CNPupdate - Issue 03 - November 2023

 

Contents
  1. SGX RegCo: Developing and executing a credible climate transition plan

  2. Amendments to SGX-ST's Practice Notes on General Meetings

  3. SGX RegCo's expectations of disclosures on key financial indicators

  4. Note on Consultation Paper on the repeal of regulatory regime for Registered Fund Management Companies

  5. MAS' consultation paper on a proposed framework for single family offices

  6. MAS broadens tax incentives to encourage single family offices to invest in Singapore

  7. Recovering lost cryptocurrencies

  8. MAS finalises stablecoin regulatory framework

  9. Singapore to introduce new measures to ring-fence customers' crypto assets


SGX RegCo: Developing and executing a credible climate transition plan

On 8 September 2023, the Singapore Exchange Regulation ("SGX RegCo") published a statement entitled "Regulator's Column: Developing and executing a credible climate transition plan" which highlighted three key elements of developing, executing and disclosing a credible climate transition plan that companies should adopt.

SGX RegCo's statement follows the release of the inaugural IFRS Sustainability Disclosure Standards ("ISSB Standards") in June 2023, which set out global standards for the disclosure of information about a company's climate transition plan. SGX RegCo plans to align its SGX-ST Listing Rules with the newly released ISSB Standards, which have been endorsed by international securities regulators. SGX RegCo aims to consult on amendments to the SGX-ST Listing Rules by the end of 2023 and finalise its recommendations by 2024.

Please click here to find out more.


Amendments to SGX-ST's Practice Notes on General Meetings

The Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act ("Amendment Act") took effect on 1 July 2023. One of the key amendments is that companies are given the option to conduct fully virtual or hybrid meetings. Please refer to our previous article here for the background to the Amendment Act and details of the amendments.

Please click here to find out more.


SGX RegCo's expectations of disclosures on key financial indicators

On 31 August 2023, the Singapore Exchange Regulation ("SGX RegCo") published a Regulator's Column and a guidance note on financial statements disclosure (collectively, the "Guide"). The Guide sets out the SGX RegCo's expectations of disclosures on three key financial indicators, namely liquidity ratios, non-current trade and other receivables, and significant advances or prepayments, which are the likeliest to warrant investor concern given the global financial outlook.

This article will look at the standard disclosures and substantive disclosures of each of the three key financial indicators. Issuers whose financial indicators are at concerning thresholds should proactively adopt the substantive disclosures.

Please click here to find out more.


Note on Consultation Paper on the repeal of regulatory regime for Registered Fund Management Companies

This note summarises the Monetary Authority of Singapore's ("MAS") consultation paper seeking feedback on the repeal of the regulatory regime for Registered Fund Management Companies ("RFMCs"). MAS will implement the repeal of the RFMC regime after it has considered industry feedback to this consultation paper and finalised the legislative amendments.

Please click here to find out more.


MAS' consultation paper on a proposed framework for single family offices

The Monetary Authority of Singapore ("MAS") published on 31 July 2023 a consultation paper setting out a proposed framework for Single Family Offices ("SFOs") operating in Singapore to strengthen MAS' surveillance and defense against potential money laundering risks ("proposed framework"). Under the proposed framework, potential SFOs would be subject to qualifying criteria for class exemption from licensing under the Securities and Futures Act ("SFA"). SFOs must also comply with the proposed framework's notification and annual reporting requirements.

Please click here to find out more.


MAS broadens tax incentives to encourage single family offices to invest in Singapore

The Monetary Authority of Singapore ("MAS") announced on 5 July 2023 that incentives for single family offices ("SFOs") will be adjusted to encourage them to deploy capital more purposefully for the benefit of Singapore and the broader region.

Please click here to find out more.


Recovering lost cryptocurrencies

Imagine feeling on top of the world when you see the cryptocurrencies you purchased at a good price point rising in value, and the utter dismay when you find out, suddenly, that someone had hacked into your cryptocurrency digital wallet and withdrawn your cryptocurrencies without your knowledge or consent, or that the cryptocurrency exchange holding your cryptocurrencies had misused your funds by lending, staking or selling them off to third parties without your consent. What can you do?

Please click here to find out more.


MAS finalises stablecoin regulatory framework

On 15 August 2023, the Monetary Authority of Singapore ("MAS") introduced a new regulatory framework for stablecoins, which by definition and for present purposes are digital payment tokens designed to maintain a constant value against (amongst other things) one or more specified fiat currencies. The framework, developed based on feedback from a MAS public consultation in 2022, aims to ensure the stability of stablecoins regulated in Singapore. Please refer to our previous article (here) for a background on MAS' public consultation in 2022.

Please click here to find out more.


Singapore to introduce new measures to ring-fence customers' crypto assets

The Monetary Authority of Singapore ("MAS") has recently announced new requirements for Digital Payment Token Service Providers ("DPTSPs") to ensure the safekeeping of customers' assets. DPTSPs will be required to hold customers’ assets in a statutory trust, reducing the risk of loss or misuse and facilitating asset recovery in case of insolvency of the DPTSPs. The MAS will also prohibit DPTSPs from enabling retail customers to engage in lending and staking activities with Digital Payment Tokens ("DPTs").

Please click here to find out more.


 

 

News

CNPLaw LLP ranked in The Straits Times Singapore's Best Law Firms 2024 list

Business Today recommends Funds Partner, Bill Jamieson as one of the top 10 Most Influential Domestic Investment Funds Lawyers in Singapore 2023

CNPLaw LLP recognised in Asialaw Profiles 2023 Rankings

Who's Who Legal 2023 recommends Managing Partner, Ms Lisa Theng as a national leader for M&A and Corporate Governance

CNPLaw LLP ranked in IFLR1000's 33nd Edition


Deals

CNPLaw LLP advised Energy Drilling Pte. Ltd. on the equity investment by Pioneer Logistics Holdings Pte. Ltd.


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