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Contents


  1. Enhancing the existing insolvency legal framework - Ipso facto clauses

  2. Variable Capital Companies Bill moved for First Reading in Parliament on 10 September 2018

  3. Tax Implications in relation to ICOs

  4. Implications arising from "Decoupling" a property

  5. Singapore stamp duty to be extended to electronic documents?

  6. Compliance with the GDPR in Singapore

  7. Amendments to the Companies Act with effect from 31 August 2018

  8. Updates to MAS' Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies


Enhancing the existing insolvency legal framework - Ipso facto clauses


On 10 September 2018, the Insolvency, Restructuring and Dissolution Bill ("the proposed Omnibus Bill") was submitted by the Ministry of Law for First Reading in Parliament.

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Variable Capital Companies Bill moved for First Reading in Parliament on 10 September 2018


On 10 September 2018, the Variable Capital Companies Bill ("Bill") was moved for the first reading in Parliament paving the way for an alternative form of corporate vehicle under Singapore Law for use as a collective investment scheme ("CIS") - the Variable Capital Company ("VCC"). This Bill came on the back of a consultation paper and draft legislation issued by MAS ("Consultation Paper") in March to April last year. On the same day the Bill was read, MAS also issued its response to the feedback received from the Consultation Paper and also an explanatory brief on the Bill.

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Tax Implications in relation to ICOs


In a previous article of our on-going discussions on cryptocurrency in Singapore, we introduced the process and potential legal and regulatory ramifications of an initial coin offering ("ICO"). With blockchain-based technology and cryptocurrency gaining popularity despite the current bearish market sentiment, ICOs have demonstrated their potential as an alternative and viable means of raising capital and growing a user base for start-ups. In this article, we explore some tax issues relating to ICOs in Singapore.

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Implications arising from "Decoupling" a property


In light of the latest revisions to the Additional Buyers' Stamp Duty ("ABSD") regime significantly increasing the ABSD liabilities for ownership of second and subsequent residential properties which were announced on 5 July 2018, joint property owners, in particular spouses, may consider "decoupling" as a solution to manage their stamp duty liabilities arising from the purchase of a second and subsequent residential property. Our firm's article titled "ABSD: Is "Decoupling" a suitable solution for you?" published on 1 August 2014 provides an insight on the legal process of decoupling a property with an illustration of how the decoupling of a property may possibly result in substantial savings for parties. This article examines the legal characterization of a property subsequent to a decoupling exercise.

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Singapore stamp duty to be extended to electronic documents?


The Stamp Duties (Amendment) Bill ("Amendment Bill") was read for the first time in Parliament on 6 August 2018. The main proposed change is to introduce a new Part VIIIA to the Stamp Duties Act ("Act"), specifying that the Act applies to electronic instruments prescribed under the new Part VIIIA.

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Compliance with the GDPR in Singapore


The European Union ("EU") General Data Protection Regulation (the "GDPR") was adopted on 14 April 2016, and has come into force on 25 May 2018. The GDPR is an ambitious piece of legislation, unifying data protection laws across the EU and, purporting to have global reach in protecting the personal data of EU citizens.

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Amendments to the Companies Act with effect from 31 August 2018


The Companies Act (Cap.50) of Singapore (the "Act") has recently undergone various legislative amendments pursuant to the Companies (Amendment) Act 2017. Some of these amendments came into effect on 31 August 2018, and were introduced with the objective of reducing regulatory burden and improving the ease of doing business. Pursuant to these amendments, the timelines for companies with financial years ending on or after 31 August 2018 to hold annual general meetings ("AGM") and file annual returns ("AR") were altered to be aligned with the financial year end ("FYE") of such companies. New exemptions have also been introduced to exempt certain private companies from holding an AGM.

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Updates to MAS' Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies


On 3 July 2018, the Monetary Authority of Singapore ("MAS") issued a revised version of the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies ("Revised Guidelines"). Subject certain conditions, the Revised Guidelines now allow for fund management companies ("FMCs"), under the accredited investor or institutional investor category (including those under the venture capital fund manager regime) ("A/I FMC") or registered fund management companies ("RFMC), to carry on business in fund management with their employees who do not meet the definition of an accredited investor under the Securities and Futures Act (Cap. 289) ("SFA"). This is provided that such employees are investment professionals (as defined below) employed by the FMC or employed within the same corporate group as the FMC.

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