31 October 2017

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Banking

MAS proposes revisions to anti-commingling policy to make it easier for banks to conduct or invest in permissible non-financial businesses

MAS issues amendments to MAS Notice 637 on “Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore”: Alternative approach for computing amount of capital floors

Corporate / M&A

Inward re-domiciliation regime introduced in Singapore on 11 October 2017

ACRA issues Registrar’s Interpretation No. 1 of 2017 on section 64A of Companies Act on issue of shares with different voting rights by public companies

Singapore High Court finds diversion of company’s business constitutes oppression

Financial Regulatory

MAS announces simplified regulatory regime for managers of venture capital funds effective from 20 October 2017

SGX proposes changes to rules on securities trading and market practices

MAS issues first consultation on draft notices and guidelines to support implementation of upcoming SFA amendments

MAS proposes changes to Representative Notification Framework in relation to representatives serving only non-retail customers

MAS issues Response to feedback received from consultation on “Review of Competency Requirements for Representatives Conducting Regulated Activities under the Securities and Futures Act and Financial Advisers Act”

Securities and futures regulations revised to extend deadline for disallowing reporting of internally generated UTI of uncleared specified derivatives contract that is not electronically confirmed from 1 October 2017 to 1 April 2018

MAS issues Response to feedback received on proposed amendments to regulatory requirements relating to credit loss provisioning

MAS establishes Cyber Security Advisory Panel

Tax

Changes to Income Tax Act to implement Budget 2017 changes and other changes effective from various dates

Upcoming changes to Goods and Services Tax Act to ease business compliance and improve tax administration

Changes to Property Tax Act to update legislation and improve tax administration effective from 23 October 2017

General

Application of European Union General Data Protection Regulation to Singapore organisations from 25 May 2018

Parliament introduces Cross-Border Railways Bill 2017

English High Court finds documentation created for internal investigations not covered by legal professional privilege

In Brief

MOM, NTUC and SNEF launch Tripartite Standards on flexible work arrangements and grievance handling

MOM increases minimum fixed monthly salary to qualify for dependant privileges

Regional News

Malaysian Bankruptcy (Amendment) Act 2017: A light in the dark for debtors

Companies Commission of Malaysia conducts public consultation on introduction of personal property securities registration law

Bursa Malaysia conducts public consultation on proposed amendments to Corporate Governance Guide

Myanmar Parliament considering draft laws to build IP regime

Publications

Singapore Arbitration in the Maritime Sector

IBA Negotiated M&A Guide 2017: Singapore chapter

Getting the Deal Through: Private Banking & Wealth Management 2018 - Singapore chapter

Deals

US$1.28 billion voluntary tender offer for shares in Energy Development Corporation

S$1.1 billion acquisition facility by United Overseas Bank Limited to Yanlord Perennial Investment (Singapore) Pte. Ltd.

Issue of EUR500 million covered bonds by Oversea-Chinese Banking Corporation Limited

S$58.2 million initial public offering of APAC Realty Limited

Awards & Rankings

Allen & Gledhill maintains top tier rankings in IFLR1000 2018

Allen & Gledhill wins major awards at Asialaw Asia-Pacific Dispute Resolution Awards 2017