SIC Takeovers Bulletin 3/2017: Management Buy-Outs and Other Matters      

The SIC’s most recent bulletin sets out its views on the following matters:

• The information to be provided to a competing offeror in the case of a management buyout;
• How it will regard a single member of a sub-group in a concert party acquiring more than 49% of the voting rights of a company; and
• What the opinion of an independent financial adviser as to an offer being “not fair but reasonable” should mean.

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CAB Upholds SGD239,851 Financial Penalty Imposed on Financial Adviser  

In IPP Financial Advisers Pte Ltd v CCS, the CAB ruled that the amount of the financial penalty to be imposed should be based on the appellant’s entire turnover from the distribution of insurers’ individual life insurance products in Singapore in the relevant year, and not just turnover from new policies. It would also not reduce the penalty due to the shortness of the duration of the offending conduct as this was due to the effectiveness of the conduct in quashing competition.    

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PDPC Considers Allowing More Situations for Collection of Personal Data Without Consent   

The PDPC is consulting on two proposed changes to the Personal Data Protection Act. One is to allow organisations to collect, use and disclose personal data without consent if it is impractical to obtain consent or if it is necessary for a legal or business purpose. The other proposal is to make it compulsory to notify the PDPC and the affected individuals of data breaches.

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