Legal Bulletin May 2018

30 May 2018

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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

ACRA introduces mandatory AML/CFT training and proficiency test requirements for registered filing agents from 15 November 2018

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

Employment

TAFEP launches new Tripartite Standard on Age-friendly Workplace Practices

FinTech

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

Real Estate

URA issues circular on new bicycle parking standards for developments and associated gross floor area exemption

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

IMDA issues second public consultation paper on the review of the Code of Practice for Info-Communication Facilities in Buildings (COPIF)

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