Legal Updates

Legal Updates for Feb - 2019

TMT Update: Securities Commission Malaysia Revises Guidelines on Recognized Markets to Regulate Digital Asset Exchanges

In this Technology, Media and Telecommunications Update, we wish to bring to your attention the Guidelines on Recognized Markets, which was revised and issued by the Securities Commission Malaysia ("SC") on 31 January 2019 (the "Revised Guidelines"). This follows the issuance of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, which came into force on 15 January 2019.

The Revised Guidelines seek to introduce a new chapter on the requirements to be complied to operate a digital asset exchange ("DAX"), i.e. an electronic platform which facilitates the trading of a digital asset. In light of this, any person who is interested in operating a DAX is required to apply to be registered with the SC as a recognized market operator ("RMO"). This update provides you with a summary of the Revised Guidelines, including the objectives and the key amendments provided therein.

15 Feb 2019 | Malaysia

European Union-Singapore Free Trade Agreement – 2019 Ratification and Opportunities
The European Union-Singapore Free Trade Agreement ("EUSFTA") is the first free trade agreement between the European Union ("EU") and an ASEAN country. When it comes into force, it will likely produce an increase in volume of trading opportunities between the EU and Singapore due to tariff elimination and reduced non-tariff barriers. Amongst other things, this Update outlines the impact of the EUSFTA on businesses' exports to the EU. The EUSFTA, which was approved by the EU Parliament on 13 February 2019, is anticipated to be ratified in 2019.
14 Feb 2019 | Singapore

Key Legislative and Regulatory Developments in Singapore for the Year 2018
This Update provides a brief summary of the key statutory and regulatory developments in Singapore for the year 2018.
13 Feb 2019 | Singapore

Court Rules Online Gambling Offence to be Deserving of Harsher Punishment than Offence under Common Gaming Houses Act
On 24 January 2019, District Judge Kenneth Yap handed down sentences to an accused person who had pleaded guilty to operating a common gaming house and to providing a Singapore-based remote gambling service. This judgment is noteworthy for the significantly harsher penalty that was meted out to the accused for his transgressions under the Remote Gambling Act, compared to his similar offence under the Common Gaming Houses Act, due to the judge’s view of that online gambling posed a much greater threat to Singapore society compared to gambling which takes place in a physical environment, given the pervasiveness of the former and the difficulty of its detection.
12 Feb 2019 | Singapore

Singapore Code on Take-overs and Mergers Revised to Clarify its Application to Dual Class Share Structures
The Monetary Authority of Singapore has issued a revised Singapore Code on Take-overs and Mergers to clarify its application to companies with a dual class share structure with a primary listing on the Singapore Exchange.

The revisions took effect from 25 January 2019. This update takes a look at the key changes made to the Code.
07 Feb 2019 | Singapore

Can an Arbitral Award be Issued Against Minors?
In BAZ v BBA and others [2018] SGHC 275, the Singapore High Court was faced with a S$720 million arbitral award which had been issued against – amongst others – a number of minors. The Court considered the public policy issues behind enforcing an award against minors, and ultimately decided to set aside the award as against the minors. The minors were successfully represented by Lee Eng Beng S.C., Kelvin Poon, Alyssa Leong and Matthew Koh of Rajah & Tann Singapore LLP.
01 Feb 2019 | Singapore