s leading law firm in Chambers Asia-Pacific 2017 edition