Legal Bulletin March 2017

30 March 2017

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Building & Construction

Singapore High Court holds adjudication review not restricted to issues raised by respondent

Capital Markets

SGX mandates minimum allocation to public subscription tranche of Mainboard IPOs

SGX consults on proposed amendments to minimum bid size, forced order range and trading hours for securities market

Competition

CCS issues PID for bid-rigging relating to tenders for electrical services and asset tagging

Corporate & M&A

Changes to Companies Act and LLP Act put in place to increase transparency of ownership/control of business entities, improve ease of doing business, allow inward re-domiciliation, enhance debt restructuring framework

MAS establishes Corporate Governance Council to review Code of Corporate Governance

SIC revises Practice Statement on opinion issued by IFA on offers, whitewash waivers and disposal of assets under Singapore Code on Take-overs and Mergers

Dispute Resolution

Legislation allowing third-party funding in international arbitration effective from 1 March 2017

Employment

Employment Claims Act 2016 in operation from 1 April 2017: New Employment Claims Tribunal to hear salary-related disputes

Public Policy

Forging economic ties

Restructuring & Insolvency

Singapore High Court finds directors stripped insolvent shipping company of assets to evade creditors

Tax

Stamp Duties (Amendment) Act 2017: New stamp duty for acquisition/disposal of equity interests in residential property-holding entities and changes to Seller’s Stamp Duty and Total Debt Servicing Ratio framework

General

Trustees Act amended to allow issuance of regulations that will require trustees to maintain up-to-date information on controllers and accounting records relating to Singapore trusts

National Climate Change Secretariat seeks feedback on climate change strategy and carbon pricing

Parliament introduces Computer Misuse and Cybersecurity (Amendment) Bill 2017: Tackling increasing scale and transnational nature of cybercrime and evolving tactics of cybercriminals

IMDA and AGC review Electronic Transactions Act and seek views on draft UNCITRAL Model Law on Electronic Transferable Records

MOH consults on draft regulations for research regulatory framework under Human Biomedical Research Act

Singapore High Court considers the interpretation of settlement agreements and arbitration clauses

Regional News

Myanmar Investment Commission classifies regions to implement income tax exemption based on site of investment

Publications

International Comparative Legal Guide to Enforcement of Foreign Judgments: Singapore chapter

The Cartels and Leniency Review: Singapore chapter

Practical Law Venture Capital Global Guide: Venture Capital Investment in Singapore

Deals

Acquisition of RedMart Limited by Lazada South East Asia Pte. Ltd.

S$651.5 million divestment of a portfolio of properties by NTUC Fairprice Co-operative Limited and Thomson Plaza Investments Pte Ltd

S$530.8 million divestment of a property located at 77 Robinson Road, Singapore

Issue of EUR500 million and US$500 million covered bonds by United Overseas Bank Limited

US$290 million term loan facilities to Sparkle Bright Limited by DBS Bank Ltd.

News

Allen & Gledhill, Rahmat Lim & Partners launch new FinTech practices

Awards & Rankings

Allen & Gledhill named IFLR Singapore Law Firm of the Year for the 16th time

Allen & Gledhill Intellectual Property practice maintains top tier rankings for patent work in Managing IP’s IP Stars 2017