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In October 2018, the Monetary Authority of Singapore ("MAS") issued the Guidelines for the Provision of Digital Advisory Services to facilitate the provision of these services in Singapore. The Guidelines incorporate feedback received pursuant to a public consultation in June 2017 as well as learning points from MAS' engagements with the industry.
The guidelines will improve clarity on how existing rules apply in the context of digital advisory services. To make it easier for entities offering digital advisory services to operate in Singapore, the guidelines also set out refinements in the licensing and business conduct requirements under the Securities and Futures Act ("SFA") and Financial Advisers Act ("FAA").
The Guidelines can be viewed here.
In November 2018, the Singapore Parliament passed the Employment (Amendment) Bill. The amendments will see all employees being accorded greater protection and rights. Some of the key changes include expanding the core provisions of the Act to cover all managers and executives regardless of their salary levels, amending the definition of dismissal to include forced resignation, mandating statutory leave entitlements to all employees and not just Part IV employees, and increasing the salary level threshold of employees entitled to statutory protections under Part IV of the Act (such as stipulations on working hours and rest days).
The above changes will take effect from 1 April 2019.
On 9 November 2018, Singapore Exchange ("SGX") Regulation ("SGX RegCo") issued a consultation paper on proposed amendments to the voluntary delisting regime. The proposed amendments are aimed at aligning the interests of the offeror and shareholders, in particular minority shareholders, as much as possible, and relate to the exit offer and the shareholder approval thresholds for the voluntary delisting resolution.
The consultation ended on 7 December 2018. Subject to feedback received, SGX hopes to implement the new rules in 2019. Click here to read our client update.
In Kingdom of Lesotho v Swissbourgh Diamond Mines (Pty) Limited and others [2017] SGHC 195, the Singapore High Court allowed the Kingdom of Lesotho's application to set aside an investor-State arbitral award. This marked the first time the Singapore courts allowed an application to set aside an investor-State arbitration award on the merits. The application engaged novel issues of international arbitral law, international investment law and public international law.
Click here to read our client update.
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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