31 July 2017

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Banking

MAS to streamline framework for banks carrying on permissible non-financial businesses

MAS issues new MAS Notice 652 on Net Stable Funding Ratio

MAS releases consultation paper on proposed amendments to disclosure requirements for banks under MAS Notices 637, 651 and 653

Capital Markets

SGX to proceed with amendments to minimum bid size, forced order range and trading hours for the securities market on 13 November 2017

MAS launches SGD Credit Rating Grant to encourage issuers in SGD bond market to issue rated bonds

Corporate / M&A

ACRA issues revised Guidance relating to requirements on register of registrable controllers and register of nominee directors

Singapore High Court considers director’s liability for company’s money laundering

Employment

Changes to employee benefits under Child Development Co-Savings Act and Retirement and Re-employment Act effective 1 July 2017

Financial Regulatory

Parliament passes Bill to amend Monetary Authority of Singapore Act to enhance resolution regime for financial institutions in Singapore

Regulations on reporting of derivatives contracts amended to defer deadline for reporting of counterparty information in certain cases to 1 January 2019

MAS posts BCBS Guidance Paper on “Sound management of risks related to money laundering and financing of terrorism” on website

MAS posts FATF public consultation paper on “Draft Guidance for Private Sector Information Sharing” on website

General

MCI and CSA consult on proposed Cybersecurity Bill

Singapore Court of Appeal clarifies doctrine of forum election and includes possibility of transfer to SICC in the analysis of forum non conveniens

Singapore Court of Appeal five-judge panel lays down general rule that punitive damages cannot be awarded for breach of contract

Regional News

Securities Commission Malaysia introduces clearing as new regulated activity

Bursa Malaysia announces listing requirements and rules for new LEAP Market

Securities Commission Malaysia signs Innovation Cooperation Agreement to establish FinTech Bridge with Australian Securities and Investment Commission

Central Bank of Myanmar enacts finance regulations to govern conduct of domestic banking sector

Publications

The Banking Regulation Review: Singapore chapter

Global Legal Insights to Merger Control 2017: Singapore chapter

International Comparative Legal Guide to Construction & Engineering Law 2017: Singapore chapter

International Comparative Legal Guide to Pharmaceutical Advertising 2017: Singapore chapter

Adoption of Singapore Law as the Governing Law for OTC Derivative Transactions

Practical Law Public Mergers and Acquisitions Global Guide: Singapore chapter

Practical Law Merger Control Global Guide: Singapore chapter

Practical Law Cartel Leniency Global Guide: Singapore chapter

Deals

S$2.3 billion initial public offering and S$1.9 billion acquisition by NetLink NBN Trust and issue of S$1.1 billion notes by NetLink Trust

Issue of US$750 million floating rate notes by DBS Group Holdings Ltd under its US$30 billion global medium term note programme

Issue of US$500 million notes by Marble II Pte. Ltd.

Issue of US$500 million floating rate green bonds by DBS Group Holdings Ltd

S$174.1 million initial public offering of HRnetGroup Limited

Awards & Rankings

Allen & Gledhill recognised in top 100 Restructuring & Insolvency practices worldwide