30 May 2018

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Banking

MAS issues revised Notices 610 and 1003: Reducing duplicate data submissions for banks and merchant banks and removing DBU-ACU divide

Competition

CCCS empowered to (1) accept legally binding commitments (2) provide confidential advice for anticipated mergers and (3) conduct general interviews during inspections and searches, effective 16 May 2018

Corporate / M&A

UK Supreme Court holds directors are trustees of company property and may not rely on statute of limitations to avoid recovery action

Financial Regulatory

Securities and Futures (Clearing of Derivatives Contracts) Regulations 2018: MAS to require central clearing of OTC derivatives from 1 October 2018

MAS consults on proposed Guidelines to strengthen individual accountability of senior managers in financial institutions

Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill introduced in Parliament: Ensuring adequate protection for depositors and policy owners

SFEMC publishes revised version of The Singapore Guide to Conduct and Market Practices for the Wholesale Financial Markets (The Blue Book)

ACIP issues two best practice papers to guard against trade-based money laundering and misuse of company structures for illicit purposes

MAS supports Wolfsberg Group initiative to improve banks’ access to cross-border financial services

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) Regulations 2016 amended with effect from 4 May 2018

MinLaw invites proposals to pilot new business models for moneylending

FinTech

IPOS launches FinTech Fast Track initiative effective 26 April 2018 for 12 months

MAS, EDB, IMDA, IBF collaborate to accelerate AI adoption in Singapore financial sector

Tax

Customs (Amendment) Bill introduced in Parliament: Supporting policy changes and improving operational efficiency

General

PDPC consults on (1) Merger of DNC Provisions under Personal Data Protection Act and Spam Control Act, and (2) introduction of Enhanced Practical Guidance framework and (3) consent exceptions

PDPC releases new Guide for Printing Processes for Organisations and revises Advisory Guidelines on In-vehicle Recordings by Transport Services for Hire

Singapore Court of Appeal clarifies law of illegality

Regional News

Malaysia

Malaysian goods and services tax rate reduced to 0% with effect from 1 June 2018

Malaysian Arbitration Act amended effective 8 May 2018 to be in line with 2006 amendments to UNCITRAL Model Law on International Commercial Arbitration

Bursa Malaysia amends Main Market Listing Requirements to enhance regulatory framework for collective investment schemes and business trusts

Bank Negara Malaysia issues policy document on Bai`al-Sarf (currency exchange)

Malaysian Anti-Corruption Commission (Amendment) Bill 2018 passed but not yet in force: New corporate liability provisions

Myanmar

Myanmar opens retail and wholesale sector to foreign companies and joint ventures

Myanmar Directorate of Investment and Company Administration issues draft Companies Regulations for public consultation

Myanmar Directorate of Investment and Company Administration issues sample application forms for registration and re-registration of companies

Myanmar Investment Commission opens education services sector to foreign investment

Publications

The Corporate Governance Review: Singapore chapter

Awards & Rankings

Allen & Gledhill clinches major regional awards at ALB SE Asia Law Awards 2018

Allen & Gledhill recognised in Asian-mena Counsel Deals of the Year 2017

Allen & Gledhill wins Maritime Law Award at Seatrade Maritime Awards Asia 2018

Allen & Gledhill Intellectual Property practice ranked Tier 1 by Asian Legal Business