Financial Services Bulletin July 2018

26 July 2018

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Banking

Companies (Amendment) Bill introduced in Parliament to exempt a shipowner’s lien from section 131 registration requirement

MOF/MAS raise additional buyers stamp duty rates and tighten loan to value limits

Competition

CCCS clears proposed acquisition between two steel players

Corporate / M&A

SGX implements listing framework for issuers with dual class share structure with effect from 26 June 2018

Singapore International Commercial Court delivers first landmark decision on minority oppression

Financial Regulatory

Changes to SFA and FAA regulations relating to capital markets products, product highlights sheets, fair and balanced advertisements and overseas investors exemption

MAS proposes to revise misconduct reporting requirements and mandate reference checks for representatives of FIs

MAS issues consultation paper on proposed regulations to enhance resolution regime for FIs in Singapore

MAS revises insurance-related Notices and Guidelines to implement FAIR recommendation on additional disclosure requirements

MAS highlights FATF Guidance on Counter Proliferation Financing

SGX issues consultation paper on “Proposed Revision of the Financial and Capital Requirements on Bank and Remote Members”

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

SGX to launch new FX solution with innovative flexible features

Tax

Bill to amend Customs Act passed in Parliament: Supporting policy changes and improving operational efficiency

MOF seeks feedback on proposed changes to Goods and Services Tax Act: Introducing GST on imported services

General

Small Claims Tribunals (Amendment) Bill passed in Parliament: Expanding jurisdiction of the Tribunals

Singapore Court of Appeal holds court may refuse Mareva relief if application made for collateral or ulterior purpose

UK Supreme Court excludes Wrotham Park damages for breaches of non-compete agreements

Regional News

Malaysia

Companies Commission of Malaysia issues practice note clarifying rectification of lodged and registered documents

Asian International Arbitration Centre launches new standard form of sub-contract for design and build contracts

Bank Negara Malaysia sets additional requirements for money services business compliance officers

Myanmar

Registered companies in Myanmar must re-register on online electronic registry from 1 August 2018

DICA issues notifications setting out requirements for public companies and business associations

DICA issues draft forms for registration of matters relating to overseas corporations, public companies, and mortgages and charges

China

PRC widens opportunities for foreign direct investment by issuing new negative lists

Publications

Practical Law Cross-border Commercial Transactions: Memorandum of Understanding Q&A - Singapore

Corporate Acquisitions and Mergers: Singapore chapter

Singapore Academy of Law Annual Review: Admiralty and shipping law

Financial Technology Law Review: Singapore chapter

News

Allen & Gledhill successfully represented Kiri Industries Limited in first minority oppression case in the Singapore International Commercial Court

Awards & Rankings

Allen & Gledhill recognised in top 100 Restructuring & Insolvency practices worldwide