Legal Updates

As SMS has become a channel that scammers commonly use to conduct their illicit activities, the Infocomm Media Development Authority […]

On 12 August 2022, the Workplace Safety and Health Council issued a Public Consultation on the proposed Code of Practice

Along with the steady rise in investments in Environmental, Social and Governance (“ESG“)-related financial products, greenwashing has emerged as a

When a company commences winding-up, the disposition of its property and the transfer of shares in the company is void

The finality of an arbitral award is a crucial issue. After all, no party desires to incur further legal costs

The Land Betterment Charge Act (“LBC Act“) has come into operation on 1 August 2022. First passed in Parliament on

The Workplace Safety and Health Act (“WSHA“) provides measures that employers and other stakeholders must take to avoid accidents. In

In joining the global fight against climate change, Singapore has raised its climate ambitions to achieve net zero emissions by

The Monetary Authority of Singapore (“MAS“) is seeking comments on its proposal to exempt an approved exchange (“AE“) or a

On 13 July 2022, the Ministry of Communications and Information issued a Public Consultation on Proposed Measures to Enhance Online

In Energy Resource Investment Pte Ltd v International Golf Resorts Pte Ltd [2022] SGHC 134, the Singapore High Court was

Financing is critical to propel sustainable investments and projects. In this regard, the Monetary Authority of Singapore (“MAS“) has developed

There are certain fiduciary duties imposed on the partners of a partnership. Even in the context of a family partnership,

On 13 June 2022, the Ministry of Finance (“MOF“) commenced a public consultation on five proposed amendments set out in

On 8 June 2022, the Ministry of Finance (“MOF“) announced a public consultation on 23 proposed amendments to the Income

The Green Finance Industry Taskforce (“GFIT“) proposed a Singapore Taxonomy for Singapore-based financial institutions (“FIs“) with the key objective of

On 23 May 2022, the Singapore Exchange Regulation (“SGX RegCo“) issued a Regulator’s Column setting out its expectations relating to

In May 2022, the Inter-Ministry Committee on Scams (IMCS) launched the “E-commerce Marketplace Transaction Safety Ratings” (“TSR“) which apply to

The Singapore courts are empowered to support arbitration proceedings in a number of ways, including through the granting of orders

On 5 May 2022, the Singapore Exchange Regulation (“SGX RegCo“) issued a Regulator’s Column on “Duties of directors under the

Conditional fee agreements (“CFAs“), which were previously prohibited under Singapore law, are now allowed for specific contentious proceedings. On 4

Data centres are important enablers of the digital economy, but are also intense consumers of resources. In Singapore, the Government

On 9 May 2022, the Stamp Duties (Amendment) Bill 2022 (“Bill“) was introduced in Parliament. The Bill seeks to effect

On 5 May 2022, the Competition and Consumer Commission of Singapore (“CCCS“) published a Guide on Fair Trading Practices for

When a residential property is transferred into a living trust, buyer’s stamp duty is payable. Additional buyer’s stamp duty (“ABSD“)

On 19 April 2022, the Monetary Authority of Singapore (“MAS“) issued a Consultation Paper on “Revised Notices on Misconduct Reporting

The Infocomm Media Authority has issued the Code of Practice for Competition in the Provision of Telecommunication and Media Services

The Cybersecurity Agency of Singapore has announced the launch of the licensing framework for cybersecurity providers (“Framework“), which has taken

In Public Prosecutor v Pua Om Tee (MA 9019 of 2021) (“Pua Om Tee“), the High Court found that previous

Following a public consultation in 2018 on the Alternative Dispute Resolution scheme (“ADR Scheme“) for the telecommunication and media sectors,

There are many types of digital tokens and more are expected to emerge as businesses explore using the distributed ledger

There is a growing need amongst high-net-worth families for institutional management of their private wealth. Family offices address this need,

In recent times, the COVID-19 pandemic has been the unifying and defining experience of the international community. The global journey

On 18 March 2022, the Inland Revenue Authority of Singapore (“IRAS“) announced the roll-out of two new tax frameworks to

The Financial Services and Markets Bill (“FSM Bill“), which seeks to implement a financial sector-wide regulatory approach for financial services

新加坡全新的《法庭规则2021》(Rules of Court 2021) 于2021年12月1日发布，并于2022年4月1日正式生效。《法庭规则2021》是新加坡民事诉讼规则的一次重大改革，其对诉讼当事人将有深远影响。在这篇评论中，我们探讨了新的《法庭规则2021》中一些重点内容及其对民事诉讼中的当事人的潜在影响。请点击 “READ MORE” 以阅读我们的中文评论。 For more information, click here to read the full Legal Update.

In a civil claim, it is important for claimants to be able to prove the losses they have suffered arising

在全球从新冠疫情逐渐复苏的环境下，新加坡高等法庭普通审判庭近期在 Wang Xiaopu v Koh Mui Lee and others [2022] SGHC 54 一案(“本案”)中针对海外证人申请通过视频连线的方式出庭作证这一问题作出了指导。需要注意的是，法庭强调，海外证人不应 “盲目” 以新冠疫情作为证人无法亲自到新加坡法庭参加庭审的理由。这是逐步回到 “常态” 的信号。 在这篇评论中，我们将探讨法庭在本案中的论述，以及本案对有意申请视频作证的海外证人的潜在影响。请点击这里阅读我们关于本案的中文评论。 For more

The General Division of the Singapore High Court in Wang Xiaopu v Koh Mui Lee and others [2022] SGHC 54

Upon the insolvency of an individual or company, the Court has the power to set aside transactions at an undervalue

The Singapore Business Federation introduced a Code of Conduct for Leasing of Retail Premises in Singapore (“COC“) on 26 March

On 14 March 2022, the Monetary Authority of Singapore (“MAS“) issued two MAS Notices to all financial institutions (“FIs“) in

At the 2022 Committee of Supply Debates, the Minister of Communications and Information, Mrs Josephine Teo, presented a speech setting

The Singapore Exchange Regulation (“SGX RegCo“) has issued a set of guidance notes on what an issuer should do if

The recent collapse of major oil traders in Singapore has resulted in a slew of litigation proceedings commenced by banks

As the economy recovers from the ravages of COVID-19, businesses are starting to increase their hiring. Against this backdrop, Minister

The cryptocurrency market has grown exponentially, with a global market value of about $2 trillion, and yet, its regulation and

The Ministry of Law (“MinLaw“) has announced in a press release of 23 February 2022 that it will be implementing

In the Regulator’s Column on 1 March 2022, the Singapore Exchange Regulation sets out its expectations on valuations and what

To better address money laundering and terrorism financing risks in the financial sector, the Monetary Authority of Singapore (“MAS“) has

The Financial Services and Markets Bill (“FSM Bill“) was tabled in Parliament for First Reading to implement a financial sector-wide

On 5 March 2022, the Ministry of Foreign Affairs issued a Press Release together with two annexed Factsheets setting out

When a company uncovers schemes perpetrated by one of its employees, a key question will be what recourse is available

In December 2021, the English Court of Appeal in Splitt Chartering APS & Ors v Saga Shipholding Norway AS &

On 2 March 2022, the EU announced another wave of new EU sanctions to be adopted – the exclusion of

While litigation and arbitration are conceptually separate dispute resolution mechanisms, the Singapore Courts are empowered to order a case management

On 28 February 2022, the Minister for Foreign Affairs, Mr Vivian Balakrishnan, issued a Ministerial Statement in Parliament stating that

On 14 February 2022, the Gambling Control Bill (“GC Bill“) and the Gambling Regulatory Authority of Singapore Bill (“GRA Bill“)

In a scheme of arrangement, scheme companies may incentivise the creditors to commit to the proposal at an early stage

Globally, regulators have come up with frameworks to promote the responsible use of Artificial Intelligence and Data Analytics (“AIDA“) by

In light of Singapore’s economy rebounding from the reverberations from the COVID-19 pandemic, Budget 2022 was unveiled by Singapore’s Minister

When does the issuance and the enforcement of the terms of a peremptory order in international arbitration cross the line

With the global fervour from retail investors surrounding the trading of cryptocurrencies (many of which would be regulated under the

In Lachesis v Lacrosse [2021] DIFC CA 005, the Dubai International Financial Centre (“DIFC“) Court of Appeal considered an application

In a drive to strengthen Singapore’s position as an international dispute resolution hub, the Ministry of Law (“MinLaw“) has been

The Intellectual Property (Amendment) Bill 2021 (“Bill“) was passed in Parliament on 12 January 2022. The Bill makes changes to

Debtor’s bankruptcy applications may be seen as being less common than creditors’ bankruptcy applications. The law regarding the conduct of

On 10 January 2022, the Parliament passed the Corporate Registers (Miscellaneous Amendments) Act that amends the Companies Act and the

On 10 January 2022, the Gambling Duties Bill (“Bill“) had its second reading and was passed in Parliament. The Bill

Recently, the Urban Redevelopment Authority (“URA“) launched a public consultation on proposed changes to the Housing Developer Rules (“HDR“) that

If the premise upon which an arrest was obtained turns out to be factually unsustainable, can the arrest nonetheless be

The Accounting and Corporate Regulatory Authority (“ACRA“) is conducting a public consultation to seek comments on changes to the legislation

Are shipowners entitled to recover part of the ransom paid to pirates as general average contribution from the holders of

Various developments in the legal and business spheres have impacted competition law and its application, for instance, the rise of

The Regional Comprehensive Economic Partnership (“RCEP“) Agreement has entered into force on 1 January 2022, following the ratification of the

To address the adverse effects of COVID-19 on the Built Environment sector, the COVID-19 (Temporary Measures) Act (“Act”) has provided certain legislative relief.

The Singapore Exchange Regulation has issued a new guidance note setting out its expectations on the issuers’ conduct of general meetings amid the ongoing COVID-19 situation with regard to: (i) the use of virtual information session (“VIS”) for prescribed corporate actions; and (ii) prescribed timeline for addressing shareholders’ questions submitted before general meetings.

The Competition and Consumer Commission of Singapore (“CCCS”) has issued a Business Collaboration Guidance Note (“Guidance Note”) that clarifies CCCS’ position on common types of business collaborations and provides supplementary guidance on how CCCS will generally assess whether such collaborations comply with section 34 of the Competition Act.

The Singapore Exchange Limited (“SGX”) will introduce the changes to nudge more issuers listed on the SGX-ST Mainboard and Catalist (collectively, “issuers”) towards the direction of integrating environment, social and governance (“ESG”) factors into their corporate governance practices and business strategy.

Corporate finance advisers (“CF advisers”) play a crucial role in the Singapore capital markets in advising entities intending to raise funds or entities which are involved in takeover and merger transactions.

On 15 December 2021, the Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore announced in a joint press release the implementation of a package of cooling measures on the purchase of residential properties. The new measures have since taken effect from 16 December 2021.

On 1 December 2021, the ROC 2021 was issued under the Supreme Court of Judicature Act (Cap 322) and will take effect from 1 April 2022. The ROC 2021 seeks to enhance Singapore’s civil justice system by simplifying rules and modernising the language, streamlining procedural steps and enabling greater judicial control of the entire litigation process. In this Update, we highlight some saliant features in the ROC 2021 and how they may positively impact the litigation process.

The planning, development and administration of Singapore’s waste management system comes under the purview of the Singapore National Environment Agency. As part of Singapore’s strategy to build a sustainable nation, focused on resource efficiency and climate resilience, the Resource Sustainability Act (“RSA”) was enacted.

The Singapore High Court in The Star Entertainment QLD Ltd v Yong Khong Yoong Mark [2021] SGHC 280 has confirmed that s 3(2)(f) of the Reciprocal Enforcement of Commonwealth Judgments Act (Cap 264, 1985 Rev Ed) does not prevent the registration of a foreign judgment based on a gambling debt.

Over the years, Singapore has become the jurisdiction of choice for family offices in Asia. This is partly due to

The Singapore Chamber of Maritime Arbitration (“SCMA”) is a specialist arbitration institution that aims to promote maritime arbitration in Singapore. Since its formation, it has established a solid presence in the region, with the quantum of claims handled reaching approximately US$120 million in 2019.

On 9 November 2021, the Monetary Authority of Singapore (“MAS”) published revised Guidelines on Corporate Governance (“2021 CG Guidelines”) for financial holding companies, banks and insurers incorporated in Singapore (collectively, “FIs”).

When a claim is filed in Court in breach of an arbitration agreement, the defendant’s key recourse is to seek an anti-suit injunction at the national courts of the seat of the arbitration to restrain the counterparty.

The provisions of a written contract may not always reflect the actual contractual intention of the parties. In certain situations, the Court may order the rectification of contractual terms to reflect such intention. In the case of Doo Wan Tsong Charles v Oxley Jasper Pte Ltd [2021] SGHC 249, the Singapore High Court considered when it would be appropriate to order the rectification of a contract in the event of unilateral mistake by a contracting party.

On 8 November 2021, the Singapore International Commercial Court announced the establishment of a specialised Technology, Infrastructure and Construction List (“TIC List”), effective from 31 August 2021.

Anticompetitive agreements are prohibited under section 34 of the Competition Act (“section 34 prohibition”). However, under recommendation by the Competition and Consumer Commission of Singapore, the Minister for Trade and Industry may order an exemption of certain types of agreements from the section 34 prohibition on the basis that a category of agreements fulfils the net economic benefit criteria, i.e. a block exemption.

Legal fees are often a major factor for parties considering pursuing legal proceedings. Even where their claim is meritorious, parties may find themselves unable to afford the costs required to vindicate their legal rights.

On 2 November 2021, the Energy (Resilience Measures and Miscellaneous Amendments) Bill (“Bill”) was passed in Parliament.

Whilst the Singapore Court is empowered to impose terms and conditions as it may think fit when ordering a stay of court proceedings in favour of arbitration, when will it do so? This question was answered by the Court of Appeal in The Navios Koyo [2021] SGCA 99 where it also considered whether the quantum of a potentially time-barred claim may be taken into consideration in assessing whether a waiver of a time bar defence should be imposed as a condition for the stay.

In July 2021, the Ministry of Finance and the Accounting and Corporate Regulatory Authority (“ACRA”) conducted a public consultation on proposed revisions to the Companies Act and the Limited Liability Partnerships Act to improve the transparency and beneficial ownership of companies and limited liability partnerships.

In this Update, we highlight a recent case where CCCS commenced action against an errant fire extinguisher supplier to prevent it from engaging further in unfair trade practices. We also outline updates issued by CASE on areas that it is focussing on to combat unfair trade practices.

The Personal Data Protection Act 2012 (“PDPA”) has been undergoing a series of amendments pursuant to the Personal Data Protection (Amendment) Act 2020, aimed at enhancing the PDPA and strengthening organisation accountability and consumer protection. The changes have taken effect in phases, with the first phase coming into operation on 1 February 2021.

On 9 October 2021, the Monetary Authority of Singapore (“MAS”) put in place an exemption framework to exempt the foreign head offices or branches (“FOs”) of relevant financial institutions in Singapore (“Singapore FIs”) conducting capital markets services and/or financial advisory services from applicable business conduct and representative notification requirements when the FOs conduct business in Singapore, subject to boundary and notification conditions (“Branch Framework”).

If a claim would be time-barred in arbitration, but not in the court proceedings that had been commenced within time, would that be enough reason to impose conditions when ordering a stay of court proceedings? The Singapore High Court answered the question in the negative in The Navios Koyo [2021] SGHC 131.

The Monetary Authority of Singapore (“MAS”) is seeking feedback on its proposal to deploy a secured digital platform, to be named COSMIC (Collaborative Sharing of ML/TF Information & Cases), that will allow financial institutions to share information to help them detect and disrupt illicit transactions in a timelier manner.

On 4 October 2021, the Accounting and Corporate Regulatory Authority (“ACRA”) announced a public consultation running from 4 October 2021 to 1 November 2021 on 14 proposed changes to the LP Act

The Cybersecurity Agency of Singapore (“CSA”) has released its Industry Consultation Paper on the Licensing Framework for Cybersecurity Service Providers (“CSPs”) under Part 5 of the Cybersecurity Act.

In Saxo Bank A/S v Innopac Holdings Limited [2021] SGHC 214, the Singapore High Court set out the applicable principles on when it would exercise its discretion to strike out a litigant’s pleading for non-compliance with the Rules of Court or orders of court specifically in a situation where discovery obligations have been breached.

On 14 September 2021, the COVID-19 (Temporary Measures) (Amendment No. 4) Bill (“Bill”) that seeks to amend the COVID-19 (Temporary Measures) Act 2020 (“Act”) was passed in Parliament.

To assist organisations in complying with their data protection obligations, the Personal Data Protection Commission (“PDPC”) has issued a number of guides on data protection.

Confidential information such as trade secrets, proprietary know-how, strategy documents, technical drawings / plans, financial data and customer lists often constitute the most valuable assets or ‘crown jewels’ that a business or company owns. What happens however when an ex-employee misuses the company’s confidential information—particularly if it results in the loss of a key business contract to a competitor?

Yihua Lifestyle Technology Co., Ltd., & Anor v HTL International Holdings Pte. Ltd. [2021] SGHC 86 is the first decision of the Singapore High Court which had an opportunity to consider and opine on the applicable principles on when it would be appropriate to intervene in a judicial manager’s exercise of discretion.

Pre-nuptial agreements that set out the division of assets in the event of a divorce are becoming less stigmatised in Singapore nowadays, growing in popularity across a diverse demographic ranging from younger millennials to high net-worth individuals.

The Ministry of Home Affairs has introduced the Foreign Interference (Countermeasures) Bill (“Bill”) for first reading in Parliament on 13 September 2021.

In recent years, online sales have taken the retail scene by storm and with a significant number of consumers having turned to shopping online during the COVID-19 pandemic.

In response to numerous complaints from consumers concerning errant online retailers alleged to have misled consumers into purchases, the Consumers Association of Singapore (“CASE”) and the Competition & Consumer Commission of Singapore (“CCCS”) have issued an advisory on commonly used online tactics and certain precautionary measures for consumers (“Advisory”).

The Ministry of Trade and Industry (“MTI”) and the Energy Market Authority (“EMA”) are conducting a public consultation on the Energy (Resilience Measures and Miscellaneous Amendments) Bill (“Bill”).

With effect from 3 September 2021, Special Purpose Acquisition Companies (“SPACs”) are allowed to list on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST Mainboard”).

Against the background of accentuated demand by various stakeholders for climate-related information and disclosure on board diversity, the Singapore Exchange Regulation proposes requiring issuers listed on the SGX-ST Mainboard) and Catalist to: (i) include climate-related disclosures in their sustainability reports consistent with recommendations of the Task Force on Climate-Related Financial Disclosures under a “phased approach”; and (ii) put in place a board diversity policy and describe the policy in their annual reports.

In Dong Wei v Shell Eastern Trading (Pte) Ltd and another [2021] SGHC 123, the Singapore High Court provided guidance on the standards to be met when conducting an investigation.

Singapore’s Infocomm Media Development Authority and Singapore Customs began a blockchain trial with the Australian Border Force on 23 November 2020 to simplify cross-border trade between Singapore and Australia.

On 23 July 2021, the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Indonesia for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (“UpdatedDTA”) entered into force, following Indonesia’s ratification of the Updated DTA on 11 May 2021.

The UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”) aims to facilitate the conduct of cross-border insolvencies. The case of United Securities Sdn Bhd (in receivership and liquidation) and another v United Overseas Bank Ltd [2021] SGCA 78 was the first time the Singapore Court of Appeal considered the recognition of foreign insolvency proceedings under the Model Law and the effects of such recognition.

Part 10A of the COVID-19 (Temporary Measures) Act (“Part 10A”) has come into operation on 6 August 2021, along with the COVID-19 (Temporary Measures) (Part 10A Relief) Regulations 2021. Part 10A provides a framework for parties to construction contracts to apply for relief from their contractual counterparties if they are affected by an increase in cost for work permit holders as a result of a COVID-19 event, such as border control quotas set by the Government limiting the inflow of foreign workers.

To facilitate businesses’ collaboration in this climate of swiftly evolving business conditions, the Competition and Consumer Commission of Singapore (“CCCS”) has issued a public consultation on a proposed Business Collaboration Guidance Note (“Guidance Note”) to help businesses and trade associations understand the competition issues that may arise from their collaboration and provide ways to avoid or alleviate these issues.

On 26 July 2021, the Courts (Civil and Criminal Justice) Reform Bill (“Bill”) was tabled for its First Reading in Parliament. The Bill seeks to reform the Singapore court system to keep pace with the changing needs of litigants and businesses seeking to resolve commercial disputes, creating a more efficient and facilitative framework.

For justice to be achieved, like cases should be treated alike. When a court is faced with two very similar cases, it should arrive at broadly similar outcomes. Consistency in sentencing – encompassing both the adoption of a consistent methodology as well as the achievement of consistent sentencing outcomes – is therefore crucial to ensuring a fair justice system.

As a global maritime hub, Singapore is one of the key jurisdictions for admiralty and shipping dispute resolution. In 2019, the Merchant Shipping (Miscellaneous Amendments) Bill 2018 was passed in Parliament to implement, among other things, two key developments, namely, the International Convention on Salvage, 1989 (“Salvage Convention”) and the 1996 Protocol to the Convention on Limitation of Liability for Maritime Claims, 1976 (“1996 Protocol”).

The Ministry of Law has announced that the application period for the Simplified Insolvency Programme (“SIP“) has been extended to

The Monetary Authority of Singapore (“MAS”) is seeking comments on changes to the requirements on anti-money laundering and countering the financing of terrorism (“AML/CFT”) applicable to financial institutions regulated by MAS (“FIs”) and variable capital companies (“VCCs”) under the purview of MAS for AML/CFT obligations.

In July 2020, to deal with the effects of the COVID-19 pandemic, the Competition & Consumer Commission of Singapore (“CCCS”) issued a Guidance Note on Collaborations between Competitors in response to the COVID-19 Pandemic (“COVID-19 Guidance Note”) to provide clarity to businesses on how CCCS would treat collaborations between competitors during these exceptional times, as well as examples of collaborations that would fall under the COVID-19 Guidance Note.

The remuneration practice of the financial advisory (“FA”) industry is regulated by the Monetary Authority of Singapore (“MAS”). To better align the interests of FA representatives and supervisors with those of their clients, MAS madesome key proposals on remuneration requirements.

On 16 July 2021, the Competition and Consumer Commission of Singapore (“CCCS”) announced a public consultation on proposed changes to the CCCS Guidelines on the Appropriate Amount of Penalty in Competition Cases (“Penalty Guidelines”).

In Diamond Glass Enterprise Pte Ltd v Zhong Kai Construction Co Pte Ltd [2021] SGCA 61, the Singapore Court of Appeal had the occasion of considering the interaction between the temporary finality of adjudication determinations under the statutory adjudication regime in the Building and Construction Industry Security of Industry Act (Cap 30B, 2006 Rev Ed) and the corporate insolvency regime.

In Meow Moy Lan and Others v Exklusiv Resorts Pte Ltd and Another [2021] SGHC 155, the Singapore High Court considered claims by a group of members of a social club against the club’s owner and its indirect shareholder arising from the relocation of the club’s facilities. The Court dismissed the majority of the 170 members’ claims, which were brought via representative proceedings.

In February 2021, the Ministry of Law and the Intellectual Property Office of Singapore introduced and conducted a two-month long public consultation on the draft copyright bill which is set to repeal and replace the current Copyright Act (Cap. 60, Rev. Ed. 2006) as part of an overall review of Singapore’s copyright regime. After incorporating the feedback received, the Copyright Bill (“Bill”) was introduced for First Reading in Parliament by on 6 July 2021.

The Ministry of Home Affairs (“MHA”) is conducting a public consultation (“Consultation”) on proposed amendments to the laws regulating gambling in Singapore. The amendments primarily seek to address two recent trends in the gambling landscape: (1) Advancements in technology – which have made gambling products more accessible, leading to the increase in online gambling; and (2) Blurring of boundaries between gambling and gaming, given that new business models have increasingly introduced gambling elements in products that are not traditionally not related to gambling, e.g. chance-based loot boxes in video games.

It appears that MHA intends to enact a single consolidated Act in order to streamline current provisions set out in the various disparate legislation, while simultaneously proposing updates to the law. This Update highlights the key points of the proposed amendments in the Consultation, and the implications and concerns arising from such changes.

To raise industry standards and promote greater consumer trust in the financial advisory (“FA”) industry in Singapore, the Monetary Authority of Singapore (“MAS”) seeks feedback on proposed enhanced regulatory safeguards by FA firms to protect the interests of retail clients, particularly selected clients (“SCs”), who meet any two of the following criteria: (a) is 62 years of age or older; (b) is not proficient in spoken or written English; (c) has below GCE “O” or “N” level certifications (or the equivalent).

With effect from 1 August 2021, Singapore Exchange Regulation (“SGX RegCo”) will have a wider range of enforcement and administrative powers, including the power to require a director or executive officer to resign from an existing position with an issuer listed on the Singapore Exchange Securities Trading Limited.

We are pleased to present you the second issue of our Sustainability Update which shares with you insights from our Sustainability Partners as well as experts across sectors and domains on key environmental, social and governance (“ESG”) developments and trends.

In this issue, Lee Weilin, our Partner with the Sustainability Practice, speaks with Jaclyn Seow, Vice President of ESG & Impact of Openspace Ventures, a venture capital firm investing exclusively in Southeast Asia.

On 1 July 2021, Part 8C of the COVID-19 (Temporary Measures) Act 2020 (“Part 8C”) and the subsidiary legislation in the COVID-19 (Temporary Measures) (Part 8C Relief) Regulations 2021 (“Part 8C Relief Regulations”) came into operation. Part 8C serves to provide support to developers who face delays in the construction of properties due to the pandemic and are unable to meet the date of delivery of vacant possession to purchasers under the Sale and Purchase Agreement (“SPA”).

Issuers listed on the SGX-ST Mainboard and Catalist and parties involved in rights issues and take-over or merger transactions will continue to have the option to disseminate an electronic version of the relevant offer documents through publication on SGXNET and their corporate websites, beyond 30 June 2021, until revoked or amended by the Monetary Authority of Singapore, the Securities Industry Council and the Singapore Exchange Regulation (with at least six months’ prior notice of any such cessation).

In Choo Cheng Tong Wilfred v Phua Swee Khiang [2021] SGHC 154, the Singapore High Court rejected the Plaintiff’s claim for alleged unpaid ‘consultancy fees’ of over S$2 million for work done over a 16-year period for breach of the Legal Profession Act. This is the first reported decision where the Singapore High Court has struck down a claim for fees for work done in breach of the Legal Profession Act.

On 28 June 2021, the Singapore Government announced an extension to the temporary relief measures (“June 2021Extension of Temporary Relief Measures”) for the property sector.

In Sun Electric Power Pte Ltd v RCMA Asia Pte Ltd [2021] SGCA 60, the Singapore Court of Appeal had the opportunity to consider some vital questions relating to insolvency proceedings.

The Personal Data Protection Commission (“PDPC”) has published a new handbook that highlights the five most common gaps in Information and Communication Technology (“ICT”) system management and processes (“Handbook”).

Singapore has long been known for its attractive corporate tax rates, but this tax advantage may be whisked away once the landmark tax agreement by the Group of Seven (“G-7”) comes into effect.

The Ministry of Law has announced that third-party funding will be permitted for a wider scope of categories, including domestic arbitration, Singapore International Commercial Court proceedings, and related court and mediation proceedings. This will take effect from 28 June 2021.

In light of recent market pressures, the area of trade finance has seen a number of disputes arising from the enforcement of debentures, pledges and assignments. One such case is Italmatic Tyre & Retreading Equipment (Asia) Pte Ltd v CIMB Bank Berhad [2021] SGCA 56, where the Singapore Court of Appeal had to tackle issues relating to trade finance such as the complications of multiple parties and contracts in trade arrangements.

In Republic of India v Vedanta Resources plc [2021] SGCA 50, the Court of Appeal considered whether a party in an arbitration, who puts a question of law to a tribunal in an investment treaty arbitration and receives an answer which it does not like, can put the same question before a Singapore court (as the seat court) by way of an application for declaratory relief.

Improving the quality of disclosures is vital to supporting the growth of green finance in Singapore. In this regard, the Green Finance Industry Taskforce (“GFIT”) issued an implementation guide for climate-related disclosures by financial institutions on 19 May 2021 (“Guide”).

In commercial disputes, it is not uncommon for there to be multiple plaintiffs or defendants, which may also be related entities, represented by the same set of counsel. In Crest Capital Asia Pte Ltd v OUE Lippo Healthcare Ltd [2021] SGCA 57, the Singapore Court of Appeal highlighted the importance of distinguishing between the principals despite their common representation.

Under Singapore bankruptcy law, when a person is adjudged bankrupt, any disposition of property made by him from the date

A “no oral modification” clause (“NOM clause”) is a boilerplate clause included in an agreement to require any variations of an agreement to be in writing. The Singapore Court of Appeal recently held in Charles Lim Teng Siang v Hong Choon Hau [2021] SGCA 43 that a NOM clause which stated that any variation, supplement, deletion, or replacement of a term must be in writing did not preclude an oral rescission of the contract.

In [redacted] v HSBC Bank (Singapore) Limited [2021] SGPDPC 3, the Personal Data Protection Commission (“PDPC”) issued its decision on the obligation to provide access to personal data in an organisation’s possession as well as the exception allowing organisations to deny access to opinion data for evaluative purposes, both in the context of Artificial Intelligence (“AI”) systems and deterministic algorithms.

On 14 May 2021, the Monetary Authority of Singapore (“MAS”) issued a consultation paper seeking feedback on proposals to mandate reference checks of representatives and specific employees of financial institutions in Singapore (“FIs”).

The Monetary Authority of Singapore (“MAS”) is seeking feedback on proposed revisions to the corporate governance requirements for financial holding companies, banks, direct insurers, reinsurers and captive insurers which are incorporated in Singapore in the Consultation Paper titled “Consultation Paper on Revisions to the Guidelines on Corporate Governance” issued on 7 May 2021.

In Aathar Ah Kong Andrew v OUE Lippo Healthcare Ltd [2021] SGCA 48, the Singapore Court of Appeal has struck out an appeal against a bankruptcy decision, thus bringing to a close the latest chapter in a long-running bankruptcy and voluntary arrangement dispute.

On 19 March 2021, the Electronic Transactions (Amendment) Act (“ETAA”) came into operation in Singapore, making Singapore the second country to adopt the United Nations Model Law on Electronic Transferable Record.

In this Update, we look at (a) when merging parties should consider notifying their merger to CCCS; (b) explain the importance of notification and the possible consequences of failing to notify; and (c) provide suggestions on undertaking a proper merger analysis and managing the Singapore leg of the transaction potentially with the regulator.

The Land Betterment Charge Bill (“Bill”) was passed in Parliament on 10 May 2021. The Bill provides for the imposition of a tax (called a Land Betterment Charge or “LBC”) on the increase in the value of land resulting from a chargeable consent given in relation to land.

Singapore has unveiled its Singapore IP Strategy 2030 (“SIPS 2030”), which is a 10-year blueprint to strengthen Singapore’s position as a global intangible assets (“IA”) and intellectual property (“IP”) hub as well as maintain Singapore’s position as a top-ranked IP regime.

The COVID-19 pandemic has brought about a whole host of challenges for construction firms. Among them, the cost of foreign manpower necessary for the construction works has increased due to travel restrictions and limited supply. To provide relief for affected firms, the COVID-19 (Temporary Measures) (Amendment No. 3) Bill (“Bill”) was introduced in Parliament on 10 May 2021.

In this Update, we highlight some hidden pitfalls and identify specific dos and don’ts that businesses must keep in mind before proceeding with leniency applications.

To align regulations with international standards and ensure coherence in legislation, the Singapore Food Agency is seeking comments from the food industry and interested parties on proposed amendments to the Food Regulations under the Sale of Food Act.

In mid-2016, the attention of the financial services industry was captured by the exodus of a record number of agents then – numbering more than 240 – from Prudential Singapore (“Prudential”) to a competitor financial advisory firm (“Aviva FA”) solely owned by Aviva Ltd (“Aviva”). The move led to a landmark claim against a former top agency leader (“AL”) from Prudential, Peter Tan (“Tan”), for orchestrating the mass exodus.

Under Singapore’s restructuring and insolvency regime, the Court may intervene in a decision of a judicial manager if it is unfairly prejudicial to the interests of the company’s creditors or members. The test for when the Court will intervene, and the relevant standard of unfair prejudice, had yet to be considered in Singapore case law.

On 6 April 2021, the Ministry of Law (“MinLaw”) announced that it has further extended the duration of various subsidiary legislation which were previously issued to enable various types of entities to hold meetings via electronic means, beyond 30 June 2021, until the same is revoked or amended by MinLaw.

If the business of a company has been carried on with the intent to defraud creditors, directors and officers who were knowingly a party to the carrying of business in that manner may be liable for fraudulent trading. Under Singapore’s restructuring and insolvency regime, they may be held personally liable for all or any the company’s debts.

Singapore has ratified the Regional Comprehensive Economic Partnership (“RCEP”) Agreement, making it the first RCEP Participating Country to complete the official ratification process.

To reinforce the shift to a Singapore Overnight Rate Average (“SORA”)-centered SGD interest rate landscape and provide additional guidance on cessation timelines, the Steering Committee for SOR & SIBOR Transition to SORA (“SC-STS”) published a report on 31 March 2021 (“Report”) announcing several new timelines for financial institutions (“FIs”).

Since 2017, there has been a wave of consolidation and privatisation of real estate investment trusts (“REITs”), business trusts, and stapled trusts which have been effected through trust schemes of arrangement (“Trust Schemes”). In Singapore, while there is a prescribed statutory framework for schemes of arrangement involving companies (“Company Schemes”), there is no prescribed statutory framework for Trust Schemes.

In Frontbuild Engineering & Construction Pte Ltd v JHJ Construction Pte Ltd [2021] SGHC 72, the Singapore High Court considered the issue of whether certain provisions take primacy over the other provisions in the Building and Construction Industry Security of Payment Act (“SOPA”).

On 5 April 2021, the Ministry of Trade and Industry announced that Singapore has ratified the ASEAN Trade in Services Agreement (“ATISA”), becoming the first of the ASEAN Member States to do so, and that other ASEAN Member States would be continuing their internal procedures to ratify the ATISA within the year.

The Singapore Exchange Limited (“SGX”) is seeking comments on the proposed regulatory framework for the listing of Special Purpose Acquisition Companies (“SPACs”) on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST Mainboard”) set out in its consultation paper titled “Proposed Listing Framework for Special Purpose Acquisition Companies”.

Back in April 2020, in the early days of the COVID-19 pandemic, the Singapore Exchange Regulation (“SGX RegCo”) announced provisional measures to support issuers listed on the SGX-ST Mainboard (“Mainboard Issuers”). One such measure was to allow Mainboard Issuers to seek a general mandate for an issue of pro-rata shares and convertible securities for up to 100% of their share capital (“Enhanced Share Issue Limit”), instead of the limit of 50% prescribed in the SGX-ST Mainboard Listing Rules.

In order to preserve a bankrupt’s assets for distribution to creditors, any disposition of the bankrupt’s property from the date of the bankruptcy application is considered void. However, this position is not absolute – the Court may consent to or ratify the disposition. In Sutherland, Hugh David Brodie v Official Assignee [2021] SGHC 65, the Singapore High Court set out the applicable principles that it would take into account when considering whether to ratify such disposition.

In a move to reduce Singaporeans’ sugar intake, the Ministry of Health and the Health Promotion Board are seeking comments from stakeholders on the proposed amendments to the Food Regulations under the Sale of Food Act, to introduce new requirements on “Nutri-Grade beverages” sold in Singapore from 30 June 2022.

The Singapore Business Federation introduced a Code of Conduct for Leasing of Retail Premises in Singapore (“COC”) on 26 March 2021.

The Monetary Authority of Singapore (“MAS”) is consulting on an exemption framework to exempt the foreign head offices or branches (collectively, “Foreign Offices”) of financial institutions in Singapore (“Singapore FIs”) from applicable business conduct and representative notification requirements when they serve Singapore customers, subject to boundary and notification conditions (“Branch Framework”).

The COVID-19 (Temporary Measures) Act (“Act”) provides temporary relief for parties that are unable to perform their contractual obligations due to the COVID-19 pandemic. Amongst its measures, Part 2 of the Act provides relief from certain legal and enforcement measures for prescribed categories of contracts, and Part 8B provides for cost sharing between parties to qualifying construction contracts for additional costs caused by delays.

In Re Sifan Triyono [2021] SGHC 55, the Singapore High Court highlighted that, in considering applications for such a moratorium, it would filter out proposals which are not “serious and viable”.

Navigating the course of trade finance is not without its hazards and challenges. Varying trade arrangements and multiplicity of parties often give rise to legal issues and uncertainties. In CIMB Bank Bhd v World Fuel Services (Singapore) Pte Ltd [2021] SGCA 19, the Singapore Court of Appeal had the opportunity to consider such issues of trade finance, including claims under assignment, the resolution of competing contracts, and the right of set-off.

Following the apportionment of liability in a maritime collision case, the single liability principle provides for the quantum of the smaller recoverable claim to be deducted from the larger recoverable claim, leaving only one net balance to be paid by the net payor. In The CARAKA JAYA NIAGA III-11 [2021] SGHC 43, the Singapore High Court considered how the single liability principle interacts with limitation periods under shipping law.

In this Issue, Lee Weilin and Soh Lip San, our Partners with the Sustainability Practice, explore ESG issues in infrastructure projects by speaking with Seth Tan, Executive Director of Infrastructure Asi, on his views on green and sustainable infrastructure and ESG factors for bankable projects in the region.

On 28 January 2021, the Green Finance Industry Taskforce (“GFIT”) issued a handbook titled “Handbook on Implementing Environmental Risk Management” (“Handbook”) providing financial institutions (“FIs”) with practical implementation guidance and good practices on environmental risk management.

The Supreme Court of Singapore has issued a Guide for the Conduct of Applications for Moratoria under Sections 64 and 65 of the IRDA (“Guide”), setting out the case management features and specialist practices for such applications. The Guide came into effect on 15 February 2021.

After an unprecedented year in which Singapore experienced its worst recession since independence and with the global battle against COVID-19 far from over, Budget Speech 2021 was delivered by Singapore’s Deputy Prime Minister (DPM) and Minister for Finance Mr Heng Swee Keat on 16 February 2021.

The Green Finance Industry Taskforce (“GFIT”), convened by the Monetary Authority of Singapore, is conducting a public consultation to seek feedback on the appropriate taxonomy, a classification tool, to help Singapore-based financial institutions identify economic activities that are considered “green” or are transitioning into “greener” activities in sustainability financing.

Two recent Singapore High Court decisions are stark reminders that the summary dismissal of an employee can cause serious legal issues for a company if not handled well, and can result in wrongful dismissal claims.

The Ministry of Law and the Intellectual Property Office of Singapore are conducting a public consultation (“Consultation”) on the draft of a proposed Copyright Bill (“Proposed Bill”).

On 19 January 2021, the Ministry of Law (“MinLaw”) announced that Singapore had become a Contracting Party to the Apostille Convention, later adding that the Apostille Bill would come into effect on 16 September 2021.

The Personal Data Protection (Amendment) Act (“Amendment Act”), which was passed in Parliament on 2 November 2020, is set to take effect in phases. On 1 February 2021, the implementation of the amendments entered its first phase, with the first batch of amendments coming into operation.

In the midst of the COVID-19 pandemic, the Singapore government has introduced the Simplified Insolvency Programme (“SIP”), which seeks to support micro and small companies to restructure their debts or to wind up. The SIP has come into effect on 29 January 2021.

To assist businesses in the region entering into the digital sphere, the ASEAN Digital Ministers’ Meeting has, on 22 January 2022, approved the ASEAN Data Management Framework (“DMF”) and Model Contractual Clauses for Cross Border Data Flows (“MCCs”).

The revised Technology Risk Management Guidelines (“2021 TRM Guidelines”) published on 18 January 2021 by the Monetary Authority of Singapore impose additional and/or more stringent requirements on financial institutions (“FIs”), their boards of directors and senior management concerning technology risk governance and security controls in FIs.

This article examines Singapore’s approach to the grant of freezing injunctions in aid of foreign proceedings, as situated against the range of solutions which other commonwealth jurisdictions have developed to keep pace with the rise in transnational fraud, including the British Virgin Islands, which in 2021 became the latest jurisdiction to enact legislation empowering its courts to grant such freezing injunctions.

On 5 January 2021, the Multimodal Transport Bill (“Bill”) was passed by the Parliament of Singapore. The Bill facilitates Singapore’s anticipated ratification of the ASEAN Framework Agreement on Multimodal Transport (“Agreement”), which should take place later this year.

As growth in media and telecommunication markets evolve, the Infocomm Media Development Authority (“IMDA”) conducted a first consultation in February 2019 to obtain the public’s views on key trends identified by IMDA in the media and telecommunication markets which have been separately governed by two codes, the Media Market Conduct Code and the Telecom Competition Code respectively.

The maritime and shipping industry has had to adapt to ensure safe and responsible practices amidst the COVID-19 pandemic. In keeping with these efforts, the Supreme Court of Singapore has acknowledged the concerns involved in the requirement of in-person service of documents against a ship, and has addressed them by introducing temporary alternative methods of service.

On 12 January 2021, the Singapore Exchange Regulation announced key changes to the SGX-ST Mainboard Rules and Catalist Rules (collectively, the “Listing Rules”). These changes enhance requirements concerning the appointment of auditors by certain listed issuers and property valuation matters.

The Building and Construction Industry Security of Payment Act provides a statutory mechanism through which contractors may serve payment claims on their employers. In the decision of Orion-One Residential Pte Ltd v Dong Cheng Construction Pte Ltd [2020] SGCA 121, the Singapore Court of Appeal considered the circumstances in which a payment claim can be validly served even after the termination of the underlying contract between the contractor and employer.

On 1 January 2021, the UK-Singapore Free Trade Agreement (“UKSFTA”) took effect via provisional application, enabling the United Kingdom (“UK”) and Singapore to apply treaty commitments under the UKSFTA on a provisional basis until it is ratified by both countries and enters into force.

On 4 January 2021, the Electronic Transactions (Amendment) Bill 2021 (“Amendment Bill”) had its first reading in Parliament.

In Allenger, Shiona (Trustee-in-bankruptcy of the Estate of Pelletier, Richard Paul Joseph) v Pelletier, Olga and another [2020] SGHC 279, Rajah and Tann Singapore’s Fraud, Asset Recovery and Investigations team led by partners Danny Ong and Yam Wern-Jhien, assisted by Bethel Chan and Chen Lixin, prevailed in a significant decision examining principles governing the grant of freezing injunctions against foreign defendants in the context of a cross-border insolvency and asset recovery claim.

The COVID-19 (Temporary Measures) Act (“Act”) has introduced a series of legal reliefs and mechanisms for businesses and individuals to aid them in managing the impact of the COVID-19 pandemic.