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Contents
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The Metaverse: a virtual reality world (where the slopes are real slippery)
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SGX-listed issuers to return to physical general meetings from 1 July 2023
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Proposals that make it harder to buy out minority shareholders in an offer accepted by MOF and ACRA
The Metaverse: a virtual reality world (where the slopes are real slippery)
Where on earth is the "Metaverse"? The Metaverse is in fact, not found on Earth.
What is the Metaverse? The coining of the term "Metaverse" has been ascribed to Neil Stephenson in his novel "Snow Crash" published in 1992, wherein the term "Metaverse" is generally considered as a "place" where virtual reality melds with augmented reality and physical (3D reality) on the internet. The term "virtual reality" was used by Antonin Artaud, the French poet and playwright, in his collection of works "The Theatre and its Double", published in 1938. Stephenson's "Metaverse" was an online world where people could use digital avatars to represent themselves, while escaping from a dystopian state.
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MAS' Consultation Papers on proposed crypto regulations
On 26 October 2022, the Monetary Authority of Singapore (“MAS”) issued two consultation papers containing proposed regulatory measures relating to:
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digital payment token service providers ("DPTSPs"); and
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certain types of stablecoin issuers.
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The Overseas Network & Expertise Pass ("ONE Pass")
The Overseas Network & Expertise Pass ("ONE Pass") is a new initiative announced by the Ministry of Manpower ("MOM") on 29 August 2022 to attract top international talent from diverse sectors. Unlike other work passes issued by the MOM, the ONE Pass has three distinctive attributes, namely its unprecedented validity period, its status as a "renewable personalised pass", and two unique sets of eligibility criteria.
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SGX-listed issuers to return to physical general meetings from 1 July 2023
Amid the COVID-19 pandemic, general meetings via electronic means have become the norm following the introduction of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders ("Orders") in 2020 as part of the COVID-19 (Temporary Measures) Act 2020. The Orders enable entities to conduct meetings through electronic means, even if this is not allowed under the written law or legal instrument which provides for the meeting. As Singapore progressively transitioned towards living with COVID-19, the Ministry of Law announced on 15 December 2022 that it will revoke the Orders from 1 July 2023. Following this, Singapore Exchange Regulation ("SGX RegCo") advised that general meetings conducted from 1 July 2023 by all issuers listed on the Singapore Exchange Securities Trading Limited ("listed issuers") will resume the physical format.
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On 27 October 2022, Singapore Exchange Regulation ("SGX RegCo") issued a consultation on "Board Renewal and Remuneration Disclosures" to invite feedback on changes to the Listing Rules (Mainboard) and Listing Rules (Catalist) (collectively, the "Listing Rules") for issuers listed on Singapore Exchange Securities Trading Limited.
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Proposals that make it harder to buy out minority shareholders in an offer accepted by MOF and ACRA.
To ensure Singapore's corporate laws and regulatory framework stay competitive, several areas in the Companies Act 1967 ("Act") were reviewed by the Companies Act Working Group ("CAWG") and public stakeholders. One of the areas under review pertains to a perceived loophole in the existing compulsory acquisition framework which makes it easier for an offeror in a public takeover situation ("Offeror") to reach the 90% threshold and exercise the right of compulsory acquisition.
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