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Financial Services Bulletin November 2018

29 November 2018

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Capital Markets

SGX to implement T+2 settlement cycle and other changes to settlement framework on 10 December 2018

SGX RegCo consults on changes to Voluntary Delisting regime

Competition

CCCS clears proposed merger in rail mobility business

Employment

Parliament passes Bill to amend Employment Act to expand and enhance employee protection

Financial Regulatory

New resolution regime for FIs in Singapore

Payment Services Bill streamlines regulations and introduces new licensing framework

MAS issues MAS Notice 637 with changes relating to eligible collateral, interest rate risk in the banking book, and holdings of TLAC liabilities

ABS issues Guidelines for Cyber Security Exercises

FinTech

MAS and SGX leverage blockchain technology for settlement of tokenised assets

Public Policy

Disruption in the global trading system: Implications for businesses in Singapore

Tax

Income Tax Act amended with effect from various dates to implement tax changes in Budget Statement 2018 and other changes

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

White Collar & Investigations

CPC amended to implement framework for deferred prosecution agreements and enhanced computer-related powers of investigation

Bill passed to introduce legislative changes to strengthen anti-money laundering and counter-terrorism financing framework

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

General

PDPC responds to feedback on merger of DNC Provisions under PDPA and Spam Control Act, new Enhanced Practical Guidance framework and consent exceptions

Singapore Court of Appeal takes view that commencing parallel court proceedings could amount to repudiatory breach of arbitration agreement

Regional News

Myanmar

Central Bank of Myanmar expands scope of services foreign bank branches can offer

Publications

International Comparative Legal Guide to Investor-State Arbitration 2019: Singapore chapter

The Mergers & Acquisitions Review 2018: Singapore chapter

The Law of Illegality in Singapore: Ochroid Trading v Chua Siok Lui

The Companies (Amendment) Act 2017 and its impact on landlord’s rights in the event of tenant insolvency

News

Allen & Gledhill’s Corporate Social Responsibility Review 2017/2018

Awards & Rankings

Allen & Gledhill maintains top tier rankings in IFLR1000 2019