31 January 2018

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Banking

MAS revises Notices to banks, merchant banks and finance companies to incorporate changes in recognition and measurement of allowance of credit losses

MAS seeks feedback on proposed revisions to regulatory framework for large exposures of Singapore-incorporated banks

MAS revises MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore to introduce a minimum leverage ratio requirement of 3% from 1 January 2018

MAS issues new and revised Notices to implement requirements for Singapore-incorporated banks in line with revised standards on Pillar 3 disclosures under Basel III framework

MAS consults on proposal to widen scope of eligible collateral relating to commodities and equity securities in MAS Notice 637

MAS issues revised Notice 652 on Net Stable Funding Ratio to delay implementation of required stable funding add-on for derivative liabilities

Competition

CCS consults on proposed changes to Competition Act following a record year of enforcement

CCS imposes financial penalty of over S$19 million, highest to-date for international capacitor manufacturers cartel; highlights international cooperation on cartel investigations

Restructured Competition Commission of Singapore to also oversee consumer protection

CCS concludes second market inquiry into retail petrol market in Singapore and recommends steps to improve price transparency

Corporate / M&A

Corporate Governance Council proposes mandatory compliance for certain important requirements in Code of Corporate Governance and recommends changes to reinforce Board competencies

SGX reviews quarterly reporting framework

SGX releases consultation paper on proposed enhancements to continuous disclosures

Employment

MOM releases consultation paper on review of Employment Act

Financial Regulatory

MAS issues revised Code on Collective Investment Schemes setting out rules for precious metals funds, new disclosure requirements for funds, operational changes for REITs

Parliament passes Bill to amend Payment and Settlement Systems (Finality and Netting) Act to improve protection of payment and settlement systems

MAS issues circular on new implementation date of 1 January 2019 for insurance returns

MAS consults on proposed changes to anti-money laundering and countering of financing of terrorism requirements for money-changing and remittance businesses

Public Policy

Recent developments in traditional and non-traditional funding options for SMEs

General

Parliament introduces Cybersecurity Bill to protect critical information infrastructure against cybersecurity threats

New Bill clarifies jurisdiction of Singapore International Commercial Court in relation to international commercial arbitration matters

SIAC announces proposal on cross-institution consolidation protocol

Regional News

Malaysia Securities Commission initiates aFINity Innovation Lab for Alternative Trading System

Malaysian Securities Commission issues new guidelines for SRI Funds

Bank Negara Malaysia issues exposure draft on Interoperable Credit Transfer Framework

Bank Negara Malaysia issues exposure draft aiming to make digital currencies more transparent

Myanmar Companies Law to come into effect on 1 August 2018

Newly issued Myanmar Condominium Rules set out ownership and development requirements

Myanmar Investment Commission seeks to increase foreign participation in logistical services and manufacturing sectors

Publications

International Comparative Legal Guide to Corporate Investigations 2018: Singapore chapter

Practical Law Merger Control Global Guide: Singapore chapter

Practical Law Cartel Leniency Global Guide: Singapore chapter

Practical Law Restraints of Trade and Dominance Global Guide: Singapore chapter

News

Four Allen & Gledhill lawyers recognised as Accredited Specialists in Building and Construction Law

Allen & Gledhill announces admission of new Partners

Huang Xuhua heads Allen & Gledhill’s China practice

Awards & Rankings

Allen & Gledhill Competition & Antitrust ranked in top band by Global Competition Review