Financial Services Bulletin April 2017

27 April 2017

Download PDF

 

Capital Markets

SGX raises pro-rata renounceable rights issue limit pursuant to general mandate from 50% to 100% of share capital

MAS proposes framework for Singapore Variable Capital Companies for collective investment schemes

MAS to introduce Green Bond Grant scheme to incentivise issuance of green bonds

Corporate / M&A

Changes to Companies Act and Limited Liability Partnerships Act effective on 31 March 2017 to increase transparency of ownership/control of business entities and remove requirement to use common seal

SGX amends Listing Rules effective 31 March 2017 for electronic transmission of documents to shareholders and alignment with Companies Act

Ministry of Social and Family Development’s Diversity Action Committee sets higher targets for women’s representation on boards: 20% by 2020, 25% by 2025 and 30% by 2030

SGX announces establishment of Singapore Exchange Regulation Pte. Ltd. (SGX RegCo)

Financial Regulatory

MAS issues “Guidelines on the Online Distribution of Life Policies With No Advice”

MAS reviews Policy Owners’ Protection Scheme

MAS issues new spreading and capping of commission rules for relevant life policies effective from 1 April 2017

Restructuring & Insolvency

Singapore High Court rules that banks’ security interests over goods survive commingling

General

Regulations issued under Trustees Act to enhance transparency and control of Singapore trusts

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

PDPC revises anonymisation guidelines and updates healthcare sector guidelines

Regional News

Bursa Malaysia conducts public consultation on review of listing requirements

Securities Commission Malaysia issues Guidelines on Financial Market Infrastructures

Myanmar Investment Rules issued, introducing new initiatives to promote foreign investments in Myanmar

Myanmar Investment Commission issues list of restricted investment activities

Ministry of Planning and Finance introduces provisional permits for foreign insurance companies to operate in Special Economic Zones

Publications

Emerging trends in leniency regimes in Southeast Asia: How these impact on multi-jurisdiction leniency strategy

Multiple cases, one arbitrator

Deals

S$2.2 billion divestment of Jurong Point mall by Guthrie GTS Pte. Ltd. and Lee Kim Tah Holdings Limited

Establishment of US$1.3 billion MGSA Private Trust and raising of US$535 million of equity by MGSA Private Trust

Establishment of S$1 billion multicurrency debt issuance programme by Hotel Properties Limited

Issue of US$750 million notes by Noble Group Limited

Issue of EUR500 million covered bonds by Oversea-Chinese Banking Corporation Limited under its US$10 billion global covered bond programme

Launch of Samsung Pay mobile payment platform in Singapore by Samsung Asia Pte. Ltd.

Awards & Rankings

Allen & Gledhill recognised in Asian-MENA Counsel Deals of the Year 2016

Allen & Gledhill recognised in top 100 international arbitration practices worldwide