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26 February 2019

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Banking

MAS proposes revisions to outsourcing regime for banks and merchant banks

MAS proposes amendments to Banking Act to remove DBU-ACU divide and other changes

Capital Markets

MOF consults on proposed GST and stamp duty treatment of variable capital companies (VCCs) in Singapore

MAS issues Guidelines on Electronic Offers of Securities, Securities-based Derivatives Contracts or Units in Collective Investment Schemes

Corporate / M&A

Singapore regulators clarify take-over rules for dual class share companies

MAS establishes industry-led Corporate Governance Advisory Committee to advocate good corporate governance practices

SGX shares proposals on appointment of second auditor or Singapore-based auditor, and raising business and real estate valuations standard

Financial Regulatory

Payment Services Bill passed to introduce new licensing regime and unify regulatory framework

MAS revises implementation date of E-Payments User Protection Guidelines to 30 June 2019

MAS issues MAS Notice 654 on Recovery and Resolution Planning and corresponding Guidelines

MAS highlights FATF Guidance for risk-based approach for securities sector and life insurance sector

Public Policy

Budget 2019: Key highlights

Tax

Budget 2019: Summary of key tax changes

White Collar & Investigations

Criminal Law Reform Bill introduced to reform Penal Code in various areas including corporate crime

Bill passed to introduce AML/CFT regime for precious stones and precious metals dealers

General

Singapore releases Asia’s first Model AI Governance Framework for public consultation, pilot adoption and feedback

IMDA consults on Internet of Things (IoT) Cybersecurity Guide

New multi-year roadmap for telecom industry to secure Singapore’s connectivity infrastructure

Stricter rules on collection, use or disclosure of NRIC numbers from 1 September 2019

Regional News

Malaysia

Securities Commission introduces framework to facilitate trading of digital assets in Malaysia

Bank Negara Malaysia issues policy document on investment-linked business

Myanmar

Myanmar passes Trademark Law and Industrial Design Law

Central Bank of Myanmar issues Subordinated Debt Directive

Foreign banks and financial institutions in Myanmar able to have up to 35% equity investment in local private banks

Publications

Practical Law Cross-border Commercial Transactions - Sponsorship: Singapore Q&A

Practical Law FinTech Global Guide: Singapore Q&A

International Comparative Legal Guide to Public Procurement 2019: Singapore chapter

Deals

S$11 billion sale of real estate-related business of Ascendas-Singbridge Pte. Ltd. to CapitaLand Limited

Issue of S$1.5 billion notes by Land Transport Authority of Singapore

Issue of US$775 million notes by PT Lestari Banten Energi

Issue of S$600 million fixed rate notes under the S$32 billion multicurrency medium term note programme by Housing and Development Board

S$555.5 million divestment of 51 Bras Basah Road Manulife Centre Singapore by Keppel Capital Holdings Pte. Ltd. and City Developments Limited