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Singapore Exchange ("SGX") is consulting on proposals to recalibrate disclosure requirements under the SGX-ST Listing Rules and the SGX-ST Catalist Listing Rules. The key proposed amendments relate to rights issue fund raising, transactions with interested persons, provision of financial assistance to third parties as well as significant disposal of assets. These proposed amendments take into account recommendations from a working committee tasked to review the Listing Rules, suggestions from market participants as well as SGX's review of the Listing Rules in light of developments in both local and global markets.
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On 21 December 2017, the Competition Commission of Singapore ("CCS") issued a three-week public consultation on its proposed amendments to the Competition Act (Cap. 50B) (the "Act"). The proposed amendments have been introduced on the back of the CCS's practical experience in enforcing the Act, and aims to align the CCS's practices with international best practice.
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In August 2016, the Monetary Authority of Singapore ("MAS") consulted on a proposed payments regulatory framework, aimed at promoting e-payments in Singapore (namely, the "Proposed Activity-based Payments Framework and Establishment of a National Payments Council"). MAS has since issued its Response to feedback received on the Aug 2016 consultation.
On 21 November 2017, MAS launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill ("Bill"). It is intended that the Bill will streamline the regulation of payment services under a single legislation, expand the scope of regulated payment activities to include virtual currency services and other innovations, and calibrate regulation according to the risks posed by such activities.
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On 26 October 2017, the Ministry of the Environment and Water Resources launched a public consultation on the draft Carbon Pricing Bill ("Bill"), which ended on 22 December 2017. This public consultation follows an earlier consultation held by the National Climate Change Secretariat regarding the Government's plan to introduce a carbon tax in Singapore.
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Singapore's restructuring and corporate rescue framework has recently undergone significant reform, with the Companies (Amendment) Act 2017 coming into force earlier in the year. One of the areas that has seen the greatest development is that of schemes of arrangement, with the introduction of rescue financing provisions allowing the grant of 'super priority' status. In Re: Attilan Group Ltd [2017] SGHC 283, the Singapore High Court issued its first decision on rescue financing, providing guidance on the application of these provisions and the relevant principles the Court would consider.
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The inward re-domiciliation regime, introduced in the Companies (Amendment) Act 2017, came into effect in Singapore on 11 October 2017. Under this regime, a foreign corporate entity will be allowed to transfer its registration to Singapore. Once re-domiciled, the foreign corporate entity will become a Singapore company registered under the Accounting and Corporate Regulatory Authority of Singapore, and will have to comply with the provisions of the Companies Act.
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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Singapore LLP
9 Straits View
Marina One West Tower
#06-07
Singapore 18937
Republic of Singapore
http://sg.rajahtannasia.com
Contacts: Francis Xavier, SC, PBMPartnerD +65 62320551francis.xavier@rajahtann.comChia Kim HuatPartnerD +65 62320464kim.huat.chia@rajahtann.comHoward CheamPartnerD +65 62320685howard.cheam@rajahtann.com| Rajah & Tann Asia is a network of legal practices based in Asia. |
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. |
This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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