eOASIS is Rajah & Tann Singapore LLP's legal information website for clients, containing business and legal information prepared from a practitioner's viewpoint. It has four different modules, updated regularly, and materials range from commentaries on the latest legal developments to key legal and business information.
With the PRC Foreign Investment Law and its Implementation Regulation being enacted on 1 January 2020, China has officially abolished the foreign investment approval (and filing) system. The Ministry of Commerce and its local agencies are now in charge of the new foreign investment information reporting system, which was implemented simultaneously along with the Foreign Investment Law and its Implementation Regulation. In order to implement the new information reporting system, the authorities have issued certain measures and announcements, including the Measures for Foreign Investment Information Reporting. In this Update, we detail some significant points of these measures.
The Singapore Exchange Regulation ("SGX RegCo") is conducting a public consultation to seek comments on proposals to amend the SGX-ST Mainboard Rules and Catalist Rules to enhance the regulatory regime for appointment of auditors of issuers listed on the SGX-ST, and impose new requirements on the qualifications for property valuers and the standards for property valuation reporting. Comments on the proposals must be submitted to SGX RegCo by 14 February 2020.
On 10 January 2020, the Singapore Exchange Regulation announced the amendments of the SGX-ST Mainboard Listing Rules on the regulation of Issue Managers ("IMs"). These amendments clarify the responsibilities of IMs, incorporate the Association of Banks in Singapore Listings Due Diligence Guidelines into the SGX-ST Mainboard Listing Rules, specify the independence thresholds of IMs, and clarify the responsibilities of directors and executive officers of an issuer in respect of information provided in listing applications. This Update provides a summary of the key aspects of the amendments.
On 14 January 2020, the Variable Capital Companies Act 2018 ("VCC Act") and its subsidiary legislation came into force to introduce a new legal framework for variable capital companies ("VCCs"). The VCC is a new corporate structure for investment funds vehicles, with the goal of achieving Singapore's drive to be an Asian hub for fund management and fund domiciliation.
The Variable Capital Companies (Miscellaneous Amendments) Act ("VCCMA Act"), which seeks to amend the Income Tax Act, the Goods and Services Tax Act and the Stamp Duties Act to provide for the tax treatment for VCCs, partially came into force on 15 January 2020. The provisions in the VCCMA Act that will amend the insolvency provisions in the VCC Act have yet to come into force.
This Client Update provides an overview of a VCC's features and compliance requirements with reference to the VCC Act, its subsidiary legislation, and the VCCMA Act.
Further to the new PRC Foreign Investment Law ("Foreign Investment Law") which was passed on 15 March 2019 and has come into effect since 1 January 2020, the State Council of China promulgated the Regulation on Implementation of the Foreign Investment Law (中华人民共和国外商投资法实施条例, the "Implementation Regulation") on 31 December 2019, which has also come into effect since 1 January 2020. We set out in this Update some salient points of the Implementation Regulation.