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Legal Bulletin October 2018

30 October 2018

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Capital Markets

Upcoming VCC framework to encourage investment funds to domicile in Singapore

Competition

Key initiatives by ASEAN to enhance cooperation in enforcement and research

CCCS clears proposed JV between hearing aid suppliers

Construction & Engineering

Bill to amend Building and Construction Industry Security of Payment Act passed to enhance fast and low-cost dispute resolution mechanism

Corporate / M&A

SAL and SVCA launch Venture Capital Investment Model Agreements (VIMA)

Employment

Employment (Amendment) Bill introduced to expand and enhance employee protection

Maritime & Aviation

Companies Act amended from 1 October 2018 to exempt a shipowner’s lien from section 131 registration requirement

Singapore High Court affirms admiralty practice that deposits retained from aborted sheriff’s sale of vessel belong to claimants

Medico-Legal

MOH and SMC consult on proposed amendments to Medical Registration Act

Real Estate

Developers (Anti-Money Laundering and Terrorism Financing) Bill tabled to implement AML/CFT measures on developers

Restructuring & Insolvency

Insolvency, Restructuring and Dissolution Bill passed to unify personal and corporate insolvency laws into new omnibus Act

Tax

Stamp Duties Act amended from 4 October 2018 to levy stamp duty on electronic records

Bill to amend Income Tax Act to implement tax changes in Budget Statement 2018 and other changes passed

Bill to amend Goods and Services Tax Act tabled to extend GST to overseas services

White Collar & Investigations

SFA amended to strengthen market misconduct enforcement regime

Bill tabled to introduce legislative changes to strengthen anti-money laundering and counter-terrorism financing frameworks

General

MAS sets out duties for FIs in “E-Payments User Protection Guidelines” effective 31 January 2019

Bills to amend Electricity Act and Gas Act passed

Regional News

Malaysia

SC launches Institute of Corporate Directors Malaysia to enhance board effectiveness

Amendments to Malaysian Anti-Corruption Commission Act 2018 in force from 1 October 2018, save for new corporate liability provisions

New regulations on mechanism to determine unreasonably high profits on sale of goods and supply of services

Myanmar

Myanmar government issues Guidance on Execution of Contracts for government entities

China

Singapore and Chinese judiciaries sign Memorandum of Guidance on recognition and enforcement of money judgments in commercial cases

Publications

Practical Law Banking Regulation Global Guide 2018: Singapore chapter

Getting the Deal Through: Private Banking & Wealth Management 2019 - Singapore chapter

International Comparative Legal Guide to Pharmaceutical Advertising 2018: Singapore chapter

International Comparative Legal Guide to Private Equity 2018: Singapore chapter

International Comparative Legal Guide to Construction & Engineering Law 2018: Singapore chapter

The (somewhat) confusing world of cryptocurrencies

Awards & Rankings

Allen & Gledhill wins i-Law Maritime Law Firm of the Year at Lloyd’s List Asia Pacific Awards 2018

Allen & Gledhill and Rahmat Lim & Partners ranked Tier 1 in ALB M&A Rankings 2018