Singapore Legal Update - October 2015

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MAS consults on proposed changes to the market misconduct rules
​The MAS’s consultation paper proposal to clarify that there is no requirement of material price impact to establish a case of false or misleading disclosure under section 199 of the SFA will have an impact on the way company announcements are drafted. Its proposed definition of the phrase “persons who commonly invest in securities” in the insider trading provisions addresses Court of Appeal decision of Lew Chee Fai Kevin v MAS. However, it raises issues that we discuss in our full article. 

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​SIC addresses competitive takeovers in Singapore in its consultation paper; proposals may give rise to more competitive bids ​
​In addition to clarifying that offeree boards may solicit competing offers without breaching the rule against frustrating existing offers and extending the time for 'put up or shut up', it has also proposed codifying a modification of the auction process used in the Fraser & Neave, Limited takeover.

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​ESMA advises delay for decision on applying the AIFMD passport to Singapore 
​AIFMs in Singapore will therefore have to continue to rely on either national private placement regimes (which may be abolished from 2018) of targeted European countries or reverse solicitations by European investors.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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