CNPUpdate - Issue 02 - March 2021

 

Contents
  1. SPACs: A Singapore perspective

  2. SGX Regco extends availability of the enhanced share issue limit for mainboard issuers

  3. Indonesian investment updates: Revamping the law on foreign investment

  4. Fairness principles for artificial intelligence and data analytics

  5. Update on the registration of precious stones and precious metals dealers

  6. The Personal Data Protection (Amendment) Act 2020

  7. Small company and small group audit exemptions under the Companies Act

  8. CNPLaw Business Guide Series: Singapore government grants and incentives

  9. Capacity, knowledge and independence: The optimal state of mind when preparing your will


SPACs: A Singapore perspective

A Special Purpose Acquisition Company ("SPAC") is a company incorporated for the purpose of raising capital through an initial public offering ("IPO"). It is a blank-cheque company where the proceeds of the IPO will be used for the purpose of acquiring private companies or assets that are only identified after the IPO. This allows retail investors to participate in investments typically only available to private equity funds. SPACs usually acquire privately held companies through a reverse merger, and the existing shareholders of the operating target company become the majority owners of the surviving entity. The end result is that the previously private company becomes a publicly-traded company (sometimes referred to as a "de-SPAC transaction").

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SGX Regco extends availability of the enhanced share issue limit for mainboard issuers

The Singapore Exchange Regulation ("SGX Regco") has announced on 16 March 2021 that the expiry date of the Enhanced Share Issue Limit (as defined below) for Mainboard issuers has been extended.

Previously, the SGX Regco had announced on 8 April 2020 that it will provisionally enable Mainboard issuers to seek a general mandate for an issue of pro-rata shares and convertible securities of up to 100% of its share capital (excluding treasury shares and subsidiary holdings in each class) ("Enhanced Share Issue Limit"), an increase from the original limit of 50%. It was announced that the Enhanced Share Issue Limit would be in force until 31 December 2021.

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Indonesian investment updates: Revamping the law on foreign investment

Presidential Regulation No. 10 of 2021 (the "Investment Law") is the implementing regulation for the Omnibus Law, and it came into effect on 4 March 2021. The Investment Law revokes the foreign investment limitations imposed by Presidential Regulation No. 76 of 2007 and Presidential Regulation No. 44 of 2016, or more commonly referred to as the Negative List. This update provides a brief overview of the changes to Indonesia's foreign investment law.

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Fairness principles for artificial intelligence and data analytics

Following the conclusion of Phase One of the Veritas initiative, on 6 January 2021, the Veritas Consortium (the "Consortium") published two whitepapers detailing the Fairness, Ethics, Accountability and Transparency ("FEAT") fairness assessment methodology (the "Methodology") and its application in the two use cases. This article provides an update on Singapore's fairness framework for the adoption of artificial intelligence in finance.

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Update on the registration of precious stones and precious metals dealers

This article is intended to update you on certain regulatory developments in this area since our article published on 31 October 2019.

On 14 December 2020 and 28 December 2020, the Ministry of Law ("MinLaw") issued two notices to all regulated dealers on changes to the subsidiary legislation of the Precious Stones and Precious Metals Act ("PSPM Act"). Significantly, the changes have introduced a mandatory requirement for current regulated dealers to submit semi-annual returns, effective from 1 January 2021.

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The Personal Data Protection (Amendment) Act 2020

The Personal Data Protection (Amendment) Act 2020 (No. 40 of 2020) ("PDPA Amendments") was passed by Parliament in November 2020 and came into effect on 1 February 2021. The PDPA Amendments amend the Personal Data Protection Act 2012 (No. 26 of 2012) ("PDPA"), which is the primary legislation regulating the collection, use and disclosure of personal data in Singapore.

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Small company and small group audit exemptions under the Companies Act

The Companies Act (Cap. 50) ("CA") requires directors of a newly incorporated company to appoint an auditor for the company within 3 months of the company's incorporation. However, for owners of a new company, the statutory obligation to appoint an auditor may not be practicable if, for instance, a company has been incorporated far in advance, before the commencement of its operations and the requirement to appoint auditors within that time frame would incur higher compliance costs. This article summarises an option available in such circumstances.

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CNPLaw Business Guide Series: Singapore government grants and incentives

Whether you are planning to start, grow or reinvent your business, an array of Singapore government grants and incentives are available to provide the financial support you need, particularly during the COVID-19 pandemic which has brought about unprecedented business challenges. This article highlights a number of Singapore government grants and incentives currently available to companies in Singapore. The information in this article is accurate as at the date of publication.

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Capacity, knowledge and independence: The optimal state of mind when preparing your will

Generally, three elements must be satisfied before the testator can be said to possess the requisite testamentary capacity when making a Will.

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News

CNPLaw LLP ranked as the 18th largest law firm in Singapore in 2020 by the Singapore Business Review

CNPLaw LLP welcomes Ms Ge Xiaomeng and Ms Sharleen Eio to its partnership and grows to 21 partners

Senior Associate at CNPLaw LLP is recognised as a Lexology Legal Influencer

CNPLaw LLP's Intellectual Property Practice continues to be recognised in the 2021 Edition of the World Trademark Review 1000


Deals

CNPLaw LLP acted as Singapore counsel on the establishment of Hera Capital Partners Holdings VI Pte. Ltd., a Singapore domiciled fund, and on its investment in Nutrition Technologies


Editor
Bill JAMIESON

Production team
Joel LAW
Jacqueline CHEOW
Menes STA ANA

Contributors
Bill JAMIESON
Edwin CHIA
GE Xiaomeng
Jimmy YAP
Ken CHIA
QUEK Li Fei
TAN Min-Li
WONG Pei-Ling
Hazel HO
Jolyn WAH
Sean TAN
Sylvia KOH
Timothy TAN
LAI Zheng Yong
LAI Wen Le
Rachel BOEY
Rachelle HO
YEO Tun Zen


Featured contributor


Hazel HO
Senior Associate
[ More About Her ]

For more information please contact us via contact@cnplaw.com