Financial Services Bulletin May 2017

31 May 2017

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Financial Regulatory

Parliament introduces Bill to amend Monetary Authority of Singapore Act: Enhancing resolution regime for financial institutions in Singapore

MAS issues first consultation paper on proposed regulations following amendments introduced by Securities and Futures (Amendment) Act 2017

MAS issues consultation paper on “Proposed Amendments to Regulatory Requirements in relation to Credit Loss Provisioning”

Restructuring & Insolvency

New measures to enhance corporate rescue and debt restructuring framework in Singapore effective from 23 May 2017

Tax

MOF issues consultation paper on proposed changes to Goods and Service Tax Act

MOF issues consultation paper on proposed changes to Property Tax Act

MOF and Singapore Customs issue consultation paper on proposed changes to Customs Act

General

Singapore Court of Appeal endorses validity of an asymmetric dispute resolution clause

Singapore High Court considers application for pre-action discovery and interrogatories for potential claim in malicious falsehood against online news site operator and its sources

Singapore Court of Appeal holds data hacked and leaked online still protected by law of confidence

Regional News

Bank Negara Malaysia issues a Supplementary Notice (No. 2) in relation to the Foreign Exchange Administration Notices

Securities Commission Malaysia releases new Malaysian Code on Corporate Governance to strengthen corporate culture

Securities Commission Malaysia introduces Digital Investment Management framework

Bank Negara Malaysia issues revised policy documentation removing requirement for banking institutions to maintain reserve fund

Central Bank of Myanmar to enact regulations to allow for establishment of credit bureaus

Publications

International Comparative Legal Guide to Product Liability: Singapore chapter

Practical Law Banking Regulation Global Guide: Singapore chapter

Practical Law Employment & Benefits Global Guide: Singapore chapter

Deals

Establishment of S$1 billion secured multicurrency medium term note programme and issue of S$400 million notes by South Beach Consortium Pte. Ltd.

Issue of S$100 million notes by CDL Properties Ltd. under its S$700 million secured medium term note programme

US$11 million joint venture between Myanmar Smart Pack Industrial Company Limited and Daibochi Flexibles Sdn. Bhd.

Awards & Rankings

Allen & Gledhill named Who’s Who Legal Singapore Firm of the Year for the 11th time

Allen & Gledhill wins most number of awards at ALB SE Asia Law Awards 2017

Allen & Gledhill Intellectual Property practice ranked as leading firm for Copyright work in Managing IP’s IP Stars 2017