13 February 2016
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FROM THE SUPREME COURT (exclusive to SLW)
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Financial Advisers Act and Insurance Act amended to implement FAIR recommendations
The Acts have been amended to implement the recommendations of the Financial Advisory Industry Review Panel which seek to raise the standards and professionalism of the financial advisory industry...
Allen & Gledhill, 12 Feb 2016
Land Titles Act: A new avenue in the law of easements in Singapore
This executive summary looks at s 105 Land Titles Act, which came into effect in August 2014, allowing courts to vary or extinguish wholly or in part an easement over a servient tenement and how this has served the case mentioned…
Rodyk & Davidson, 02 Feb 2016
Companies Act: Removal of age limit for directors
This executive summary focuses on the repeal of s 153 Companies Act which prohibited the appointment of a person 70 years old or above as a director of a public company or a subsidiary of a public company unless appointed or re-appointed...
Rodyk & Davidson, 27 Jan 2016
Criminal Law (Temporary Provisions) Act: Scope and approach
This executive summary discusses the practical implications of the CA’s decision of Tan Seet Eng v AG  SGCA 59 regarding the fundamental constitutional principle that “the power of the State is vested in the various arms of government...
RHTLaw Taylor Wessing LLP, 22 Jan 2016
Health Products Act: HSA consults on proposed subsidiary legislation for transfer of controls of pharmaceutical products to the Act
Pharmaceutical products will be introduced as a new category of health products in the First Schedule of the HPA using the term “therapeutic products”…
Allen & Gledhill, 12 Jan 2016
Companies Act amendments: Impact on banking transactions
The second phase of amendments focuses on providing lenders and borrowers more structuring options in related-party transactions, making it possible for companies to enter into transactions with companies which are related...
Shook Lin & Bok LLP, 08 Jan 2016
Mental Capacity Act: Ministry of Social and Family Development seeks feedback on proposed changes
Proposed key amendments include the introduction of professional donees and professional deputies...
Allen & Gledhill, 07 Jan 2016
Central Provident Fund Act: Changes to CPF salary ceiling and contribution rates for older workers
The First Schedule to the Central Provident Fund Act will be amended to raise the CPF salary ceiling of S$6,000. This means that there is no CPF contribution payable in respect of an employee’s monthly wages that is in excess of S$6,000…
Allen & Gledhill, 06 Jan 2016
Companies Act: ACRA provides guidance on updating shareholder information on ACRA Electronic Register of Members
One of the key changes that will take effect on 3 January 2016 is that a new Electronic Register of Members, to be maintained by ACRA, will be used as the main and authoritative register of members of private companies…
Allen & Gledhill, 05 Jan 2016
Income Tax (Amendment) Bill 2016: MOF issues response to feedback from public consultation on draft Bill
The feedback focussed mainly on the Double Tax Deduction for the Internationalisation Scheme, the International Growth Scheme and the Maritime Sector Incentive…
Allen & Gledhill, 15 Dec 2015
ACRA announces new Business Names Registration Act
The changes are intended to simplify the process for the registration of persons and their business names and reduce regulatory burden on business owners…
Allen & Gledhill, 09 Dec 2015
Companies Act: Implementation of phase II of the revised Act
This executive summary sets out some key legislative changes which will take effect from 3 January 2016 and comments on these changes…
Rodyk & Davidson, 27 Nov 2015
Companies Act: ACRA announces implementation date for phase 2 of amendments
This executive summary also includes the new Business Names Registration Act and the enhanced Bizfile…
Rajah & Tann, 20 Nov 2015
Goods and Services Tax (Amendment) Bill 2015: MOF issues response to feedback from public consultation on draft Bill
The draft Bills seeks to address the extension of the travel restriction order to persons who fail to repay wrongly claimed tourist refunds, clarify the scope of zero-rating in relation to merchandise for sale on board an aircraft or ship, among others...
Allen & Gledhill, 13 Nov 2015
Latest developments: Tax; building & construction
This executive summary focuses on the cases of AXY & Ors v CIT  SGHC 291 and Thian Sung Construction v International Elements  SGHC 319...
WongPartnership LLP, 12 Feb 2016
SCA: Setting aside, striking out and appeals to the Court of Appeal in ship arrests
The SCA in The “Chem Orchid”  SGCA 4 also examined and commented on the relationship between the application to set aside the arrest of a ship and the trial of the claim in the event the arrest is not set aside...
Rajah & Tann, 10 Feb 2016
Reasons why the SHC's judgment in MF Global on the scope of the client assets/money protection regime is noteworthy
This executive summary discusses the court’s statements suggesting that, as soon as monies have become due and payable to a customer on principal-to-principal trading activities and his trading ledger balance is credited with the amounts earned...
Allen & Overy LLP, 04 Feb 2016
Recent decisions on the duty of care of solicitors drafting wills and family arrangements
This executive summary looks at the SCA cases where the conduct of solicitors who drafted Deeds of Family Arrangement was scrutiny. The court also made observations on the pre-requisites that a solicitor should observe when advising potential testators…
Law Society of Singapore, 03 Feb 2016
SHC explains how to interpret “day” and “calendar day”
The SHC in Fujitec v GS Engineering & Construction  SGHC 318 considered the interpretation of the following clause: “Clause 5: Company A is obliged to make payment within 7 days of Company B issuing an invoice for services rendered”…
Providence Law Asia LLC, 02 Feb 2016
SHC: Formula One’s “F1” mark ruled not well-known in Singapore
The SHC in Formula One Licensing BV v Idea Marketing SA  SGHC 263 agreed with the finding at IPOS that prior to the relevant date, the terms “F1” and “Formula 1/One” were descriptive…
Rodyk & Davidson, 26 Jan 2016
Mental Capacity Act: Recent developments and cases
This article seeks to focus on the subject of “statutory wills” and case law regarding the approach to apply in assessing capacity within the meaning of the Acr, and the role of medical experts in such cases…
Rodyk & Davidson, 25 Jan 2016
SHC: Conveyancing conundrums: Defective title, vacant possession and completion
The SHC in Ajit Chandrasekar Prabhu v Yap Beng Kooi  SGHC 280 found that there was a breach of warranty as the required regulatory approval for the room had not been obtained. Hence, the Purchasers were entitled to damages for the cost of...
RHTLaw Taylor Wessing LLP, 25 Jan 2016
SHC: Stay of arbitral proceedings under s 10(9)(a) International Arbitration Act
The Assistant Registrar in AYY v AYZ  SGHCR 22 held that "a stay of arbitration will generally be ordered if an applicant is able to demonstrate...that a refusal of stay would result in detriment in respect of which the applicant could not...
Joseph Tan Jude Benny LLP, 22 Jan 2016
SCA reminds litigants that he who asserts must prove
The SCA in SCT Technologies v Western Copper  SGCA 71 held that, in an action for a debt defended on the basis that payment has been made, the onus of proving such payment lies on the defendant…
Baker & McKenzie.Wong & Leow, 21 Jan 2016
SCA: When is a debt compounded in satisfaction of a statutory demand served under s 254(2)(a) Companies Act?
The SCA in Bombay Talkies v United Overseas Bank  SGCA 66 held that “to compound a debt” meant “the acceptance of an alternative obligation in lieu or in satisfaction of the debt in question”...
RHTLaw Taylor Wessing LLP, 20 Jan 2016
SHC: How conclusive is a signature?
The SHC in The Bank of East Asia Limited v Sudha Natrajan  SGHC 328 had to decide whether the signature on a contract was indeed executed by the defendant, or a forgery as alleged by the defendant…
Rajah & Tann, 20 Jan 2016
Factors considered by the court when granting leave to convene a meeting to consider a scheme of arrangement
The SHC in Re Punj Lloyd  SGHC 321 distinguished between the different factors to be considered at the stage of deciding whether to grant leave to convene a meeting and at the stage of deciding whether to grant sanction of a scheme of arrangement...
Rajah & Tann, 18 Jan 2016
The court’s power to remit matters back to the arbitral tribunal and the consequences of setting aside an arbitral award
The SCA in AKN v ALC  SGCA 63 held that the court has no power to remit any matter, which was the subject of an award that has been set aside, back to the same arbitral tribunal…
Singapore Law Blog, 18 Jan 2016
SHC affirms that a party may obtain restraint orders ahead of any application for the calling of a creditors’ meeting for the purposes of putting a company under a scheme of arrangement
The decision in Re Conchubar Aromatics  SGHC 322 indicates the Singapore Courts’ willingness to assist companies that are genuine in their efforts to restructure their business and liabilities…
WongPartnership LLP, 14 Jan 2016
SHC Restraint orders against insolvency proceedings
The SHC in Re Conchubar Aromatics Ltd  SGHC 322 examined restraint orders against insolvency proceedings under s210 of the Companies Act, which deals with schemes of arrangement…
Rajah & Tann, 12 Jan 2016
SHC considers remedy of specific performance in shipbuilding and ship sale contracts
The SHC in Simgood v MLC Shipbuilding  SGHC 303 considered whether to order the delivery up of a vessel pursuant to s 52(1) Sale of Goods Act and/or as a remedy for a successful claim in detinue under a shipbuilding and sale contract…
Allen & Gledhill, 11 Jan 2016
SCH dismisses application to amend patent
The SHC in Ship’s Equipment Centre Bremen v Fuji Trading (Singapore)  SGHC 159 exercised its discretion under s 83(1) Patents Act to refuse the plaintiff’s application to amend its patent...
Allen & Gledhill, 08 Jan 2016
SCA upholds HDB’s decision to compulsorily acquire flat from owners
The SCA in Per Ah Seng Robin v HDB  SGCA 62 dismissed the owners’ appeal to quash a decision of HDB to compulsorily acquire the flat on the basis that the owners had sublet the flat without obtaining the prior written consent of HDB…
07 Jan 2016
SCA rules on implied easements for neighboring properties
The SCA in Muthukumaran s/o Varthan v Kwong Kai Chung  SGCA 69 held that there was no implied easement allowing the appellants right of way over the staircase in the respondents' shophouse to access the second storey of the former's shophouse...
Rajah & Tann, 06 Jan 2016
Exercising good faith in collective sales: Singapore Court of Appeal lays down legal principles
The SCA in Lim Li Meng Dominic v Ching Pui Sim Sally  SGCA 54 highlights several important legal principles in relation to determining the bona fides of such a transaction pursuant to the Land Titles (Strata) Act…
Law Society of Singapore, 31 Dec 2015
SHC - Setting aside an adjudication determination: Overly technical objections brushed aside
The SHC in Aik Heng Contracts and Services v Deshin Engineering & Construction  SGHC 293 reiterated that in setting aside an adjudication determination, it was only concerned with material breaches, and not technical breaches…
Rodyk & Davidson, 29 Dec 2015
SHC refuses to set aside an international arbitration award
The SHC in AMZ v AXX  SGHC 283 considered the applicable natural justice considerations when a party complains that it was not given the opportunity to present a case it did not plead…
Rodyk & Davidson, 28 Dec 2015
SHC: Construction sub-contracts: Untangling the web
The decision in UES Holdings v Grouteam  SGHC 275showed that sub-contract documents should be prepared with greater care, especially when parts of the main contract are incorporated into the sub-contract to ensure that there is no ambiguity...
Rodyk & Davidson, 24 Dec 2015
SCA overturns detention order
The SCA in Tan Seet Eng v Attorney-General  SGCA 59 ordered that the detainee should be freed as his detention was unlawful…
Rajah & Tann, 23 Dec 2015
Implications for sale of second-hand cars in Singapore: Kau Joo Guan v Kwek Seow Hui t/a Car Dynasty  SGDC 279
District Court held in favour of the purchaser, as against the original owner who had entrusted possession of the second-hand car for sale to a dealer, who absconded with the purchase price paid by the purchaser…
Singapore Law Blog, 23 Dec 2015
SCA: Employee in breach of fiduciary duties suffers further blow as court of appeal increases damages payable to employer
The SCA in Schonk Antonius Martinus MAttheus v Enholco  SGCA 65 held that the appellant was an employee of Enholco and had breached his fiduciary duties by diverting business and customers away from Enholco...
Baker & McKenzie.Wong & Leow, 18 Dec 2015
SCA clarifies the consequences of setting aside an arbitral award
The SCA's supplementary judgment for AKN v ALC  3 SLR 488 made serveral points including: the power under the International Arbitration Act to remit an award back to the same tribunal is not available after an award has been set aside…
Freshfields Bruckhaus Deringer, 17 Dec 2015
SHC: Punitive damages awarded for breach of contract
The SHC in Airtrust (Hong Kong) v PH Hydraulics & Engineering  SGHC 307 confirmed that punitive damages are in fact available for breach of contract in Singapore law…
Rajah & Tann, 15 Dec 2015
Who watches the watchmen? The relationship between the Court of Three Judges and medical disciplinary tribunals
While the approach by the courts is to be slow to interfere with decisions of the medical disciplinary tribunal, SMC v Kwan Kah Yee  5 SLR 201 shows the C3J would not hesitate to step in if it finds a tribunal's sentence unjustifiably lenient...
Law Society of Singapore, 04 Dec 2015
Latest developments:Trade marks; registered designs
This executive summary looks at the latest trade marks case law including Rovio Entertainment v Kimanis Food Industries  SGHC 216, Southern Rubber Works v Converse  SGIPOS 11, Louis Vuitton Malletier v Cuffz (Singapore)  SGHCR 15...
Baker & McKenzie.Wong & Leow, 02 Dec 2015
Interpreting contracts commercially: Recent developments in the UK and Singapore
In 2015, the apex courts in the UK and Singapore issued decisions which provide guidance on the use of commercial context and commercial common sense in the interpretation of contracts. This article examines and analyses the approaches taken...
JWS Asia Law Corporation, 01 Dec 2015
SHC: SOPA payment claims: When can one make an adjudication application
The SHC in Newcon Builders Pte Ltd v Sino New Steel Pte Ltd  SGHC 226 considered when an application for adjudication should be made following a payment claim, and the effect of a failure to comply with the timeline provided in the Act…
Rajah & Tann, 30 Nov 2015
Latest developments in IP: Passing off; copyright; patents; trademarks
This executive summary looks at the latest case law in intellectual property including Singsung v LG 26 Electronics  SGHC 148, Global Tobacco Manufacturers (International) Sdn Bhd v Jamal Abdulnaser Mahmoud Al Mahamid  SGCA 51…
WongPartnership LLP, 27 Nov 2015
SHC: Consent judgments and issue estoppel
The SHC in Cost Engineers v Chan Siew Lun  SGHC 262 decided that parties may appeal a decision but, beyond that, they are not able to reopen issues (barring certain special circumstances)…
Rajah & Tann, 27 Nov 2015
SHC: When is a statutory demand deemed invalid?
The SHC in Ramesh Mohandas Nagrani v United Overseas Bank  SGHC 266 had to decide whether to set aside a statutory demand based on alleged irregularities in its contents, and touched on what makes a statutory demand invalid…
Rajah & Tann, 25 Nov 2015
Matrimonial assets: “When we can’t agree to share”
This executive summary discusses economic and domestic spousal contributions with particular attention to the SCA's decision in ANJ v ANK  4 SLR 1043, with references to judgments pre and post…
Rajah & Tann, 24 Nov 2015
SCA: Will business context change your contractual terms?
The decision of the SCA in Y.E.S. F&B Group v Soup Restaurant Singapore  SGCA 55 highlights the importance of considering both the text as well as the context of the contract
Rajah & Tann, 19 Nov 2015
SHC: The High Court's clarification on the assessment of a person’s 'lost years'
The SHC in AOD v AOE  SGHC 272 clarifies that claims for lost years can be made in addition to loss of future earnings…
Joseph Tan Jude Benny LLP, 18 Nov 2015
SHC: Challenging liquidation of a trading account - Is a bank’s customer estopped by a conclusive evidence clause?
The SHC ABN AMRO Clearing Bank v 1050 Capital  SGHC 271 considered whether a bank’s customer is estopped by a conclusive evidence clause from challenging the bank’s liquidation of the customer’s trading account...
RHTLaw Taylor Wessing LLP, 18 Nov 2015
Latest developments: Construction; company law
This executive summary highlights the cases Libra Building Construction v Emergent Engineering  SGHC 279; Petroships Investment v Wealthplus  SGHC 145; Lim Yew Ming v Aik Chuan Construction  SGHC 101…
WongPartnership LLP, 17 Nov 2015
SCA: All powers have their limits - A guide to rationalising the legality of government actions
Tan Seet Eng v AGl  SGCA 59 is of significance in its re-affirmation of the principles of due process and separation of powers by the Court of Appeal, as well as a much needed clarification of the judicial review process...
Singapore Law Watch, 03 Feb 2016
IOSCO crowdfunding 2015 survey responses report
The IOSCO responded to a number of issues relating to crowdfunding including regulatory approaches to crowdfunding, capital requirements for crowdfunding activities in various jurisdictions…
Shook Lin & Bok LLP, 12 Feb 2016
MOM, NTUC and SNEF issue tripartite advisory on managing workplace harassment
The Advisory emphasises and encourages proactive management and focuses on preventive measures to ensure a safe and conducive workplace. ..
Allen & Gledhill, 05 Feb 2016
SGX seeks feedback on proposed amendments to align listing rules with changes to the Companies Act
Some proposed changes relate to insurance coverage and indemnities for directors, shareholder consent for electronic transmission of notices and documents, safeguards for electronic transmission of documents…
Rajah & Tann, 04 Feb 2016
Wills and beyond
This executive summary discusses the various tools for succession planning and the intricacies in relation to each tool…
Law Society of Singapore, 04 Feb 2016
Managing harassment - tripartite partners offer practical guidance to assist employers and employees
The Advisory provides helpful guidance for employers in respect of core values to foster a conducive and safe organisational culture, principles to ensure that their antiharassment measures are effective and practical and good practices to prevent...
Baker & McKenzie.Wong & Leow, 01 Feb 2016
Medical reports supporting deputy applications – Encouraging the good, rescuing the bad
This executive summary examines the procedure to obtain medical reports to support the application of a deputy to act and make decisions on behalf of a person who lacks mental capacity…
Law Society of Singapore, 01 Feb 2016
MAS consults on amendments to regulations to complete the implementation of the OTC derivatives trade reporting regime
The Consultation Paper seeks to complete the implementation of the OTC derivatives trade reporting regime by extending these requirements to commodity and equity derivative contracts
Baker & McKenzie.Wong & Leow, 27 Jan 2016
Merger of Singapore infocomm and media regulators
IDA and the MDA will be administratively re-organised and replaced by the Info-communications Development Authority of Singapore and the Government Technology Organisation…
Rajah & Tann, 27 Jan 2016
Tech and media predictions for 2016
This executive summary focuses on cyber security, blockchain, ad blockers, e-commerce and social media, virtual reality devices, fantasy sports, net neutrality vs online streaming services…
RHTLaw Taylor Wessing LLP, 26 Jan 2016
Latest developments: Healthcare
This executive summary touches on the online registry of therapists, seizure of illegal health products, new initiatives introduced for medical litigation…
Baker & McKenzie.Wong & Leow, 22 Jan 2016
Why the Trans-Pacific Partnership is an opportunity for the creation of an APAC safe harbour for cross-border transfers of personal data
A striking feature of the TPP is a dedicated Chapter 14 on provisions for electronic commerce where Art 14.8 requires each member country to “adopt or maintain a legal framework that provides for the protection of personal information of the users...
RHTLaw Taylor Wessing LLP, 21 Jan 2016
MAS issues revised Notices and Guidelines to financial institutions on AML/CFT: Additional customer due diligence requirements where financial institution distributes life policies on behalf of direct life insurer
A financial insitution must obtain the full name, including any aliases, of such beneficiary, and sufficient information concerning the beneficiary to satisfy the direct life insurer that such direct life insurer will be able to establish...
Allen & Gledhill, 20 Jan 2016
MAS issues new Notice on Minimum Liquid Assets and Liquidity Coverage Ratio for merchant banks
MAS Notice 1015 prescribes new liquidity requirements for merchant banks in Singapore and the corresponding reporting forms…
Allen & Gledhill, 18 Jan 2016
The evolving employment landscape in Singapore – Looking ahead to 2016
This executive summary looks at the Employment (Amendment) Act 2015 which will come in to force on 1 April 2016, coompensation limits for work injury, employment litigation…
Rajah & Tann, 15 Jan 2016
MAS issues new MAS Notice 651 on “Liquidity Coverage Ratio Disclosure” for domestic systemically important banks in Singapore
Locally incorporated D-SIBs that are approved to comply with LCR requirements on a country level basis will only need to comply with the disclosure requirements on a country-level basis...
Allen & Gledhill, 15 Jan 2016
Singapore Law Gazette Awards 2015 - Commendation: Beyond professional courtesy; Basic structure doctrine and the Constitution; Getting bail right; Non-delegable duty of care
The following articles are commendations of the Law Gazette Awards 2015, which were deemed to have displayed depth of analysis and research, thought leadership and impeccable writing style…
Law Society of Singapore, 15 Jan 2016
Singapore Law Gazette Awards 2015 - Winners: Jail term as new benchmark sentence for careless driving causing death; Basic structure doctrine in Singapore
The following articles are winners of the Law Gazette 2015 Best Feature Article and Best Feature Article by a Young Lawyer, which were deemed to have displayed depth of analysis and research, thought leadership and impeccable writing style…
Law Society of Singapore, 14 Jan 2016
SGX issues Guidance Note on “Understanding the Requirement to Provide Privy Persons List"
The SGX guidance clarifies that a listed entity is required to maintain a list of persons privy to information relating to material undisclosed transactions, as well as other non-transactional material information which has been withheld…
Allen & Gledhill, 14 Jan 2016
ACRA provides guidance on areas of review focus for FY2015 financial statements under the Financial Reporting Surveillance Programme
The areas under focus include control over investees, call or put option over shares of investees, reflecting the real value of business acquisitions, impairment assessment of long-life assets, breaches of borrowing covenants...
Allen & Gledhill, 06 Jan 2016
Launch of BizFile+: ACRA extends filing time for certain transactions
As BizFile will not be available from 26 December 2015 to 2 January 2016, ACRA will extend the time to file certain transactions and will not impose any late filing penalties that would otherwise be payable…
Allen & Gledhill, 05 Jan 2016
Counselling multiple clients with conflicting interests
This executive summary examines the importance of client counselling where legal practitioners intend to represent or are already representing multiple clients with conflicting or potentially conflicting interests…
Law Society of Singapore, 31 Dec 2015
CCS second-ever consultation on Singapore-specific commitments to address merger concerns
The proposed commitments involve, among others, price caps, a commitment to supply, and non-exclusivity provisions, and have durations ranging from four to 10 years…
Allen & Gledhill, 31 Dec 2015
Mineral, oil and gas – Legal due diligence issues in an acquisition or listing
This executive summary discusses the legal due diligence issues that commonly arise in the context of an acquisition or listing of a MOG asset and highlights specific issues that practitioners may encounter…
Colin Ng & Partners, 31 Dec 2015
Latest developments: Tax; banking and finance; futures and securities
This executive summary touches upon international tax assistance in the form of exchange of information in the case AXY v CIT  SGHC 291; online payment systems technology in China…
Morgan Lewis Stamford LLC, 24 Dec 2015
MAS issues Guidance on Anti-money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking
The Guidance aims to provide banks, merchant banks and finance companies with guidance on the anti-money laundering and countering the financing of terrorism controls in trade finance and correspondent banking activities...
Allen & Gledhill, 24 Dec 2015
MAS shares findings from inspections of financial institutions on anti-money laundering and countering the financing of terrorism controls, policies and procedures
MAS found that most of the FIs inspected have measures to comply with the relevant AML/CFT rules and regulations. However, the MAS circulars highlighted some areas for improvement. The MAS circulars also set out good practices by some FIs…
Allen & Gledhill, 23 Dec 2015
MAS enhances regulatory framework for A&H insurance in Singapore: Phased implementation of changes
Changes relate to disclosure requirements for insurers offering integrated shield plans and restrictions on the use of the word “Shield” in the name of an A&H insurance policy…
Allen & Gledhill, 22 Dec 2015
SGX listing manual update: Minimum trading price
The assessment of whether an issuer has met the MTP of S$0.20 will be based on the issuer’s volume weighted average price of their shares on the SGX for the six months preceding the relevant date of review…
WongPartnership LLP, 21 Dec 2015
MAS announces strengthening of cross-border RMB flows and capital market connectivity between China and Singapore
The initiatives intended to expand channels for cross-border RMB flows include the extension of Suzhou and Tianjin RMB initiatives, RMB Qualified Foreign Institutional Investor scheme, a bilateral currency swap agreement…
Allen & Gledhill, 17 Dec 2015
IE Singapore and Bank of China sign MOU to collaborate to develop Singapore’s commodity trading and financial sectors
The MOU sets out six key areas for collaboration: Both parties will develop new trade ecosystems in Singapore and Bank of China will provide financing for trade flows; both parties will jointly promote RMB internationalisation…
Allen & Gledhill, 18 Dec 2015
MAS removes reporting requirements for IRD or credit derivatives contracts traded in Singapore for certain persons and extends relief for reporting of counterparty information
Amendments to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 have removed the requirement that specified FIs and significant derivative holders must report IRD or credit derivatives contracts traded in Singapore…
Allen & Gledhill, 17 Dec 2015
Public consultation on Singapore standard for good distribution practice for medical devices
The Singapore Standard for Good Distribution Practice for Medical Devices seeks to ensure that companies dealing with medical devices have a quality distribution system in place, and it safeguards the quality and integrity of medical devices...
Baker & McKenzie.Wong & Leow, 16 Dec 2015
MAS issues response to feedback received on proposed Notice on Liquidity Coverage Ratio and Minimum Liquid Assets Requirements for Merchant Banks
The requirements set out in the Merchant Bank Notice include a two-tier liquidity requirement framework and a requirement for merchant banks to prepare the appropriate liquidity returns as of the last calendar day of each month and submit such returns...
Baker & McKenzie.Wong & Leow, 15 Dec 2015
SGX extends deadline for listed issuers to procure Directors’ and Executive Officers’ Undertakings
The SGX issued further guidance on the purpose and scope of the undertakings that a listed issuer is required to procure from its directors and executive officers as part of its continuing listing obligations…
Allen & Gledhill, 14 Dec 2015
ASAS issues draft Digital and Social Media Advertising Guidelines for public consultation
Guidelines will require marketers to develop community guidelines, be transparent about fees and the purchase process and ensure that digital marketing communications addressed to children are suitable for them…
Baker & McKenzie.Wong & Leow, 11 Dec 2015
SGX extends privy persons list requirement to all material information
Practice Note 7.2 of the SGX-ST Mainboard Listing Rules and Practice Note 7B of the SGX-ST Catalist Rules have been amended to provide that a listed entity must have proper procedures in place to keep track of and maintain a list of persons privy...
Allen & Gledhill, 11 Dec 2015
MAS issues series of amendments to various MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism and their corresponding Guidelines
MAS issued a series of amendments to various MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism and the corresponding Guidelines for each Notice…
Baker & McKenzie.Wong & Leow, 08 Dec 2015
CCS recommends extension of block exemption order for liner shipping agreements
The CCS announced that it has recommended to the Minister for Trade and Industry to extend the Competition (Block Exemption for Liner Shipping Agreements) Order, in its current form, for another five years until 31 December 2020...
Allen & Gledhill, 08 Dec 2015
Natural justice in international arbitration
This article explores the approach taken by Singapore Courts in developing the doctrine of natural justice in international arbitration, as well as the approaches taken by Courts in Hong Kong and England and Wales…
Law Society of Singapore, 07 Dec 2015
Highlights of ACRA guide for companies limited by guarantee concerning money laundering and terrorist financing
This article highlights key points in the Guide which are intended by ACRA to help CLG-NPOs identify and manage their exposure to ML/TF risks
RHTLaw Taylor Wessing LLP, 04 Dec 2015
[USA] US OFAC issues guidance on SDN "false hit lists"
While it is common and legitimate practice for US entities to utilise false hit lists, OFAC reiterated that it is important for such US persons to implement periodic review and reassessment procedures to ensure that the false hit list remains up-to-date..
Rajah & Tann, 03 Dec 2015
Investment protection and investor-state dispute settlement under the Trans-Pacific Partnership Agreement
This executive summary focusses on Investment Chapter of the TPP Agreement which guarantees important protections to investments made by those nationals or companies and contains investor-State dispute settlement provisions…
Freshfields Bruckhaus Deringer, 23 Nov 2015
Eyes on the Trans-Pacific Partnership – its impact on the ASEAN economic community
The TPP's scope and significance extends far beyond traditional trade issues, and touches on many other aspects of the law…
Rajah & Tann, 20 Nov 2015
Former director charged with falsely declaring salaries in employment pass applications
This executive summary touches on false declarations of salaries for the purpose of Employment Passes and compensation for injury to a non-manual employee...
Baker & McKenzie.Wong & Leow, 20 Nov 2015
Singapore tops international arbitration survey
Survey shows Singapore is regarded as one of the most preferred and improved seats of arbitration, with the SIAC deemed one of the most preferred and improved arbitral institutions…
Rajah & Tann, 17 Nov 2015
SGX reviewing annual reports of listed companies to assess compliance with requirement on Code of Corporate Governance
SGX will focus on the annual reports released by companies listed on the Mainboard SGX-ST in the 12 months to 30 June 2015...
Allen & Gledhill, 13 Nov 2015
IPOS appointed as competent ISA and IPEA by US and Indonesia IP offices
With the appointments, applicants in the US and Indonesia may select IPOS as International Searching Authority and International Preliminary Examining Authority to conduct the international search and international preliminary examination…
Allen & Gledhill, 13 Nov 2015
[GBR] “May” is not the same as “Shall”: Privy Council confirms litigation defendant may exercise option to arbitrate, and avoid litigation, by applying for stay
The UK Privy Council in Anzen v Hermes One  UKPC 1 the words “may submit the dispute to binding arbitration” give either party to a contract the right to insist on arbitration, which could be achieved by applying for a stay of litigation...
Freshfields Bruckhaus Deringer, 05 Feb 2016
[CHN] China releases new rule in foreign direct investment to further promote registered capital reform
MofCom's Decision of Revising Certain Regulations and Regulated Documents further promotes registered capital reform policy and simplify procedures and requirements for foreign direct investments in China…
Rodyk & Davidson, 03 Feb 2016
[CHN] China’s new anti-terrorism law: Implications for firms dealing with data in China
This executive summary will analyse the relevant cybersecurity provisions of the new law, examining its impact on pertinent issues such as data privacy and discussing the broader implications for technology firms seeking to do business...
Rajah & Tann, 02 Feb 2016
Competition bites – ASEAN and beyond
This executive summary highlights a number of important competition-related legal and economic developments in ASEAN as well as key jurisdictions across the world…
22 Jan 2016
[GBR] UKSC endorses decision of SCA and reinstates old tests for implying terms into contract, and considers claim for refund of rent paid in advance
The UKSC iv Marks and Spencer v BNP Paribas Securities Services Trust Company (Jersey)  UKSC 72 provides welcome clarification for landlords and tenants on the issue of whether a tenant exercising a break clause is entitled to refund of rent paid...
Allen & Gledhill, 14 Jan 2016
[IDN] Indonesian High Court upholds ruling that contracts be written in Indonesian
The Indonesian Supreme Court in PT Bangun Karya Pratama Lestari v Nine AM held that as the agreement in questions was executed only in English, it violated Indonesian law requiring that contracts be drafted in Indonesian…
Jones Day, 30 Dec 2015
[GBR] UK Supreme Court confirms the traditional approach to the implication of terms: Marks and Spencer v BNP Paribas Securities Services Trust Company  UKSC 72
The UKSC articulated its views on the correct interpretation of Belize and its effect on the implication of terms in English law...
Singapore Law Blog, 29 Dec 2015
[HKG] Hong Kong High Court rules that ICC tribunal is entitled to determine its own jurisdiction under a “hybrid” arbitration agreement
The Court of First Instance of the Hong Kong High Court in Top Gains Minerals Macao Commercial Offshore v TL Resources  HKCFI 2101 dismissed an application by TL Resources to set aside an order by the HKHC in support of an ICC arbitration…
Freshfields Bruckhaus Deringer, 28 Dec 2015
[GBR] Serious Fraud Office enters into first deferred prosecution agreement in the UK
The case represents a significant milestone in the UK as it is the first time the Office has imposed a penalty on a corporate for failing to prevent bribery under s 7 UK Bribery Act
Freshfields Bruckhaus Deringer, 11 Dec 2015
[CHN] PRC court recognises and enforces foreign arbitration award made between two Chinese entities
This ruling could potentially increase the likelihood that PRC entities will be permitted to arbitrate their disputes outside the PRC, when there are relevant “foreign elements”…
Freshfields Bruckhaus Deringer, 09 Dec 2015
[GBR] Legal advice privilege upheld in regulatory investigations
In Property Alliance Group v RBS  EWHC 3187 (Ch), the High Court held that communications between lawyer and client were privileged when the lawyer was assisting the client in dealing with and co-ordinating responses to regulators...
Clifford Chance, 25 Nov 2015
[CHN] China further eases controls over foreign investment in several industries
The Notice for Further Improving the Filing for Record by Foreign Invested Enterprise in Real Estate Industry abolishes the filing procedure by foreign invested enterprises in real estate industry with MofCom...
WongPartnership LLP, 24 Nov 2015
[GBR] Penalty clauses post Cavendish Square: Wither Singapore law?
The UKSC in Cavendish Square Holding v Talal El Makdessi  UKSC 67 has redefined the test for determining whether a contractual provision is penal and therefore unenforceable. It remains to be seen if the Singapore courts will adopt the reasoning...
JWS Asia Law Corporation, 23 Nov 2015
[GBR] UK Supreme Court Press Summary: Cavendish Square Holding v Talal El Makdessi  UKSC 67 (whether restrictive covenants against competing activities deemed unenforceable penalty clauses)
The UK Court of Appeal, overturning the court of first instance, held that the clauses were unenforceable penalties under the penalty rule as traditionally understood
UK Supreme Court, 17 Nov 2015
Supreme Court Note
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