Publications

On 19 November 2025, the Monetary Authority of Singapore (“MAS”) announced a suite of measures designed to bolster Singapore’s equity markets.

Practical Law Asia by Thomson Reuters Southeast Asia has officially launched, and we’re proud to showcase the contributions of our lawyers at Shook Lin & Bok in developing its high-quality, specialist resources.

On 29 October 2025, the Singapore Exchange regulation ("SGX RegCo") announced a series of regulatory changes aligned with a shift towards a more disclosure-based regulatory regime.

In parallel, on the same day, SGX RegCo also issued a consultation paper seeking public feedback (open until 29 November 2025) on the proposed amendments to the Mainboard rules. If implemented, the proposed amendments would allow prospective issuers to interface solely with SGX Regco.

The National Environment Agency (“NEA”) recently announced that carbon tax-liable companies will be allowed to roll over into 2025 their unused limit of eligible international carbon credits (“EICCs”) from 2024. This decision arose out of the current limited supply of such credits. This update explains what EICCs are, how they work under the Carbon Pricing Act 2018 (“CPA”), the process of sourcing and obtaining them, and the key issues these companies should be aware of—including the present constraints, regulatory uncertainties, and implications.

[Private Banking Disputes – Bank’s exercise of discretion to reduce value of client’s collateral]

In Deutsche Bank AG Singapore Branch v ARJ Holding Ltd and another [2025] SGHC 163, the Singapore High Court affirmed the claimant bank’s entitlement to reduce the value of the collateral in the portfolio of its client (the 1st defendant), resulting in a shortfall in the 1st defendant’s accounts. When the shortfall was not regularized, the claimant bank terminated the 1st defendant’s loan facilities and demanded full repayment of the 1st defendant’s loans.

Amongst other findings on the factual disputes, the Singapore High Court affirmed that there was an implied term of good faith in law to the bank’s exercise of its absolute discretion as contractually provided for, in that the claimant bank had to exercise its contractual discretion in a manner that is not arbitrary, capricious or perverse. On the facts, the Singapore High Court was satisfied that this implied term of good faith had not been breached by the claimant bank.

In the largest monetary judgment arising from the Envy Companies’ fraudulent nickel trading scheme to-date, the Court in Envy Asset Management Pte Ltd (in liquidation) and others v. Ng Yu Zhi and others [2025] SGHC 143 (the “Envy Main Suit”), amongst others, ordered two of the Envy Companies’ former directors to pay more than S$ 900 million in aggregate damages as compensation for, amongst others, breach of their directors’ duties.

In Envy Asset Management Pte Ltd (in liquidation) and others v. Lau Lee Sheng and others [2025] SGHC 144 (the “Envy Employee Suit”), the General Division of the Singapore High Court delivered another pivotal judgment in the ongoing saga surrounding Singapore’s largest Ponzi scheme to date.

UMS Integration Limited’s (“UMS Integration”) secondary listing on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) marks the first secondary listing of a Singapore-listed company on the Main Market of Bursa Securities. For Singapore-incorporated entities maintaining a primary listing on the Singapore Exchange Securities Trading (“SGX-ST”), pursuing a secondary listing on the Main Market of Bursa Securities invites an opportunity to tap into Malaysia’s investor base.

On 23 July 2025, the International Court of Justice (“ICJ”) issued its Advisory Opinion (“AO”) in respect of two questions on the obligations of States under international law to ensure the protection of the climate system and other parts of the environment from anthropogenic emissions of greenhouse gases; and the legal consequences under these obligations for States where they, by their acts and omissions, have caused significant harm to the climate system and other parts of the environment. The AO impacts Singapore businesses and will likely raise their regulatory risk.