28 June 2018

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Banking

MinLaw proposes amendments to section 131 of Companies Act to exempt shipowner’s liens from registration requirement

Capital Markets

MAS implements new framework for short selling disclosure and reporting with effect from 1 October 2018

Corporate / M&A

Singapore Court of Appeal clarifies principles for imposing tortious liability on directors for contractual breaches by company

Employment

Singapore High Court enforces international two-year non-compete

Financial Regulatory

MAS issues two consultation papers on (i) new multi-tier regime for market operators, and (ii) shift to product notification regime for new derivative products

MAS consults on proposed guidelines on (1) provision of financial advisory service, and (2) design of advisory and sales forms

Partial commencement of changes to Monetary Authority of Singapore Act: New provisions on recovery and resolution planning in force from 5 June 2018

Payment and Settlement Systems (Finality and Netting) Act amended with effect from 6 June 2018 to improve protection of payment and settlement systems

MAS issues FAQs relating to product definitions and regulated activities under SFA and FAA pursuant to upcoming changes in the Securities and Futures (Amendment) Act 2017

MAS highlights initiatives aimed at strengthening cybersecurity within financial sector

Tax

MOF seeks feedback on draft Income Tax (Amendment) Bill 2018: Implementing Budget changes and other changes

General

IMDA announces three initiatives relating to AI governance and ethics

MOH issues its responses to feedback on public consultation on draft Healthcare Services Bill

Singapore High Court dismisses claim that customer information was used by defendants in breach of confidence

UK Supreme Court finds “no oral modification” clause legally effective

Regional News

Malaysia

Securities Commission Malaysia issues clarification on short selling in relation to a rights issue exercise

Myanmar

Myanmar Directorate of Investment and Company Administration issues draft forms relating to company directors and registration of changes to share capital

Publications

The Banking Regulation Review: Singapore chapter

Global Legal Insights to Merger Control 2018: Singapore chapter

Employee Rights 2018: Singapore chapter

International Comparative Legal Guide to Product Liability: Singapore chapter

Awards & Rankings

Allen & Gledhill ranked top tier in Benchmark Litigation Asia-Pacific 2018