Elsa Chen

Partner (Chief Economist)
Elsa is Regional Co-Head of the Firm’s Competition & Antitrust Practice, and is Co-Head of its ESG & Public Policy Practice.
She regularly assists clients on complex antitrust matters, including merger control, global cartel and abuse of dominance investigations. Elsa’s ESG and public policy experience ranges from assisting clients to map out ESG trends and implications, policy drafting, advocacy, and assisting on legislative changes. Proficient in Mandarin, she frequently assists clients on Chinese transactions as she reads and writes Chinese.
In 2021, Elsa was cited for the third time in the Global Competition Review (GCR) Women in Antitrust survey as amongst the leading women globally recognised for their standout careers in antitrust. In 2020, GCR named Elsa as one of the world’s top 40 antitrust practitioners under the age of 40, and the only economist named in Asia, in its quadrennial 40 under 40 survey. She was also recognised amongst the 10 competition economists globally in GCR’s Women in Antitrust 2016: Economists.
Elsa is noted by Who’s Who Legal to be “the top merger control practitioner in Singapore”, “a leading name in the Singaporean market” and praised for her “analytical and practical approach”, “intelligent and insightful”, and “able to provide her views in concise and readily understood manner”. Elsa is the only economist recognised as a Leading Individual for Asia by Who’s Who Legal Competition: Economists 2021. She is also the only economist cited as a Thought Leader in Asia and Singapore by Who’s Who Legal: Thought Leaders: Competition 2020 to 2022.
Elsa joined the Firm in 2007. She was previously from the Ministry of Trade and Industry of Singapore, and was also a pioneer member of the Competition Commission of Singapore (CCS), now known as the Competition and Consumer Commission of Singapore (CCCS).
Work Highlights
- Deal book of notified transactions with total value in excess of S$496 billion, including every public takeover notified to the CCCS, and the first and only Provisional Infringement Decision of CCCS to be successfully overturned (Greif/GEP).
- Assisted on close to 90 per cent. of complex CCCS merger reviews requiring commitments, including the first foreign-to-foreign merger with commitments (Thomson/Reuters), and the first CCCS conditional merger clearance requiring local commitments (SEEK/JobStreet).
- Involved in the drafting of legislation, codes, policies and regulatory regimes, including the merger control framework for the Airport Competition Code, the Media Market Conduct Code, and economic aspects of competition law in the electricity and gas markets.
Publications
- MAS launches Finance for Net Zero Action Plan
- Online Criminal Harms Bill introduced to enable authorities to deal more effectively with criminal online activities
- IFC Review: ESG in Singapore - Trends and developments
- The Public Competition Enforcement Review (15th Ed, 2023): Singapore
- Bill to amend Resource Sustainability Act 2019 passed to address packaging and food waste
- MTI announces UK’s accession process to CPTPP
- Company ordered by court to cease unfair practices in supply of alkaline water filtration systems and maintenance service packages
- Singapore and UK sign MOU on Green Economy Framework
- MSE announces various sustainability initiatives relating to zero-waste, food and climate resilience
- FTAs in times of economic uncertainty: A quick guide on utilising Singapore’s FTAs for business opportunities
- Antitrust lessons from Covid-19: Key takeaways in Singapore and potential implications for future disruptions
- Practical tips and key legal trends impacting foreign investments in 2023
- Budget 2023: Key highlights
- Competition Policy International: Key lessons from the rise of antitrust enforcement in South-east Asia
- The Cartels and Leniency Review (11th Ed, 2023): Singapore
- CCCS clears proposed acquisition relating to provision of customised market research services
- Environmental Public Health (Amendment) Bill passed to implement Progressive Wage Model for waste management sector and revise cleaning business licensing framework
- Vietnam issues regulations on establishment and operation of Competition Commission
- European Commission publishes draft regulations on implementation of Foreign Subsidies Regulation
- Antitrust developments in South-east Asia: October to December 2022
- Singapore and Malaysia conclude frameworks on cooperation in the digital economy and green economy
- Singapore and the EU sign Digital Partnership
- Bill to amend Resource Sustainability Act 2019 introduced to address packaging and food waste
- MOH announces Nutri-Grade requirements to extend to freshly prepared beverages from end-2023
- Green Finance Industry Taskforce launches third consultation on green and transition taxonomy
- Legislation to tackle harmful content on online services accessible to users in Singapore in force
- NCCS publishes public feedback received during consultation on Singapore’s raised climate ambition and low-carbon transition
- Korea-Singapore Digital Partnership Agreement enters into force
- Singapore Court of Appeal finds that company set up to promote sustainable development owed no fiduciary duty to communities adversely affected by environmental damage
- Q4 2022 Review: Key ESG and public policy developments in Singapore
- EU adopts new foreign subsidies regulation requiring prior notification of certain M&A transactions and public procurement bids: What this means for companies doing business in the EU
- COP27: Impact on Singapore and South-east Asia
- Antitrust in Singapore: 2022 in Review
- CCCS commences court action against a company and its sole director and shareholder for making false or misleading claims
- MTI launches one-stop platform Green Economy Regulatory Initiative (GERI)
- New joint projects agreed under Singapore-China (Shenzhen) Smart City Initiative
- Bill to amend Carbon Pricing Act 2018 passed to increase carbon tax rates, introduce industry transition framework and option to use eligible international credits
- SGX launches initiative to recognise sustainable fixed income
- Singapore joins Article 6 Implementation Partnership at COP27
- MTI announces substantial conclusion of negotiations seeking to upgrade Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area
- Singapore joins Forests and Climate Leaders’ Partnership as member country
- Singapore updates long-term low-emissions development strategy
- Bill passed to tackle harmful content on online services accessible to users in Singapore
- Antitrust developments in South-east Asia: July to September 2022
- Singapore and China agree 19 MOUs and seek to strengthen cooperation in green finance and capital markets
- Q3 2022 Review: Key ESG and public policy developments in Singapore
- Code of practice on WSH duties of chief executives and board of directors gazetted as Approved Code of Practice
- Singapore and Australia sign green economy agreement to advance trade and environmental sustainability
- New Technical Reference 109 launched to guide companies on sustainable packaging-related practices
- ABS issues guidelines for sustainable private banking and wealth management practices and PBIG sets common sustainable finance training benchmark for private banking professionals
- MAS launches ESG Impact Hub to encourage growth of ESG ecosystem
- SID Directors Conference 2022: Navigating greenwashing in ESG
- Bill introduced to tackle harmful content on online services accessible to users in Singapore
- Bill introduced to amend Carbon Pricing Act 2018: Increase in carbon tax, industry transition framework and option to use eligible international carbon credits
- SGX Group and MAS launch SGX ESGenome disclosure portal to streamline sustainability reporting and enhance investor access to ESG data
- NCCS conducts public consultation on raised climate ambition and low-carbon transition
- NEA launches public consultation on Beverage Container Return Scheme
- China revamps Anti-Monopoly Law: Below-threshold merger notifications and increased penalties, among other changes
- Code of practice on chief executives’ and board of directors’ WSH duties launched, to be gazetted by October 2022
- Q2 2022 Review: Key ESG and public policy developments in Singapore
- Antitrust developments in South-east Asia: April to June 2022
- Practical Law: Cartel Leniency, Merger Control and Restraints of Trade and Dominance in Singapore
- Measures for Nutri-Grade beverages to take effect from 30 December 2022
- MAS and Google Cloud launch Point Carbon Zero Programme to catalyse climate FinTech solutions
- MAS releases Sustainability Report 2021/2022 highlighting importance of transition finance
- Practical Law Merger Control Global Guide
- Practical Law Restraints of Trade and Dominance Global Guide
- Practical Law Cartel Leniency Global Guide
- MAS issues circular on disclosure and reporting guidelines for retail ESG funds effective from 2023
- Singapore and Malaysia to deepen cooperation in digital economy and green economy
- SGX RegCo CEO discusses greenwashing, possible upcoming regulations on making information available, comparable, and trusted
- MTI seeks feedback on proposed legislation to mandate compliance with Code of Conduct for Leasing of Retail Premises in Singapore
- The Dominance and Monopolies Review (10th Ed, 2022)
- MSE consults on proposed increase in carbon tax and option to use eligible international carbon credits in draft Carbon Pricing (Amendment) Bill
- MCI seeks comments on proposed Code of Practice for Online Safety and Content Code for Social Media Services
- Global Legal Insights to Merger Control 2022
- Singapore joins First Movers Coalition to decarbonise emissions-intensive sectors
- Singapore ratifies Kigali Amendment to Montreal Protocol
- ABS launches industry standard template for banks to engage corporate clients on environmental risk issues
- MAS issues information papers on environmental risk management for banks, asset managers and insurers
- ACRA and SGX RegCo establish committee to advise on sustainability reporting roadmap for Singapore-incorporated companies
- Singapore’s Green Plan: Overview of support measures and grants for sustainable developments
- Antitrust developments in South-east Asia: January to March 2022
- Singapore Green Bond Framework introduced for issuance of sovereign green bonds
- Green Finance Industry Taskforce consults on second version of green and transition taxonomy
- Malaysia Competition Commission consults on proposed mandatory merger control regime in Malaysia, and other changes
- Q1 2022 Review: Key ESG and public policy developments in Singapore
- Energy 2050 Committee releases report affirming net-zero feasibility for Singapore power sector by 2050
- CCCS accepts undertakings from PC vendor and former authorised reseller/partner concerning unfair practices about screen refresh rate of gaming laptop sold online
- SGX RegCo sets out expectations regarding business valuations for significant transactions
- Implications of greenwashing under consumer protection laws, and practical takeaways
- Singapore implements export control measures and financial measures in relation to Russia
- Budget 2022: Key highlights
- Energy (Resilience Measures and Miscellaneous Amendments) Act 2021 partially in force from 29 January 2022
- Singapore outlines sanctions and restrictions against Russia in response to invasion of Ukraine
- Singapore signs free trade agreement with Pacific Alliance
- NEA public consultation on disposable carrier bag charge at supermarkets
- The Cartels and Leniency Review (10th Ed, 2022)
- Antitrust developments in South-east Asia: October to December 2021
- Antitrust in Singapore: 2021 in Review
- ESG & Public Policy: 2021 in Review
- CCCS issues Business Collaboration Guidance Note to enable businesses to collaborate with greater confidence
- Regional Comprehensive Economic Partnership Agreement in force from 1 January 2022: Businesses benefit from measures facilitating trade and investment
- CCCS publishes competition guidelines to provide greater clarity and guidance, to take effect from 1 February 2022
- SGX mandates climate and board diversity disclosures
- Competition agencies in Singapore and China sign MOU to enhance cooperation in competition law
- COP26: Commitments from Singapore and the region
- CASE launches framework for faster dispute resolution to give greater assurance to consumers shopping on e-marketplaces
- Competition regulators in Singapore and the Philippines sign MOU on cooperation in enforcement of competition law
- ASEAN regional connectivity to be enhanced by Multimodal Transport Act 2021 in effect 28 November 2021
- Singapore and Australia to focus on low emissions cooperation in 2022
- Singapore commits to phasing out unabated coal power by 2050
- Energy (Resilience Measures and Miscellaneous Amendments) Bill passed, MTI and EMA issue response to feedback on draft Bill
- Block Exemption Order for certain liner shipping agreements extended till 31 December 2024
- Antitrust developments in South-east Asia: July to September 2021
- EMA launches new Singapore Standard for Renewable Energy Certificates, explores geothermal energy
- The journey to low carbon transition: An introduction to carbon pricing
- Enterprise Singapore launches S$180 million Enterprise Sustainability Programme to help at least 6,000 enterprises build sustainability capabilities
- State Courts, following CCCS actions, order supplier of essential goods to cease unfair trade practices
- CASE and CCCS advise consumers on precautions to adopt when shopping online
- Merger Control in Singapore
- Cartel Regulation in Singapore
- Merger Control in ASEAN at a glance
- Transition to low-carbon electricity generation sources: Consultation on Energy (Resilience Measures and Miscellaneous Amendments) Bill
- SGX consults on mandatory climate and board diversity disclosures
- Key insights on initiatives and developments following National Day Rally Speech 2021
- Extended Producer Responsibility system for e-waste management system under Resource Sustainability Act 2019 implemented
- Antitrust developments in South-east Asia: April to June 2021
- Antitrust in Singapore: H1 2021 in Review
- CCCS seeks feedback on proposed Business Collaboration Guidance Note
- MSE launches GreenGov.SG as key enabler of national sustainability agenda
- Singapore to develop and deploy low-carbon technological solutions
- CCCS seeks feedback on proposed clarifications to scope of mitigating factors in its Penalty Guidelines
- CCCS consults on proposed recommendation for Block Exemption Order for liner shipping agreements
- The Dominance and Monopolies Review (9th Ed, 2021)
- OECD recommendations to enhance competition and efficiency for logistics sector in Singapore
- Joint venture to establish Climate Impact X, a global exchange and marketplace for carbon credits
- MAS releases inaugural Sustainability Report to chart strategy on climate resilience and environmental sustainability
- Emerging Stronger Taskforce publishes recommendations for a virtually unlimited and sustainable Singapore in a post-Covid-19 economic environment
- Green Finance Industry Taskforce launches guide for climate-related disclosures and framework for green trade finance
- Q1 2021 Review: Five key ESG and public policy developments in Singapore
- Antitrust developments in South-east Asia: January to March 2021
- Singapore ratifies Regional Comprehensive Economic Partnership Agreement
- Singapore ratifies ASEAN Trade in Services Agreement
- Practical Law Merger Control Global Guide
- Practical Law Restraints of Trade Global Guide
- IMDA conducts second consultation on draft Code of Practice for Competition in the Provision of Telecommunication and Media Services
- Singapore-Indonesia Bilateral Investment Treaty enters into force
- The Cartels and Leniency Review (9th Ed, 2021)
- Antitrust in Singapore: 2020 in Review
- Budget 2021: Key highlights
- Q4 2020 Review: Five key public policy developments in Singapore
- Antitrust developments in South-east Asia: October to December 2020
- Singapore and the US sign MOU on trade financing and investment cooperation
- UK-Singapore Free Trade Agreement in effect from 1 January 2021
- SGX strengthens commitment to sustainability with S$20 million plan
- Digital Economy Partnership Agreement in force for Singapore and New Zealand from 7 January 2021
- LexisPSL Competition: Singapore Merger Control
- Practical Law Cartel Leniency Global Guide - Cartel Leniency in Singapore: Overview
- ASEAN Customs Transit System launched on 2 November 2020
- CCCS own-initiative investigation leads to operator of Expedia Singapore website ceasing false claims on validity period of “Daily Deals” promotions
- Antitrust developments in South-east Asia: July to September 2020
- Q3 2020 Review: Five key public policy developments in Singapore
- CCCS Guidelines on Price Transparency: Understanding the risks and obligations in displaying and advertising prices
- NEA, EDB and BCA announce new grants aimed at reducing Singapore’s greenhouse gas emissions
- CCCS accepts retailers’ voluntary undertaking to cease “Closing Down Sale” and “Fire Sale” advertisements
- The Dominance and Monopolies Review (8th Ed, 2020)
- The great convergence between sustainability and competition law: Recent developments
- CCCS releases findings and recommendations from e-commerce platforms market study, intends to update competition guidelines
- CCCS seeks views on proposed changes to six competition guidelines
- Allen & Gledhill secures unconditional Phase 2 clearance of proposed merger of two of the world’s largest shipbuilders
- Allen & Gledhill secures unconditional clearance of proposed acquisition relating to supply of trains and urban signalling systems for MRT lines
- Competition (Block Exemption for Liner Shipping Agreements) Order extended till 31 December 2021 due to Covid-19
- CCCS Guidelines on Price Transparency effective 1 November 2020
- Singapore and China reaffirm strong economic ties, commit to keep global supply chains and trade lines open amid Covid-19
- Singapore and Australia sign Digital Economy Agreement to facilitate digitalisation of trade processes
- Antitrust developments in South-east Asia: April to June 2020
- Q2 2020 Review: Five key public policy developments in Singapore
- Singapore welcomes new members to Joint Ministerial Statement on Ensuring Supply Chain Connectivity amid Covid-19 situation
- Global Legal Insights to Merger Control 2020
- CCCS issues guidance on Covid-19 business collaboration: Applicable to collaborations between 1 February 2020 to 31 July 2021
- Covid-19 and the outlook for a new normal: An interview with Allen & Gledhill Senior Adviser Lam Chuan Leong, Competition and Public Policy
- Singapore announces commitments with various nations to enhance connectivity and secure supply chains amid Covid-19
- Practical Law Merger Control Global Guide - Merger Control in Singapore: Overview
- Practical Law Cartel Leniency Global Guide - Cartel Leniency in Singapore: Overview
- CCCS fines contractors for bid rigging of quotations relating to building and maintenance works
- Allen & Gledhill secures clearance of proposed acquisition in private dialysis centres sector
- Singapore announces commitments with various nations to secure supply chains amid Covid-19 pandemic
- Facing Covid-19: Antitrust review delays in South-east Asia (Part 3)
- Antitrust developments in South-east Asia: January to March 2020
- Provisions facilitating administration and enforcement of Hazardous Waste (Control of Export, Import and Transit) Act 2020 in force from 1 April 2020
- Q1 2020 Review: Five key public policy developments in Singapore
- Facing Covid-19: Coping with the coronavirus outbreak without breaching antitrust laws (Part 2)
- Singapore and New Zealand launch Declaration on Trade in Essential Goods for Combating the Covid-19 Pandemic
- The post Covid-19 world: Anticipating potential changes for businesses and public policies
- China proposes increased penalties for gun-jumping in Anti-Monopoly Law
- Singapore and eight other countries affirm commitment to ensuring supply chain connectivity amid Covid-19 crisis
- CCCS’s operations during period of heightened measures against Covid-19
- New regulatory measures for pre-packaged beverages, extension of measures to freshly prepared beverages
- Facing Covid-19: Coping with the coronavirus outbreak without breaching antitrust laws (Part 1)
- CCCS grants clearance in first merger reviewed by CCCS in real estate and real estate fund management space
- Singapore and six other countries affirm commitment to ensuring supply chain connectivity amid Covid-19 situation
- The Cartels and Leniency Review (8th Ed, 2020)
- Allen & Gledhill secures clearance in first merger reviewed by CCCS in real estate and real estate fund management space
- NCCS issues response to feedback on Singapore’s long-term low emissions development strategy
- Budget 2020: Key highlights and environmental sustainability measures
- Court orders e-commerce retailer to cease unfair trade practices and stop using “subscription traps”
- Hazardous Waste (Control of Export, Import and Transit) (Amendment) Bill passed to include plastic waste within scope
- CCCS clears proposed acquisition relating to waste collection services
- Q4 2019 Review: Five key public policy developments in Singapore
- Antitrust developments in South-east Asia: October to December 2019
- Resource Sustainability Act 2019 partially in force from 1 January 2020
- Environmental sustainability in the financial sector: 2019 look back on developments in South-east Asia and Singapore
- Upgraded Singapore-New Zealand agreement on economic partnership in force from 1 January 2020
- CCCS seeks court injunction against e-commerce retailer for using “subscription trap”
- European Union-Singapore Free Trade Agreement in force from 21 November 2019
- Antitrust developments in South-east Asia: July to September 2019
- China-Singapore Free Trade Agreement Upgrade Protocol enters into force and key financial initiatives concluded at Joint Council for Bilateral Cooperation
- The Merger Control Review (10th Ed, 2019)
- Singapore Government announces advertising ban and mandatory labelling for highly sweetened beverages
- Indonesian Competition Commission imposes new notification requirement for asset acquisitions, expands jurisdiction over foreign transactions
- Q3 2019 Review - Five key public policy developments in Singapore
- CCCS clears proposed acquisition involving food court operators
- CCCS consults on proposed guidelines on price transparency
- New Chief Executive for CCCS from 1 October 2019
- Key insights on initiatives and developments following National Day Rally 2019
- The Dominance and Monopolies Review (7th Ed, 2019): Singapore chapter
- A quick guide on harnessing Singapore’s Free Trade Agreements to benefit your businesses
- Antitrust developments in South-east Asia: April to June 2019
- Q2 2019 Review: Five key public policy developments in Singapore
- CCCS affirms closer cooperation with international competition agencies under ICN Framework on Competition Agency Procedures
- ASEAN Merger Control: A Quick Fold-Out Guide
- IMDA consultation on proposed converged competition code for telecommunication and media markets: Deadline for feedback extended from 17 April 2019 to 15 May 2019
- Q1 2019 Review: Five key public policy developments in Singapore
- The ASEAN advantage
- IMDA consults on proposed converged competition code for telecommunication and media markets
- CCCS clears proposed acquisition involving vertical distributors of packaged food and beverage products
- The Cartels and Leniency Review (7th Ed, 2019): Singapore chapter
- Data portability requirement in Singapore: Competition, antitrust and consumer protection considerations
- Budget 2019: Key highlights
- CCCS clears proposed acquisition in the building materials industry
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) enters into force on 30 December 2018
- GCR E-Commerce Competition Enforcement Guide 2019: Singapore chapter
- Analysing the commercial impact of public policy measures: MOH proposals to reduce Singaporeans’ sugar intake from sweetened beverages
- CCCS clears merger in highly watched food and beverage retail sector