Financial Services Bulletin January 2017

26 January 2017

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Banking

MAS consults on proposed amendments to MAS Notice 637 relating to capital framework for securitisation exposures and interest rate risk in the banking book

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

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

Financial Regulatory

Bill to amend SFA passed but not yet in force: Wide-ranging changes to keep pace with market developments and align with international standards

MAS consults on proposals to revise CMFAS curriculum and CPD requirements for appointed representatives

MAS issues Response to feedback on draft legislation to exempt execution-related advice in respect of listed excluded investment products from FAA

MAS releases “Guidelines on Standards of Conduct for Marketing and Distribution Activities” effective from 1 April 2017

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

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

PDPC updates advisory guidelines with new section on drones

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

Practical Law Lending and Taking Security Global Guide: Singapore chapter

The Sports Law Review: Singapore chapter

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