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Singapore Legal Update - January 2019

12 February 2019

Takeover Code Amended to Deal with Dual Class Shares Companies

The Takeover Code has been amended to provide that where changes in the number of votes of multiple vote shares in a dual class shares company results in a shareholder coming an obligation to make a general offer for the company, the obligation will not apply if, among other things, the shareholder is independent of the change. It also sets out how the offer price is to be determined in such cases.

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New and Proposed Licensing Exemptions for Financial Advisers and Capital Market Services Providers

Financial advisers from Singapore, Malaysia, the Philippines and Thailand can apply to provide financial advisory services in each others’ jurisdictions pursuant to the ACMF Pass. In a separate development, the MAS is proposing that related corporations of Singapore financial institutions can enter into arrangements to provide services in Singapore through their Singapore related corporation without first seeking MAS approval.

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