Financial Services Bulletin December 2017

22 December 2017

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Banking

MAS announces new measure to limit unsecured credit to help individuals to avoid over-indebtedness

Capital Markets

SGX, ABS, ISCA, Law Society of Singapore and SID launch guide on Handling of Confidential Information and Dealings in Securities: Principles of Best Practice

Competition

CCS issues Infringement Decision and imposes financial penalties of over S$600,000 for tender bid-rigging relating to Formula 1 Singapore Grand Prix

Corporate / M&A

Singapore High Court provides guidance on restructuring of business trusts

Financial Regulatory

MAS launches second consultation on new payments regulatory framework

MAS issues consultation paper on Best Execution requirements

SGX proposes T+2 trade settlement cycle and other changes to securities settlement framework

MAS revises requirements for venture capital fund managers set out in Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies 

MAS revises MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore to implement amendments to the capital framework for securitisation exposures from 1 January 2018

ABS-SFEMC consults on the evolution of SIBOR: Calculate SIBOR using waterfall methodology, include wholesale funding transactions in underlying reference market and discontinue 12-month SIBOR

Restructuring & Insolvency

Singapore High Court grants leave for scheme meeting under section 210 of Companies Act but declines granting super priority status to proposed financing under section 211E

General

Singapore High Court sets aside investor-State arbitral award on basis that award dealt with dispute falling outside the bounds of arbitration agreement

UK Supreme Court declines taking into account ship owner’s windfall from sale of vessel in assessing loss of income following charterer’s repudiatory breach

Regional News

Securities Commission Malaysia issues enhanced guidelines on prospectus disclosures

Bursa Malaysia amends listing requirements to promote business efficacy and corporate governance

Central Bank of Myanmar issues Directive on implementation of the asset classification and provisioning regulation

In Brief

MOM, NTUC and SNEF issue Tripartite Standards on recruitment practices and procurement of services from media freelancers

Publications

Global Legal Insights to Bribery & Corruption 2018: Singapore chapter

Deals

Landmark multi-jurisdictional IPO of Cromwell European REIT

S$1.99 billion term loan facility to YTL PowerSeraya Pte. Limited

S$847.6 million acquisition of Mapletree Logistics Hub Tsing Yi and S$640 million equity fund raising by Mapletree Logistics Trust Management Ltd.

Issue of S$680 million fixed rate notes by Housing and Development Board

Awards & Rankings

Allen & Gledhill remains as Singapore’s leading law firm in Chambers Asia-Pacific 2018 edition

Allen & Gledhill maintains leading position in The Legal 500 Asia Pacific 2018 edition

Allen & Gledhill voted Asian-MENA Counsel In-House Community Firm of the Year 2017